Manulife US REIT (BTOU) AI Stock Analysis

• Market Cap: $101.26M
• Dividend Yield: N/A
• Average Volume (3M): 5.37M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.35
• Revenue Growth: -27.66%
• EPS Growth: -106.71%
• Country: SG
• Employees: 16
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): <0.01
• Shares Outstanding: 1,776,565,400
• 10 Day Avg. Volume: 1,731,870
• 30 Day Avg. Volume: 5,368,633
• PEG Ratio: 0.03
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 1.45
• P/FCF Ratio: 19.72
• Enterprise Value/Market Cap: 6.14
• Enterprise Value/Revenue: 4.41
• Enterprise Value/Gross Profit: 9.74
• Enterprise Value/Ebitda: 8.71
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.01
• Revenue Forecast (FY): $118.00M

• Rating: 43 Neutral
• Price Target: $0.06 ▼(-17.14% Downside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is driven primarily by stressed financial performance (revenue decline, persistent losses, and weaker free cash flow) and very weak technical momentum (below major moving averages with negative MACD). Valuation is also hindered by negative earnings and the absence of a provided dividend yield.

Positive Factors

Stable rental income model

Manulife US REIT’s core business is owning income-producing U.S. office properties with contractual base rents and recoveries. That lease-driven cash flow model provides a durable, predictable revenue foundation over months, supporting distributions and underwriting of property-level expenses.

Negative Factors

Sharp revenue contraction

A near-40% revenue decline in a single year signals deteriorating lease income and weaker occupancy or lower recoverable revenues. Such structural revenue erosion materially reduces distributable income and complicates leasing and capital planning, making recovery dependent on sustained office demand improvement.

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...

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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...

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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

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

• Technical Analysis Sentiment: Negative
• Last Price: 0.07
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Positive
• STOCH: Neutral

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 0.07, 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 76.67 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ODBU	64 Neutral	$305.76M	14.90	4.67%	8.23%	-1.34%	-6.08%
MXNU	63 Neutral	£204.45M	15.66	6.30%	8.36%	-9.87%	―
OXMU	56 Neutral	$242.93M	12.97	2.75%	2.40%	-12.01%	―
XZL	51 Neutral	$145.03M	-3.69	-4.00%	5.06%	-6.01%	-36.46%
CMOU	51 Neutral	$181.73M	-60.23	-2.16%	―	-1.55%	78.22%
BTOU	43 Neutral	$101.26M	-2.04	-59.66%	―	-27.66%	-106.71%

Manulife US REIT Corporate Events