Mapletree Commercial (N2IU) AI Stock Analysis

• Market Cap: $7.75B
• Dividend Yield: 5.46%
• Average Volume (3M): 6.22M
• Price to Earnings (P/E): 11.2
• Beta (1Y): 0.86
• 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: 5,274,791,500
• 10 Day Avg. Volume: 5,141,178
• 30 Day Avg. Volume: 6,220,877
• 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: 1.63
• Enterprise Value/Revenue: 15.00
• Enterprise Value/Gross Profit: 21.93
• Enterprise Value/Ebitda: 14.00
• 1Y Price Target: $1.59
• Price Target Upside: 8.85% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: S$1.50 ▲(2.74% Upside)

Mapletree Commercial's overall stock score reflects strong financial performance and valuation, with solid profitability and attractive dividend yield. However, technical indicators suggest overbought conditions, and challenges in overseas markets weigh on the outlook. The earnings call highlighted strengths in the Singapore market but also underscored difficulties abroad, particularly in Hong Kong and China.

Positive Factors

Strong Cash Flow Management

Efficient cash generation relative to profits ensures financial stability and supports future investments, enhancing long-term business resilience.

Proactive Debt Management

Effective debt management reduces interest expenses and enhances financial flexibility, supporting sustainable growth and operational stability.

Singapore Market Strength

Strong performance in the Singapore market, driven by higher rental income, underpins revenue stability and growth potential in a key region.

Negative Factors

Declining Revenue Trend

A declining revenue trend poses challenges for sustaining long-term growth, necessitating strategic initiatives to reverse the downturn.

Overseas Market Challenges

Challenges in overseas markets, such as lower occupancies and negative rental reversions, impact overall revenue and growth prospects.

Weak Festival Walk Performance

Weak performance at Festival Walk, with negative rental reversions, highlights vulnerability in Hong Kong's retail market, affecting income stability.

Mapletree Commercial 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 Commercial Financial Statement Overview

Summary

Mapletree Commercial demonstrates solid profitability and cash flow management, with high margins and efficient cash generation. However, the declining revenue trend is a concern that needs addressing to sustain long-term growth. The balance sheet is stable with moderate leverage, but further improvement in revenue growth is essential for future financial health.

Income Statement

Mapletree Commercial's income statement shows strong profitability with a high net profit margin of 69.03% TTM. However, there is a negative revenue growth rate of -3.81% TTM, indicating a decline in revenue. The EBIT and EBITDA margins are exceptionally high, suggesting effective cost management, but the declining revenue trend is a concern.

Balance Sheet

The balance sheet reflects a moderate debt-to-equity ratio of 0.63 TTM, indicating a balanced approach to leveraging. The return on equity is stable at 6.20% TTM, showing consistent returns to shareholders. However, the equity ratio is not explicitly provided, which limits a full assessment of asset financing.

Cash Flow

The cash flow statement is strong, with a positive free cash flow growth rate of 4.09% TTM and a high free cash flow to net income ratio of 0.998 TTM, indicating efficient cash generation relative to profits. The operating cash flow to net income ratio is also robust at 1.35 TTM, suggesting healthy cash operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	844.69M	844.72M	964.47M	776.33M	475.50M	462.67M
Gross Profit	577.69M	572.65M	689.31M	531.81M	325.90M	322.09M
EBITDA	904.90M	802.31M	831.62M	619.39M	348.64M	332.94M
Net Income	583.08M	584.18M	577.94M	482.60M	347.02M	68.61M
Balance Sheet
Total Assets	15.85B	16.14B	16.66B	16.83B	8.98B	8.95B
Cash, Cash Equivalents and Short-Term Investments	150.11M	171.40M	157.24M	216.15M	124.17M	192.54M
Total Debt	5.91B	6.00B	6.65B	6.78B	3.00B	3.03B
Total Liabilities	6.41B	6.52B	7.19B	7.35B	3.19B	3.24B
Stockholders Equity	9.43B	9.61B	9.46B	9.47B	5.79B	5.71B
Cash Flow
Free Cash Flow	610.70M	632.98M	724.71M	604.85M	363.58M	355.35M
Operating Cash Flow	611.81M	634.03M	725.03M	605.31M	363.63M	355.44M
Investing Cash Flow	704.35M	711.41M	-56.30M	-2.29B	-18.84M	-13.74M
Financing Cash Flow	-1.30B	-1.32B	-719.88M	1.77B	-413.16M	-215.01M

