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Mapletree Commercial Trust (MPCMF)
:MPCMF
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Positive Factors
Interest Rates
The REIT remains one of the prime beneficiaries of an interest rate cut, especially when benchmark rates in HK and SG remain on a declining trend.
Rental Performance
VivoCity registered stellar double-digit positive rental reversion of 16.8% and maintained high occupancy of 99.3%.
Valuation
Valuations surprised on upside with valuation uplift of 15% at VivoCity which saw a 10 bps cap rate compression.
Negative Factors
Currency Impact
Overseas contributions were affected by persistent SGD strength.
Market Recovery
Key risks include slower-than-expected recovery from Hong Kong and China which may impact retail spending and slow demand for office.
Revenue Decline
Gross revenue and NPI declined 6.8% and 7.4% yoy respectively in 4QFY25 due to the divestment of Mapletree Anson.
Mapletree Commercial (MPCMF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.87B
Dividend Yield6.46%
Average Volume (3M)0.00
Price to Earnings (P/E)11.2
Beta (1Y)2.52
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees429
SectorReal Estate
Sector Strength60
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.06
Shares Outstanding5,271,107,000
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio0.36
Price to Book (P/B)0.65
Price to Sales (P/S)0.00
P/FCF Ratio10.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$1.21Price Target Upside30.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Mapletree Commercial Business Overview & Revenue Model
Company DescriptionMapletree Commercial Trust is a Singapore-focused real estate investment trust (REIT) that invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, in Singapore, as well as real estate related assets. MCT's portfolio comprises VivoCity, MBC, PSA Building, Mapletree Anson and MLHF. These five assets have a total NLA of 5.0 million square feet with a total value of S$8.7 billion.
How the Company Makes Money
Mapletree Commercial Earnings Call Summary
Earnings Call Date:Apr 24, 2025
(Q4-2025)
| % Change Since: 1.09%|
Next Earnings Date:Aug 05, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted stable contributions from Singapore and improved capital management, but faced significant challenges with declining revenues, lower DPU, and negative rental reversions in overseas markets.Q4-2025 Updates
Positive Updates
Singapore Portfolio Stability
Singapore properties contribution increased by 1.4% year-on-year, excluding Mapletree Anson, accounting for about 53% of fourth quarter’s portfolio gross revenue and NPI.
Improved Capital Management
Aggregate leverage ratio improved from 40.5% a year ago to 37.7% as of 31st March 2025, aided by the divestment of Mapletree Anson.
Positive Rental Reversions in Key Segments
Healthy rental reversions were observed in Singapore properties like MBC, VivoCity, and mTower.
Successful Green Bond Issuance
MPACT issued a seven-year green bond in March 2025, extending the average term of the maturity of debt to 3.3 years.
Negative Updates
Decline in Overall Revenue and NPI
Gross revenue and NPI for the fourth quarter were lower by 6.8% and 7.4% year-on-year, respectively, largely due to the absence of Mapletree Anson's contributions and lower overseas contributions.
DPU Decline
The amount available for distribution was SGD 103.6 million and DPU was SGD 0.0195, down 14.8% year-on-year for the fourth quarter.
Challenges in China and Japan
China remains challenging with weak leasing demand, and Japan faced non-renewals and valuation declines, particularly in the Makuhari area.
Negative Rental Reversions in Overseas Markets
Festival Walk in Hong Kong and China properties experienced negative rental reversions due to market pressures.
