1. Thailand Stocks

  2. •

    Financial Services

  3. •

    Asset Management
MFC Industrial Investment Property and Leasehold Fund

MFC Industrial Investment Property and Leasehold Fund

M-II.BK
MFC Industrial Investment Property and Leasehold FundTH flagStock Exchange of Thailand
- -
THB
- -
- -
- -
- -
(- -)

Recent

price

- -

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
0.56
0.92
0.85
0.8
0.68
0.74
0.76
0.76
0.76
0.79
0.84
- -
- -
0.82
Revenue per Share
- -
0.54
0.78
0.84
0.63
0.43
0.6
0.52
0.73
0.74
0.68
0.75
- -
- -
0.79
Basic EPS, GAAP
- -
-3.75
0.46
1.73
0.63
0.67
0.77
0.47
0.54
0.68
0.67
0.75
- -
- -
0.14
Free Cash Flow per Basic Share
- -
0.42
0.62
0.84
0.65
0.52
0.55
0.56
0.59
0.62
0.59
0.61
- -
- -
0.32
Dividend per Share
- -
10.13
10.3
9.41
9.39
9.3
9.16
9.12
9.26
9.39
9.47
9.61
9.47
- -
9.74
Book Value per Share
- -
10.13
10.3
9.41
9.39
9.3
9.16
9.12
9.26
9.39
9.47
9.61
9.47
- -
9.74
Tangible Book Value per Share
- -
172
172
172
172
172
172
172
172
172
172
172
172
- -
172
Basic Weighted Avg Shares
3
96
158
146
138
117
127
131
131
130
135
145
- -
141
141
Sales/Revenue/Turnover
87.02
86.11
85.29
78.6
79.62
76.37
76.9
85.05
87.1
88.61
86.01
85.58
- -
81.69
81.69
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
3
92
134
144
109
73
103
90
125
127
117
129
- -
135
135
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
99.36
95.93
84.82
98.52
78.87
62.92
80.62
69.02
96.01
97.36
86.31
88.95
- -
95.85
95.85
Profit Margin (%)
15
49
-29
-35
-32
-12
-7
39
34
31
35
52
110
43
43
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
161
157
153
148
144
139
139
LT Debt
973
1,743
1,771
1,618
1,616
1,599
1,575
1,569
1,593
1,614
1,629
1,653
1,628
1,675
1,675
Total Equity
- -
6.1
7.69
6.79
6.81
5.54
6.16
7.07
6.85
6.55
6.56
6.93
- -
6.44
6.44
Return on Invested Capital (%)
- -
6.79
7.65
8.51
6.75
4.57
6.46
5.74
7.86
7.44
6.86
7.48
- -
7.82
7.82
Return on Capital (%)
- -
6.79
7.65
8.51
6.75
4.57
6.46
5.74
7.93
7.91
7.21
7.86
- -
8.2
8.2
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
141
140
139
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
172
172
172
Market Capitalization
- -
- -
- -

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
75
47
47
Cash, Cash Equivalents & STI
49
26
16
Accounts Receivable, Net
2
5
5
Inventories
- -
- -
- -
Total Current Liabilities
8
6
4
Payables & Accruals
5
6
4
ST Debt
- -
- -
- -
Deferred Revenue
3
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
0.35%
1.01%
2.86%
Free Cash Flow
- -
- -
-81.29%
Net Income, GAAP
- -
- -
5.01%
Sales/Revenue/Turnover
- -
- -
-2.54%
Total Cash Common Dividend
- -
- -
-15.2%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
35
36
38
37
145
2024
37
37
38
- -
- -
2025
36
34
34
37
141

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.16
0.17
0.25
- -
0.75
2024
0.18
0.18
0.28
- -
- -
2025
0.16
0.16
0.28
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.15
0.15
0.16
- -
0.61
2024
0.16
0.18
0.18
- -
- -
2025
- -
- -
0.16
- -
- -
Similar Companies
Cohen & Steers Preferred Sec & Inc I (CPXIX)
KL Allocation Fund - Advisor Class (GAVAX)
Pacer Lunt Large Cap Alternator ETF (ALTL)
Kodex Secondary Battery Industry (305720.KS)
Goldman Sachs Future Planet Equity ETF (GSFP)
Franklin Gold and Precious Metals Adv (FGADX)
Business
MFC Industrial Investment Freehold and Leasehold Real Estate Investment Trust (MII), formerly known as MFC Industrial Investment Property and Leasehold Fund (M-II.BK), operates as a closed-end real estate investment trust that invests in freehold and leasehold industrial properties for rental income generation. The trust holds freehold ownership of land and 16 industrial factory buildings in the TFD Industrial Estate in Chachoengsao, one factory in the Navanakorn Industrial Promotion Zone in Pathum Thani; leasehold rights over 29 rai of land and ownership of 18 factory buildings in Laem Chabang Industrial Estate in Chonburi, with leases expiring December 17, 2042; and leasehold rights over 25 rai of land plus 17 warehouse and commercial buildings on Kingkaew Road in Samut Prakan, with leases expiring February 19, 2036. It focuses on ready-built factories and warehouses in key Thai industrial estates, targeting industrial tenants seeking long-term leasing arrangements. Originally established in December 2003 as a property fund through a joint venture between Thai Factory Development Public Company Limited (TFD) and MFC Asset Management Public Company Limited, with registered capital of 1,789 million Baht, the entity converted to a real estate investment trust (REIT) and listed on the Stock Exchange of Thailand on December 19, 2024, under the ticker MII. MFC Asset Management Public Company Limited serves as the fund manager, JCK International Public Company Limited acts as asset manager, and Land and Houses Fund Management Co., Ltd. functions as trustee, with headquarters at 199 Column Tower, Ratchadapisek Road, Klongtoey, Bangkok, Thailand. The trust operates exclusively within Thailand, concentrating on industrial real estate segments in Chachoengsao, Pathum Thani, Chonburi, and Samut Prakan provinces. In recent developments, MII underwent its structural conversion from a property fund to a REIT in 2024, enabling enhanced operational flexibility and investor access while maintaining its core property portfolio. Additionally, in late 2024, MFC Industrial Investment Property and Leasehold Fund (pre-conversion M-II), alongside MFC Asset Management, acquired three units of land and factories from Thai Factory Development Public Company Limited for approximately THB 200 million, bolstering its asset base prior to the REIT transition. These changes reflect ongoing strategic enhancements in asset acquisition and fund structure within Thailand's industrial property market.