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Manulife US REIT (SG:BTOU)
SGX:BTOU
Singapore Market

Manulife US REIT (BTOU) AI Stock Analysis

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SG

Manulife US REIT

(SGX:BTOU)

Rating:47Neutral
Price Target:
Manulife US REIT's financial performance is currently weak due to declining revenues and persistent losses, with high leverage adding further financial instability. Technical indicators align with a bearish trend, and the company's valuation is unappealing given its negative P/E ratio and lack of dividend yield. Overall, the stock scores low due to these significant challenges.
Positive Factors
Asset Quality
The portfolio comprises Grade A office buildings located in key US cities, indicating high-quality assets.
Strategic Focus
Ongoing transition towards firmer footing with a strategic focus on deleveraging to bring financial metrics to more optimal levels.
Negative Factors
Asset Devaluation
Manulife US REIT is impacted by devaluations due to a reset in commercial values in the USA on the back of higher interest rates and rising market vacancies.
Financial Position
The financial position remains stretched, with a mixed operational outlook as some properties face challenges.
Investor Confidence
Timing of resumption of distributions is uncertain, impacting investor confidence.

Manulife US REIT (BTOU) vs. iShares MSCI Singapore ETF (EWS)

Manulife US REIT Business Overview & Revenue Model

Company DescriptionManulife US Real Estate Investment Trust ("Manulife US REIT") is the first pure-play U.S. office REIT listed in Asia. It is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States ("U.S."), as well as real estate-related assets. Manulife US REIT's portfolio comprises nine prime, freehold and Trophy or Class A quality office properties strategically located in California, Atlanta, New Jersey and Washington D.C. Metro Area. The current portfolio valued at US$2.1 billion, has an aggregate Net Lettable Area of 4.7 million sq ft and an occupancy rate of 95.8% as at 31 December 2019.
How the Company Makes MoneyManulife US REIT generates revenue primarily through rental income derived from leasing office spaces to a diverse tenant base across its properties. The company benefits from long-term lease agreements that provide consistent rental income and occupancy stability. Additionally, the REIT may engage in strategic property acquisitions and divestments to optimize its portfolio and enhance returns. The company also leverages its relationship with the Manulife group for asset management expertise and potential acquisition opportunities, contributing to its financial performance.

Manulife US REIT Financial Statement Overview

Summary
Income Statement
Balance Sheet
Cash Flow
Breakdown
TTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income StatementTotal Revenue
195.20M167.58M208.03M202.56M185.10M194.31M
Gross Profit
95.47M72.85M114.61M113.16M109.55M115.84M
EBIT
92.29M0.00103.54M-164.12M53.55M-25.68M
EBITDA
102.01M-129.47M111.88M-111.76M55.48M-26.36M
Net Income Common Stockholders
-116.47M-178.00M-379.96M-129.72M39.41M-43.28M
Balance SheetCash, Cash Equivalents and Short-Term Investments
129.73M65.24M129.73M112.86M78.58M86.67M
Total Assets
1.59B1.22B1.59B2.12B2.28B2.09B
Total Debt
921.23M745.95M921.23M1.03B971.29M852.29M
Net Debt
794.08M680.71M794.08M916.12M892.71M765.61M
Total Liabilities
979.63M794.03M979.63M1.10B1.09B930.17M
Stockholders Equity
608.63M430.63M608.63M1.02B1.19B1.16B
Cash FlowFree Cash Flow
27.01M7.87M32.35M66.57M60.65M57.87M
Operating Cash Flow
65.12M48.50M76.82M91.99M90.63M82.04M
Investing Cash Flow
56.30M70.44M86.58M-25.37M-230.93M-24.01M
Financing Cash Flow
-178.71M-176.07M-171.57M-32.37M132.22M-32.16M

Manulife US REIT Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.06
Price Trends
50DMA
0.06
Negative
100DMA
0.07
Negative
200DMA
0.09
Negative
Market Momentum
MACD
>-0.01
Negative
RSI
43.69
Neutral
STOCH
-25.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BTOU, the sentiment is Negative. The current price of 0.06 is above the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.09, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.69 is Neutral, neither overbought nor oversold. The STOCH value of -25.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BTOU.

Manulife US REIT Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
$262.62M8.596.86%9.23%1.37%-10.66%
61
Neutral
$2.83B10.910.42%8438.90%5.74%-20.95%
55
Neutral
$197.40M-0.96%24.56%-2.52%89.81%
52
Neutral
$185.77M23.281.13%2.02%-11.42%
47
Neutral
$113.70M-34.26%-19.44%53.13%
SGXZL
$179.83M-5.56%5.10%
SGLIW
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:BTOU
Manulife US REIT
0.06
-0.01
-14.29%
SG:OXMU
Prime US REIT
0.14
0.02
16.67%
SG:XZL
ARA US Hospitality Trust
0.31
0.05
19.23%
SG:CMOU
Keppel Pacific Oak US REIT
0.19
0.05
35.71%
SG:ODBU
United Hampshire US Real Estate Investment Trust
0.44
0.06
15.79%
SG:LIW
Eagle Hospitality Trust

Manulife US REIT Corporate Events

Manulife US REIT Faces Going Concern Uncertainty Amid Property Sales Target
Apr 15, 2025

Manulife US REIT has released its financial statements for the year ending December 31, 2024, which received an unqualified opinion with an emphasis on material uncertainty regarding its going concern status. This uncertainty stems from the requirement to sell certain properties to meet a net proceeds target of US$328.7 million by June 30, 2025, as part of a master restructuring agreement. The company has achieved 45% of this target and is actively pursuing sales, with potential buyers conducting due diligence. If necessary, the company can seek an extension of the deadline with lender approval.

Manulife US REIT Confirms Non-Applicability of US Withholding Tax
Mar 26, 2025

Manulife US REIT has announced that the Section 1446(f) Withholding Tax, which generally applies to non-US persons transferring interests in partnerships engaged in US trade or business, will not be applicable to its unitholders. This is due to the trust’s structure and the issuance of a Qualified Notice confirming it is not engaged in a US trade or business, thus exempting unitholders and brokers from withholding tax obligations and related US tax filing requirements.

Manulife US REIT Completes Redemption of Preferred Units for Secaucus Property
Mar 10, 2025

Manulife US REIT announced the redemption of all 115 outstanding preferred units by its indirect subsidiary, Hancock S-REIT SECA LLC, which previously held the property known as Plaza in Secaucus, New Jersey. The redemption, amounting to approximately US$0.1 million, was funded from internal resources and is not expected to significantly impact the trust’s net tangible assets or earnings per unit for the financial year ending December 31, 2025.

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.