Manulife US REIT (SG:BTOU)
SGX:BTOU
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Manulife US REIT
(SGX:BTOU)
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Rating:43Neutral
Price Target:
$0.06
▼(-20.00% Downside)
Action:ReiteratedDate:04/25/26
The score is driven primarily by weak financial performance (sharp revenue decline and persistent losses, with weakening free cash flow), which outweighs the benefit of still-positive operating cash flow and some debt reduction. Technicals add mild pressure as the stock trades below major moving averages with negative MACD, while valuation is difficult to support given negative earnings and no dividend yield data.
Positive Factors
Stable rental income model
Manulife US REIT’s core business is owning income-producing U.S. office properties that generate contractual rental income and recoveries. This lease-based cash flow model is durable over months, providing a predictable revenue stream that underpins distributions and property-level cash generation.
Negative Factors
Sharp revenue contraction
A substantial top-line decline materially weakens the REIT’s core ability to generate distributable income. Lower rental revenue reduces margins and free cash flow, constraining internal capital for maintenance or lease-up, and amplifies reliance on external financing during recovery periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable rental income model
Manulife US REIT’s core business is owning income-producing U.S. office properties that generate contractual rental income and recoveries. This lease-based cash flow model is durable over months, providing a predictable revenue stream that underpins distributions and property-level cash generation.
Read all positive factors
Manulife US REIT (BTOU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$103.04M
Dividend YieldN/A
Average Volume (3M)5.37M
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue Growth-27.66%
EPS Growth-106.71%
CountrySG
Employees16
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,776,565,400
10 Day Avg. Volume1,731,870
30 Day Avg. Volume5,368,633
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.46
Price to Sales (P/S)1.45
P/FCF Ratio19.72
Enterprise Value/Market Cap6.02
Enterprise Value/Revenue4.39
Enterprise Value/Gross Profit9.71
Enterprise Value/Ebitda8.68
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.01
Revenue Forecast (FY)$118.00M
Manulife US REIT Business Overview & Revenue Model
Company Description
Manulife 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 portfo...
How the Company Makes Money
Manulife US REIT makes money primarily by owning U.S. office buildings and leasing space to tenants under commercial lease agreements. Its core revenue stream is rental income (base rent) collected from tenants; depending on lease terms, it may al...
Manulife US REIT Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
44
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 141.21M | 87.18M | 167.58M | 208.03M | 202.56M | 185.10M |
| Gross Profit | 63.87M | 31.13M | 72.85M | 106.77M | 113.16M | 100.99M |
| EBITDA | 71.46M | -24.57M | -129.47M | 96.23M | -111.76M | 114.04M |
| Net Income | -242.43M | -61.88M | -178.00M | -379.96M | -129.72M | 39.41M |
Balance Sheet | ||||||
| Total Assets | 1.02B | 749.00M | 1.22B | 1.59B | 2.12B | 2.28B |
| Cash, Cash Equivalents and Short-Term Investments | 66.88M | 37.13M | 65.24M | 129.73M | 114.13M | 78.58M |
| Total Debt | 587.84M | 439.62M | 745.95M | 921.23M | 1.03B | 971.29M |
| Total Liabilities | 635.20M | 477.01M | 794.03M | 979.63M | 1.10B | 1.09B |
| Stockholders Equity | 382.06M | 271.99M | 430.63M | 608.63M | 1.02B | 1.19B |
Cash Flow | ||||||
| Free Cash Flow | 33.70M | 6.40M | 7.87M | 32.35M | 66.57M | 60.65M |
| Operating Cash Flow | 33.70M | 24.51M | 48.50M | 76.82M | 91.99M | 90.63M |
| Investing Cash Flow | 230.52M | 105.16M | 70.44M | 86.58M | -25.37M | -230.93M |
| Financing Cash Flow | -285.63M | -138.01M | -176.07M | -171.57M | -32.37M | 132.22M |
Manulife US REIT Technical Analysis
Negative
0.07
Price Trends
0.06
Negative
0.07
Negative
0.07
Negative
Market Momentum
>-0.01
Negative
2.61
Positive
113.33
Negative
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 0.07 is above the 20-day moving average (MA) of 0.06, above the 50-day MA of 0.06, and below the 200-day MA of 0.07, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 2.61 is Positive, neither overbought nor oversold. The STOCH value of 113.33 is Negative, 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $319.29M | 14.90 | 4.67% | 8.23% | -1.34% | -6.08% | |
63 Neutral | £210.96M | 15.66 | 5.84% | 8.36% | -9.87% | ― | |
56 Neutral | $260.18M | 12.97 | 2.75% | 2.40% | -12.01% | ― | |
52 Neutral | $142.13M | -11.15 | -6.69% | 5.06% | -6.01% | -36.46% | |
51 Neutral | $206.80M | ― | -0.27% | ― | -1.55% | 78.22% | |
43 Neutral | $103.04M | -2.04 | -37.68% | ― | -27.66% | -106.71% |
* Real Estate Sector Average
SG:BTOU
Manulife US REIT
0.06
>-0.01
-12.12%
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Manulife US REIT Corporate Events
Manulife US REIT Posts Weaker 2025 Results as It Sells LA Tower to Cut Debt
Apr 21, 2026
Manulife US REIT reported weaker FY 2025 financials as gross revenue and net property income fell sharply, driven by the disposal of several office assets and higher vacancies at key properties such as Diablo and Figueroa. Same-store portfolio NPI...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.