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Mapletree Commercial (SG:N2IU)
SGX:N2IU
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Mapletree Pan Asia Commercial Trust
(SGX:N2IU)
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Rating:66Neutral
Price Target:
S$1.50
â–²(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
Strong Singapore Market
The strong performance in Singapore, which accounts for over 60% of gross revenue, highlights the company's strategic focus on high-demand locations, ensuring stable revenue and profitability.
Proactive Debt Management
Effective debt management reduces financial risk and interest expenses, enhancing long-term financial stability and flexibility for future investments.
VivoCity Performance
VivoCity's full occupancy and positive rental reversion indicate strong tenant demand and successful asset management, supporting sustained revenue growth.
Negative Factors
Declining Revenue Growth
Negative revenue growth suggests difficulty in expanding market share or increasing tenant rents, which could impact long-term profitability and cash flow.
Overseas Market Challenges
Challenges in overseas markets, particularly in China and Hong Kong, may hinder international expansion efforts and affect overall revenue diversification.
Free Cash Flow Decline
A decline in free cash flow growth can limit the company's ability to invest in new projects or weather economic downturns, affecting long-term financial health.
Mapletree Pan Asia Commercial Trust (N2IU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$7.71B
Dividend Yield5.5%
Average Volume (3M)6.62M
Price to Earnings (P/E)11.2
Beta (1Y)0.81
Revenue Growth-6.34%
EPS Growth49.60%
CountrySG
Employees429
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.03
Shares Outstanding5,277,988,000
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$1.65Price Target Upside13.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mapletree Pan Asia Commercial Trust Business Overview & Revenue Model
Company DescriptionMapletree 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 MoneyMapletree 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 Earnings Call Summary
Earnings Call Date:Oct 22, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jan 30, 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.Q2-2026 Updates
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.
Singapore Market Strength
NPI for Singapore properties increased by SGD 6.2 million due to lower utility costs, higher rental income, and compensation income, with Singapore accounting for over 60% of gross revenue and NPI.
Proactive Debt Management
Aggregate average ratio improved from 37.9% to 37.6%, with weighted average cost of debt declining by 9 basis points to 3.23% per annum.
VivoCity Performance
VivoCity maintained 100% occupancy with a 14% positive rental reversion, supported by completed AEI works and increased tenant sales.
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.
Festival Walk Weakness
Festival Walk's rental reversion came in at minus 10%, with retail sentiment remaining weak in Hong Kong.
China Market Struggles
Ongoing challenges in China with tenants pushing down rentals due to weak economic outlook and significant supply.
Japan Property Concerns
Occupancy in Japan is not expected to improve soon, with anticipated further declines upon lease expirations.
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
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 | 837.38M | 844.72M | 964.47M | 776.33M | 475.50M | 462.67M |
| Gross Profit | 571.04M | 572.65M | 689.31M | 531.81M | 325.90M | 322.09M |
| EBITDA | 899.75M | 802.31M | 831.62M | 619.39M | 348.64M | 332.94M |
| Net Income | 689.30M | 584.18M | 577.94M | 482.60M | 347.02M | 68.61M |
Balance Sheet | ||||||
| Total Assets | 15.84B | 16.14B | 16.66B | 16.83B | 8.98B | 8.95B |
| Cash, Cash Equivalents and Short-Term Investments | 154.06M | 171.40M | 157.24M | 216.15M | 124.17M | 192.54M |
| Total Debt | 6.12B | 6.00B | 6.65B | 6.78B | 3.00B | 3.03B |
| Total Liabilities | 6.61B | 6.52B | 7.19B | 7.35B | 3.19B | 3.24B |
| Stockholders Equity | 9.21B | 9.61B | 9.46B | 9.47B | 5.79B | 5.71B |
Cash Flow | ||||||
| Free Cash Flow | 573.63M | 632.98M | 724.71M | 604.85M | 363.58M | 355.35M |
| Operating Cash Flow | 574.70M | 634.03M | 725.03M | 605.31M | 363.63M | 355.44M |
| Investing Cash Flow | -10.59M | 711.41M | -56.30M | -2.29B | -18.84M | -13.74M |
| Financing Cash Flow | -576.11M | -1.32B | -719.88M | 1.77B | -413.16M | -215.01M |
Mapletree Pan Asia Commercial Trust Technical Analysis
Positive
1.46
Price Trends
1.45
Positive
1.43
Positive
1.31
Positive
Market Momentum
<0.01
Negative
54.37
Neutral
33.33
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 1.46, above the 50-day MA of 1.45, and above the 200-day MA of 1.31, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.37 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | S$4.60B | 21.65 | 4.49% | 5.29% | 10.82% | -5.02% | |
71 Outperform | $18.34B | 17.77 | 6.41% | 5.26% | 0.17% | 8.05% | |
67 Neutral | S$4.15B | -215.15 | -0.32% | 4.55% | 0.01% | -110.22% | |
66 Neutral | S$7.71B | 11.15 | 7.32% | 5.50% | -6.34% | 49.60% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$5.96B | 17.97 | 6.70% | 6.51% | -1.96% | 175.59% | |
59 Neutral | S$6.89B | 32.45 | 3.18% | 5.83% | -1.81% | -18.43% |
* Real Estate Sector Average
SG:N2IU
Mapletree Pan Asia Commercial Trust
1.47
0.35
31.48%
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1.36
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22.64%
Mapletree Pan Asia Commercial Trust Corporate Events
MPACT Issues New Units for Management Fee Payment
Nov 4, 2025
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.
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.