Mapletree Pan Asia Commercial Trust (N2IU) AI Stock Analysis

• Market Cap: S$7.71B
• Dividend Yield: 5.5%
• Average Volume (3M): 6.62M
• Price to Earnings (P/E): 11.3
• Beta (1Y): 0.79
• Revenue Growth: -6.34%
• EPS Growth: 49.60%
• Country: SG
• Employees: 429
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.02
• Shares Outstanding: 5,277,988,000
• 10 Day Avg. Volume: 5,997,830
• 30 Day Avg. Volume: 6,618,516
• PEG Ratio: 0.00
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 7.78
• P/FCF Ratio: 10.39
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$1.60
• Price Target Upside: 9.58% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: S$1.50 ▲(2.74% Upside)

Mapletree Commercial's overall stock score reflects a balance of strong financial performance and attractive valuation, offset by technical weaknesses and mixed earnings call sentiment. The company's solid profitability and efficient operations are significant strengths, but declining revenue and free cash flow growth, along with challenges in overseas markets, present risks. The stock's valuation and dividend yield provide a cushion, making it appealing to value investors.

Positive Factors

Recurring rental income model

MPACT’s core business of collecting base rent, turnover rent and property-related recoveries creates predictable recurring cash flows that underpin distributions. For a commercial REIT, this durable rental-income engine supports multi-quarter payout visibility and resilience to cyclical swings in capital markets.

Anchor asset outperformance (VivoCity)

A high-quality, fully occupied flagship mall with positive rental reversion materially stabilizes cash flow and tenant mix. Durable benefits include stronger leasing leverage, higher service recoveries and lower vacancy risk, improving predictability of distributions and buffering weaker overseas assets over the medium term.

Improved funding profile and liquidity

Lower funding costs, an improved interest cover and near-term liquidity provide structural financial flexibility. For a debt-dependent REIT, these durable improvements reduce refinancing pressure, support capital recycling or AEIs, and allow steadier DPU management across multiple quarters even if markets remain choppy.

Negative Factors

Overseas portfolio weakness

Sustained soft demand and negative rental reversions in HK and China are structural headwinds for income and diversification. Prolonged occupancy pressure and tenant renegotiations can depress recurring NPI, force rent concessions and limit the trust’s ability to offset Singapore strength for several quarters ahead.

Large absolute debt load

Even with moderate leverage ratios, a high absolute debt quantum increases refinancing exposure and sensitivity to interest-rate moves. For a REIT, this structural liability can pressure distributable income when maturities cluster or spreads widen, reducing long-term financial flexibility and raising funding costs.

Revenue and cashflow volatility

Sharp swings in revenue and recent free cash flow growth turning negative reduce predictability of distributions. For income-focused investors, this structural volatility—driven by asset sales, mix shifts and uneven overseas performance—makes multi-quarter DPU forecasting and capital planning more uncertain.

Mapletree Pan Asia Commercial Trust Business Overview & Revenue Model

Company Description

Mapletree 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 generates revenue primarily through leasing its commercial properties to a variety of tenants, including multinational corporations and retail businesses. The company's revenue model relies on rental income, which is derived from long-term leases that provide stable cash flow. Additionally, the trust may earn income from ancillary services offered to tenants, such as property management and maintenance. Significant partnerships with leading companies in various sectors help enhance occupancy rates and tenant retention, driving consistent revenue growth. The trust's strategic focus on high-demand locations also contributes to its competitive advantage, allowing it to command premium rental rates.

Mapletree Pan Asia Commercial Trust Financial Statement Overview

Summary

Mapletree Commercial's financial performance is characterized by strong profitability and a solid capital structure. However, challenges such as declining revenue and free cash flow growth pose risks to future performance. The company maintains efficient operations and a balanced leverage position, but strategic adjustments may be necessary to address negative growth trends.

Income Statement

Mapletree Commercial's income statement shows strong profitability with high net profit margins, particularly in the TTM period. However, revenue growth has been negative recently, indicating potential challenges in maintaining top-line growth. The EBIT and EBITDA margins are robust, suggesting efficient operations, but the declining revenue trend is a concern.

Balance Sheet

The balance sheet reflects a moderate debt-to-equity ratio, indicating a balanced approach to leveraging. Return on equity is stable, though not exceptionally high, suggesting moderate efficiency in generating returns from equity. The equity ratio is healthy, showing a solid capital structure, but the increasing debt levels over time could pose future risks.

Cash Flow

Cash flow analysis reveals a decline in free cash flow growth, which could impact future liquidity. The operating cash flow to net income ratio is strong, indicating good cash generation relative to net income. However, the recent negative trend in free cash flow growth is a concern and could affect financial flexibility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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
EBITDA	802.31M	831.62M	619.39M	348.64M	332.94M
Net Income	584.18M	577.94M	482.60M	347.02M	68.61M
Balance Sheet
Total Assets	16.14B	16.66B	16.83B	8.98B	8.95B
Cash, Cash Equivalents and Short-Term Investments	171.40M	157.24M	216.15M	124.17M	192.54M
Total Debt	6.00B	6.65B	6.78B	3.00B	3.03B
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 Pan Asia Commercial Trust Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.46
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:N2IU, the sentiment is Neutral. The current price of 1.46 is below the 20-day moving average (MA) of 1.47, above the 50-day MA of 1.45, and above the 200-day MA of 1.34, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.98 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:N2IU.

Mapletree Pan Asia Commercial Trust Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
J69U	72 Outperform	S$4.54B	21.36	4.49%	5.29%	10.82%	-5.02%
C38U	71 Outperform	S$18.04B	17.48	6.41%	5.26%	0.17%	8.05%
ME8U	71 Outperform	S$5.99B	18.25	6.70%	6.51%	-1.96%	175.59%
N2IU	66 Neutral	S$7.71B	11.26	7.32%	5.50%	-6.34%	49.60%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
T82U	62 Neutral	S$4.40B	27.49	-0.32%	4.55%	0.01%	-110.22%
M44U	61 Neutral	S$6.74B	39.64	3.18%	5.83%	-1.81%	-18.43%

Mapletree Pan Asia Commercial Trust Corporate Events

Mapletree Taps SP Group for District Cooling to Boost Efficiency at HarbourFront

Mapletree Investments and Mapletree Pan Asia Commercial Trust have appointed SP Group to design, build and operate a distributed district cooling system across five interconnected properties in Singapore’s HarbourFront precinct, including VivoCity and several office buildings. The large-scale brownfield deployment will replace individual chillers with a shared cooling network, freeing up space in each property, improving energy efficiency by an estimated 8% above national minimum standards, cutting cooling-related costs by more than 5% annually, and reducing carbon emissions by about 13,700 tonnes over 20 years, reinforcing Mapletree’s longer-term Net Zero commitment and delivering operational and sustainability benefits to tenants and investors.

The most recent analyst rating on (SG:N2IU) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Mapletree Pan Asia Commercial Trust stock, see the SG:N2IU Stock Forecast page.

MPACT Issues New Units for Management Fee Payment

MPACT Management Ltd. announced the issuance of 3,196,362 new units in Mapletree Pan Asia Commercial Trust as part of the payment for 40% of the management fees for the period from July to September 2025. This issuance, priced at S$1.4139 per unit, increases the total number of units to over 5.27 billion, reflecting the company’s strategic approach to managing its financial obligations and maintaining its market position.

The most recent analyst rating on (SG:N2IU) stock is a Buy with a S$1.50 price target. To see the full list of analyst forecasts on Mapletree Commercial stock, see the SG:N2IU Stock Forecast page.