Mapletree Commercial (SG:N2IU)
SGX:N2IU
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Mapletree Pan Asia Commercial Trust
(SGX:N2IU)
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Rating:68Neutral
Price Target:
S$1.50
▲(14.50% Upside)
Action:DowngradedDate:03/01/26
The score is supported mainly by solid underlying financial quality (profitability and cash-backed earnings) and attractive income-oriented valuation (high yield and low P/E). This is tempered by weak technicals, with the stock trading below key moving averages and negative MACD despite oversold readings.
Positive Factors
Cash conversion
Free cash flow roughly matches reported net income and operating cash flow is near 1.0 TTM, indicating earnings are backed by cash receipts. That durable cash conversion supports regular distributions, funds maintenance and AEIs, and reduces short-term reliance on external funding over several months.
Negative Factors
High absolute debt
Despite manageable ratios, the large nominal debt stock increases exposure to interest-rate moves and refinancing cycles. Elevated absolute borrowings can magnify funding cost shocks and raise the probability of repricing or covenant pressure, weighing on distributable income and financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash conversion
Free cash flow roughly matches reported net income and operating cash flow is near 1.0 TTM, indicating earnings are backed by cash receipts. That durable cash conversion supports regular distributions, funds maintenance and AEIs, and reduces short-term reliance on external funding over several months.
Read all positive factors
Mapletree Pan Asia Commercial Trust (N2IU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$6.92B
Dividend Yield5.5%
Average Volume (3M)6.62M
Price to Earnings (P/E)21.6
Beta (1Y)0.74
Revenue Growth-6.34%
EPS Growth49.60%
CountrySG
Employees429
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.02
Shares Outstanding5,281,156,300
10 Day Avg. Volume5,997,830
30 Day Avg. Volume6,618,516
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.68
Price to Sales (P/S)7.78
P/FCF Ratio10.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.59Price Target Upside21.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.08
Revenue Forecast (FY)S$878.64M
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 pur...
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 f...
Mapletree Pan Asia Commercial Trust Earnings Call Summary
Earnings Call Date:Oct 22, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture, with strong performance in the Singapore market and effective debt management being offset by significant challenges in overseas markets, particularly in Hong Kong and China.Positive Updates
Increased Distributable Income
Distributable income for the second quarter was SGD 106.1 million, a 2.1% increase year-on-year, supported by lower interest rates on Hong Kong dollar and Sing dollar borrowings.
Negative Updates
Overseas Market Challenges
Year-on-year decrease in NPI for overseas properties due to lower occupancies and negative rental reversions, particularly in China and Hong Kong.
Read all updates
Q2-2026 Updates
Positive
Negative
Increased Distributable Income
Distributable income for the second quarter was SGD 106.1 million, a 2.1% increase year-on-year, supported by lower interest rates on Hong Kong dollar and Sing dollar borrowings.