Company Guidance
In the recent analyst briefing for Mapletree Pan Asia Commercial Trust (MPACT), several key financial metrics for the fourth quarter and full fiscal year of 2024-2025 were highlighted. The gross revenue for the fourth quarter was SGD 222.9 million, marking a 6.8% decrease year-on-year, while net property income (NPI) was SGD 169.5 million, down 7.4%. The declines were attributed to the absence of contributions from Mapletree Anson following its divestment and lower overseas contributions. Operating expenses improved by 4.9%, and net finance expenses decreased by 9.4% to SGD 61.1 million due to reduced borrowings. The amount available for distribution was SGD 103.6 million, resulting in a distribution per unit (DPU) of SGD 0.0195, reflecting a 14.8% year-on-year decline. For the full year, MPACT reported a gross revenue of SGD 908.8 million and an NPI of SGD 683.5 million, which were lower by 5.1% and 6.1% respectively. The overall portfolio valuation rose to approximately SGD 16 billion, and the net asset value (NAV) per unit increased by 1.7% to SGD 1.78. The aggregate leverage ratio improved to 37.7% from 40.5% the previous year, supported by the divestment proceeds and a seven-year green bond issuance. MPACT maintained a financial flex of SGD 1.2 billion in cash and undrawn committed facilities, ensuring sufficient liquidity for its obligations. The fixed-rate debt portion was reduced to 79.9%, with a potential impact on DPU of SGD 0.001 per annum for every 50 basis points change in benchmark rates. The total return from capital and dividend payout for the year was 3.9%, with VivoCity's next distribution set for June 6, 2025.Mapletree Commercial Financial Statement Overview
Summary
Mapletree Commercial shows strong financial performance with robust profitability and cash generation. The balance sheet indicates a stable financial structure with manageable leverage levels. However, recent revenue fluctuations and high total debt compared to previous years are areas to watch.Income Statement
Mapletree Commercial's income statement shows strong profitability with a high gross profit margin and a solid net profit margin. The company has maintained consistent revenue growth over the years, though there was a slight decline in revenue in the most recent report. EBIT and EBITDA margins are robust, indicating efficient operations. However, the slight decline in revenue in the latest period could be a point of concern if it continues.78
Positive
Balance Sheet
The balance sheet reflects a stable financial structure with a moderate debt-to-equity ratio, indicating manageable leverage levels. The equity ratio is healthy, showing that the company is well-capitalized. Return on equity is impressive, highlighting efficient use of equity capital to generate profits. The overall stability is commendable, but the high total debt compared to previous years should be monitored.72
Positive
Cash Flow
Cash flow analysis reveals strong operating cash flows, which comfortably cover net income, indicating effective cash generation from operations. The free cash flow position is robust and has shown positive growth. This provides the company with flexibility for future investments and debt repayments. The consistency in free cash flow growth supports a positive outlook.80
Positive
| Breakdown | ||||
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 844.72M | 964.47M | 776.33M | 475.50M | 462.67M | Gross Profit |
| 572.65M | 689.31M | 531.81M | 325.90M | 322.09M | EBIT |
| 633.25M | 683.55M | 618.56M | 348.49M | 337.27M | EBITDA |
| 802.31M | 679.78M | 619.39M | 348.64M | 332.94M | Net Income Common Stockholders |
| 584.18M | 577.94M | 482.60M | 347.02M | 68.61M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 171.40M | 157.24M | 216.15M | 124.17M | 192.54M | Total Assets |
| 16.14B | 16.66B | 16.83B | 8.98B | 8.95B | Total Debt |
| 6.00B | 6.65B | 6.78B | 3.00B | 3.03B | Net Debt |
| 5.83B | 6.49B | 6.57B | 2.88B | 2.84B | Total Liabilities |
| 6.52B | 7.19B | 7.35B | 3.19B | 3.24B | Stockholders Equity |
| 9.61B | 9.46B | 9.47B | 5.79B | 5.71B |
| Cash Flow | Free Cash Flow | |||
| 632.98M | 724.71M | 604.85M | 363.58M | 355.35M | Operating Cash Flow |
| 634.03M | 725.03M | 605.31M | 363.63M | 355.44M | Investing Cash Flow |
| 711.41M | -56.30M | -2.29B | -18.84M | -13.74M | Financing Cash Flow |
| -1.32B | -719.88M | 1.77B | -413.16M | -215.01M |
Mapletree Commercial Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| $4.87B | 11.17 | 6.29% | 6.46% | ― | ― | ||
61 Neutral | $2.83B | 10.98 | 0.41% | 8438.90% | 5.81% | -21.06% | |
| $11.99B | 16.50 | 6.32% | 4.82% | ― | ― | ||
| $3.40B | 20.84 | 5.08% | 5.13% | ― | ― | ||
| $4.37B | 34.38 | 2.74% | 6.43% | ― | ― | ||
| $4.27B | 16.65 | 6.85% | 6.90% | ― | ― | ||
| $2.58B | 30.20 | 1.86% | 5.31% | ― | ― |
* Real Estate Sector Average
Performance Comparison
MPCMF
Mapletree Commercial
0.92
0.05
5.75%
CPAMF
CapitaLand Mall
1.68
0.28
20.00%
FRZCF
Frasers Centrepoint
1.79
0.27
17.76%
MAPGF
Mapletree Logistics
0.94
0.02
2.17%
MAPIF
Mapletree Industrial
1.47
-0.05
-3.29%
SURVF
Suntec Real Estate Investment
0.88
0.13
17.33%
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.