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Manulife US REIT (SG:BTOU)
SGX:BTOU
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Manulife US REIT (BTOU) AI Stock Analysis

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SG:BTOU

Manulife US REIT

(SGX:BTOU)

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Neutral 47 (OpenAI - 4o)
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
Cash Flow Management
Positive free cash flow indicates effective cash management, providing the company with the ability to meet its financial obligations and invest in growth opportunities, even amid profitability challenges.
Tax Structure Advantage
Exemption from US withholding tax enhances attractiveness to investors by reducing tax-related costs and complexities, potentially increasing investment appeal and unit holder returns.
Strategic Asset Management
Long-term lease agreements ensure stable rental income, supporting revenue predictability and enhancing financial stability, crucial for strategic asset management and investor confidence.
Negative Factors
Going Concern Uncertainty
Going concern uncertainty due to reliance on property sales to meet financial targets raises concerns about the company's long-term viability and financial health, potentially impacting investor confidence.
High Leverage
High leverage increases financial risk and limits flexibility, potentially affecting the company's ability to navigate economic downturns or pursue growth opportunities without incurring additional risk.
Declining Revenue
Persistent revenue decline indicates challenges in maintaining market competitiveness and operational efficiency, potentially impacting long-term profitability and growth prospects.

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

Manulife US REIT Business Overview & Revenue Model

Company DescriptionManulife US REIT (BTOU) is a real estate investment trust listed on the Singapore Exchange, primarily focused on investing in a diversified portfolio of income-producing office real estate assets in the United States. The company targets high-quality, freehold office properties located in key markets such as New York, Los Angeles, and Chicago. Its mission is to provide investors with stable distributions and long-term growth potential through its strategic asset acquisitions and active portfolio management.
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
Manulife US REIT faces significant financial challenges, with declining revenues and persistent losses impacting its income statement. The balance sheet shows high leverage and diminishing equity, raising concerns about financial stability. Cash flow management appears to be a relative strength, with positive free cash flow despite profitability issues.
Income Statement
40
Negative
Over the years, Manulife US REIT exhibited declining revenue with a negative revenue growth trend from 2020 to 2024. Gross profit margins have compressed significantly, and net income has been consistently negative, indicating challenges in profitability. EBIT and EBITDA margins have also suffered, with significant negative values in recent years, highlighting operational inefficiencies.
Balance Sheet
55
Neutral
The balance sheet reflects a relatively high debt-to-equity ratio, indicating leverage concerns. Stockholders' equity has decreased over time, reducing the equity ratio and return on equity. These factors suggest financial instability and increased risk, although the company maintains a reasonable amount of cash on hand.
Cash Flow
65
Positive
The cash flow statement shows that operating cash flow has been positive, though declining, and free cash flow has fluctuated. The free cash flow to net income ratio is not favorable due to negative net income in recent years, but the company has managed to generate positive free cash flow, which is a positive aspect.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue195.20M167.58M208.03M202.56M185.10M194.31M
Gross Profit95.47M72.85M114.61M113.16M109.55M115.84M
EBITDA102.01M-129.47M111.88M-111.76M55.48M-26.36M
Net Income-116.47M-178.00M-379.96M-129.72M39.41M-43.28M
Balance Sheet
Total Assets1.56B1.22B1.59B2.12B2.28B2.09B
Cash, Cash Equivalents and Short-Term Investments98.43M65.24M129.73M112.86M78.58M86.67M
Total Debt874.07M745.95M921.23M1.03B971.29M852.29M
Total Liabilities930.97M794.03M979.63M1.10B1.09B930.17M
Stockholders Equity624.49M430.63M608.63M1.02B1.19B1.16B
Cash Flow
Free Cash Flow27.01M7.87M32.35M66.57M60.65M57.87M
Operating Cash Flow65.12M48.50M76.82M91.99M90.63M82.04M
Investing Cash Flow56.30M70.44M86.58M-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
Positive
Last Price0.08
Price Trends
50DMA
0.07
Positive
100DMA
0.07
Positive
200DMA
0.07
Positive
Market Momentum
MACD
<0.01
Positive
RSI
53.54
Neutral
STOCH
35.65
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BTOU, the sentiment is Positive. The current price of 0.08 is below the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.07, and above the 200-day MA of 0.07, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 53.54 is Neutral, neither overbought nor oversold. The STOCH value of 35.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:BTOU.

Manulife US REIT Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
$302.73M10.446.79%6.63%-1.34%-6.08%
61
Neutral
$240.22M-15.44-0.96%-1.55%78.22%
47
Neutral
$135.02M-48.17%-27.66%-106.71%
46
Neutral
$261.65M95.241.12%1.16%-12.01%
65
Neutral
$2.17B12.193.79%4.94%3.15%1.96%
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:BTOU
Manulife US REIT
0.08
-0.04
-33.33%
SG:OXMU
Prime US REIT
0.20
0.02
11.11%
SG:XZL
ARA US Hospitality Trust
0.26
0.02
8.33%
SG:CMOU
Keppel Pacific Oak US REIT
0.23
-0.04
-14.81%
SG:ODBU
United Hampshire US Real Estate Investment Trust
0.50
0.05
11.11%
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
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.Date of analysis: Apr 23, 2025