Read all positive updates
Company Guidance
During the Mapletree Pan Asia Commercial Trust (MPACT) analyst briefing for the second quarter of fiscal year 2026, the company provided several key financial metrics and insights. For the second quarter, the distributable income (DI) was SGD 106.1 million, representing a 2.1% increase from the previous year, while the distribution per unit (DPU) rose by 1.5% to 2.01%. The improvement was largely attributed to interest rate savings from lower Hong Kong dollar and Singapore dollar borrowings, as well as proactive debt reduction efforts. However, these gains were partially offset by unfavorable foreign exchange impacts from the depreciating Hong Kong dollar and renminbi, and higher withholding tax on Japan's property divestments. The net property income (NPI) for Singapore properties increased by SGD 6.2 million due to lower utility costs and higher rental income, although overseas properties experienced a decline in NPI due to lower occupancies and negative rental reversions. MPACT's balance sheet showed a net asset value (NAV) of SGD 1.75, with the divestment of two Japanese properties contributing to debt repayment. The weighted average cost of debt decreased to 3.23% per annum, aided by favorable interest rate conditions, and the interest coverage ratio (ICR) improved to approximately 3x. MPACT maintained a well-distributed debt profile, with no more than 24% of debt expiring in any single financial year, and 77.5% of its debt was fixed rate to guard against interest rate volatility. Furthermore, MPACT had SGD 0.9 billion in financial flexibility, including cash and undrawn facilities, to ensure liquidity.Mapletree Pan Asia Commercial Trust Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
67
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 850.02M | 844.72M | 964.47M | 776.33M | 475.50M | 462.67M |
| Gross Profit | 583.26M | 572.65M | 689.31M | 531.81M | 325.90M | 322.09M |
| EBITDA | 881.56M | 802.31M | 831.62M | 619.39M | 348.64M | 332.94M |
| Net Income | 683.27M | 584.18M | 577.94M | 482.60M | 347.02M | 68.61M |
Balance Sheet | ||||||
| Total Assets | 15.88B | 16.14B | 16.66B | 16.83B | 8.98B | 8.95B |
| Cash, Cash Equivalents and Short-Term Investments | 161.47M | 171.40M | 157.24M | 216.15M | 124.17M | 192.54M |
| Total Debt | 6.09B | 6.00B | 6.65B | 6.78B | 3.00B | 3.03B |
| Total Liabilities | 6.62B | 6.52B | 7.19B | 7.35B | 3.19B | 3.24B |
| Stockholders Equity | 9.25B | 9.61B | 9.46B | 9.47B | 5.79B | 5.71B |
Cash Flow | ||||||
| Free Cash Flow | 531.02M | 632.98M | 724.71M | 604.85M | 363.58M | 355.35M |
| Operating Cash Flow | 532.12M | 634.03M | 725.03M | 605.31M | 363.63M | 355.44M |
| Investing Cash Flow | 4.58M | 711.41M | -56.30M | -2.29B | -18.84M | -13.74M |
| Financing Cash Flow | -525.16M | -1.32B | -719.88M | 1.77B | -413.16M | -215.01M |
Mapletree Pan Asia Commercial Trust Technical Analysis
Negative
1.31
Price Trends
1.41
Negative
1.42
Negative
1.37
Negative
Market Momentum
-0.03
Positive
28.04
Positive
23.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:N2IU, the sentiment is Negative. The current price of 1.31 is below the 20-day moving average (MA) of 1.36, below the 50-day MA of 1.41, and below the 200-day MA of 1.37, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 28.04 is Positive, neither overbought nor oversold. The STOCH value of 23.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:N2IU.
Mapletree Pan Asia Commercial Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | S$17.54B | 8.38 | 5.88% | 5.26% | 0.17% | 8.05% | |
70 Neutral | S$1.79B | 7.62 | 4.02% | 8.01% | -6.64% | -12.15% | |
68 Neutral | S$6.92B | 21.59 | 7.29% | 5.50% | -6.34% | 49.60% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | S$4.36B | 8.38 | 8.90% | 7.36% | 4.22% | 25.85% | |
62 Neutral | S$4.40B | ― | -0.08% | 4.55% | 0.01% | -110.22% | |
57 Neutral | S$1.96B | 69.70 | -2.15% | 6.03% | -11.65% | -137.98% |
* Real Estate Sector Average
SG:N2IU
Mapletree Pan Asia Commercial Trust
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Mapletree Pan Asia Commercial Trust Corporate Events
Mapletree Pan Asia Commercial Trust Pays Manager Partly in New Units, Slightly Diluting Unitholders
Feb 12, 2026
Mapletree Pan Asia Commercial Trust has issued 3,168,325 new units to its manager at S$1.4527 per unit as payment for 40% of the base component of management fees for the quarter from 1 October to 31 December 2025. The balance of the fees will be ...
Mapletree Taps SP Group for District Cooling to Boost Efficiency at HarbourFront
Jan 20, 2026
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 Vi...
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.