Mapletree Commercial Technical Analysis

• Technical Analysis Sentiment: Positive
• 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 Positive. The current price of 1.46 is above the 20-day moving average (MA) of 1.45, above the 50-day MA of 1.42, and above the 200-day MA of 1.25, indicating a bullish trend. The MACD of 0.01 indicates Positive momentum. The RSI at 57.24 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 Positive sentiment for SG:N2IU.

Mapletree Commercial Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
N2IU	73 Outperform	$7.75B	11.23	7.32%	5.46%	-6.34%	49.60%
C38U	71 Outperform	$17.73B	17.18	6.41%	5.33%	0.17%	8.05%
J69U	69 Neutral	$4.64B	21.84	4.49%	5.31%	10.82%	-5.02%
ME8U	69 Neutral	S$5.99B	18.06	6.70%	6.45%	-1.96%	175.59%
T82U	67 Neutral	$3.95B	-203.03	-0.32%	4.75%	0.01%	-110.22%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
M44U	64 Neutral	$6.72B	31.73	3.18%	5.79%	-1.81%	-18.43%

Mapletree Commercial Corporate Events

MPACT Management Enters KRW269 Billion Facilities Agreement

MPACT Management Ltd., the manager of Mapletree Pan Asia Commercial Trust, has announced a joint venture entering into a facilities agreement worth KRW269 billion. The agreement includes conditions that could trigger a mandatory prepayment event if certain managerial changes occur, potentially impacting borrowings amounting to approximately S$5,936.5 million.

Mapletree Pan Asia Commercial Trust Convenes 14th Annual General Meeting

Mapletree Pan Asia Commercial Trust held its 14th Annual General Meeting on July 29, 2025, at Mapletree Business City in Singapore. The meeting, attended by unitholders, directors, and representatives from various advisory and auditing firms, was presided over by Mr. Samuel Tsien, Chairman of the Board of Directors of the Manager. The meeting confirmed the presence of a quorum, allowing the proceedings to commence, which signifies the trust’s commitment to transparency and stakeholder engagement.

Mapletree Pan Asia Commercial Trust Issues New Units for Management Fee

MPACT Management Ltd., the manager of Mapletree Pan Asia Commercial Trust, has issued 3,684,515 new units as part of the management fee payment for the period from April to June 2025. This issuance reflects a strategic approach to managing the company’s financial obligations while maintaining liquidity, as part of the fee is paid in cash. The issuance increases the total number of units to over 5.27 billion, potentially impacting shareholder value and market perception.

Mapletree Commercial Prices S$200 Million Green Notes

MPACT Management Ltd., managing Mapletree Pan Asia Commercial Trust, has announced the pricing of S$200 million in 2.45% Fixed Rate Senior Green Notes due 2032 under its Euro Medium Term Securities Programme. This issuance, rated Baa2 by Moody’s, highlights the company’s commitment to sustainable finance and strengthens its financial position, with DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited acting as joint lead managers.

MPACT Management Secures New Facility Agreements to Strengthen Financial Position

MPACT Management Ltd., the manager of Mapletree Pan Asia Commercial Trust, has announced the signing of two facility agreements, including a new HK$500 million facility and an amendment to an existing HK$1 billion facility. These agreements, guaranteed by DBS Trustee Limited, aim to refinance and reduce existing borrowings, with potential implications for MPACT’s financial stability if certain management changes occur.