Mapletree Commercial (N2IU) AI Stock Analysis

• Market Cap: $7.06B
• Dividend Yield: 5.92%
• Average Volume (3M): 9.38M
• Price to Earnings (P/E): 12.1
• Beta (1Y): 0.94
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SG
• Employees: 429
• Sector: Real Estate
• Sector Strength: 56
• Industry: REIT - Retail
• EPS (TTM): 0.02
• Shares Outstanding: 5,271,107,000
• 10 Day Avg. Volume: 12,072,055
• 30 Day Avg. Volume: 9,378,791
• 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: 1.79
• Enterprise Value/Revenue: 15.00
• Enterprise Value/Gross Profit: 21.93
• Enterprise Value/Ebitda: 14.00
• 1Y Price Target: $1.50
• Price Target Upside: 12.10% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 74 Outperform
• Price Target: S$1.50 ▲(11.94% Upside)

Mapletree Commercial's overall stock score is driven by strong financial performance and positive technical indicators. The company's profitability and cash flow management are robust, though revenue growth challenges persist. The stock's valuation is attractive, with a reasonable P/E ratio and high dividend yield. However, the earnings call revealed some concerns, particularly with declining revenues and overseas market challenges.

Positive Factors

Asset Performance

VivoCity registered stellar double-digit positive rental reversion of 16.8% and maintained high occupancy of 99.3%.

Interest Rates

The REIT remains one of the prime beneficiaries of an interest rate cut, especially when benchmark rates in HK and SG remain on a declining trend.

Valuation

Mapletree Pan Asia Commercial Trust is an undervalued quality S-REIT, with yields in excess of 6.0%, which is close to 1% higher spread vs large cap S-REITs.

Negative Factors

Overseas Revenue

Overseas contributions were affected by persistent SGD strength.

Regional Recovery

Slower-than-expected recovery from Hong Kong and China may pose risks to the positive view.

Revenue Decline

Gross revenue and NPI declined 6.8% and 7.4% yoy respectively in 4QFY25 due to the divestment of Mapletree Anson.

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 Trust generates revenue primarily through rental income from its portfolio of retail and office properties. The trust earns money by leasing out space to various tenants, including retail stores, offices, and service providers. Rental income is a stable source of revenue, as leases are typically long-term with fixed rental rates, providing predictable cash flows. Additionally, MCT may earn revenue through car park fees, advertising space rentals, and other ancillary services associated with its properties. The trust's financial performance is further enhanced through active property management, optimizing tenant mix, and implementing value-enhancing asset enhancement initiatives. Strategic partnerships and acquisitions of high-quality properties also contribute to its revenue growth.

Mapletree Commercial Financial Statement Overview

Summary

Mapletree Commercial exhibits strong financial performance with solid profitability, robust cash generation, and a stable balance sheet. Despite a slight revenue decline, the overall growth and operational efficiency remain positive.

Income Statement

Mapletree Commercial's income statement shows strong profitability with a high gross profit margin and a solid net profit margin. The company has maintained consistent revenue growth over the years, though there was a slight decline in revenue in the most recent report. EBIT and EBITDA margins are robust, indicating efficient operations. However, the slight decline in revenue in the latest period could be a point of concern if it continues.

Balance Sheet

The balance sheet reflects a stable financial structure with a moderate debt-to-equity ratio, indicating manageable leverage levels. The equity ratio is healthy, showing that the company is well-capitalized. Return on equity is impressive, highlighting efficient use of equity capital to generate profits. The overall stability is commendable, but the high total debt compared to previous years should be monitored.

Cash Flow

Cash flow analysis reveals strong operating cash flows, which comfortably cover net income, indicating effective cash generation from operations. The free cash flow position is robust and has shown positive growth. This provides the company with flexibility for future investments and debt repayments. The consistency in free cash flow growth supports a positive outlook.

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	679.78M	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: 1.34
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 1.34 is above the 20-day moving average (MA) of 1.28, above the 50-day MA of 1.24, and above the 200-day MA of 1.19, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 72.81 is Negative, neither overbought nor oversold. The STOCH value of 82.22 is Negative, 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	74 Outperform	$7.06B	12.10	6.22%	5.92%	―	―
Sector *	65 Neutral	£935.69M	14.34	6.19%	5.93%	15.74%	68.63%
CPAMF	―	$12.54B	16.76	6.41%	5.49%	―	―
FRZCF	―	$3.57B	20.19	5.08%	5.34%	―	―
MAPGF	―	$4.55B	32.54	2.72%	7.66%	―	―
MAPIF	―	$4.44B	17.54	6.88%	6.43%	―	―
SURVF	―	$2.86B	31.85	-0.32%	4.92%	―	―

Mapletree Commercial Corporate Events

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.

The most recent analyst rating on (SG:N2IU) stock is a Hold with a S$1.20 price target. To see the full list of analyst forecasts on Mapletree Commercial stock, see the SG:N2IU Stock Forecast page.

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.

The most recent analyst rating on (SG:N2IU) stock is a Hold with a S$1.20 price target. To see the full list of analyst forecasts on Mapletree Commercial stock, see the SG:N2IU Stock Forecast page.

MPACT Secures S$150 Million Facility with Key Conditions

MPACT Management Ltd. has announced a new S$150 million facility agreement guaranteed by DBS Trustee Limited for Mapletree Pan Asia Commercial Trust. This facility includes conditions that could trigger mandatory prepayment if certain management changes occur without lender consent, potentially affecting MPACT’s borrowings of approximately S$5.928 billion.

The most recent analyst rating on (SG:N2IU) stock is a Buy with a S$1.40 price target. To see the full list of analyst forecasts on Mapletree Commercial stock, see the SG:N2IU Stock Forecast page.

MPACT Issues New Units for Management Fee Payment

MPACT Management Ltd. has announced the issuance of 3,526,678 new units in Mapletree Pan Asia Commercial Trust as partial payment of management fees for the first quarter of 2025. This strategic move, which involves paying 40% of the base fee in units, aligns with the company’s operational strategy and reflects its commitment to maintaining a balanced financial structure. The issuance increases the total number of units to over 5.27 billion, potentially impacting the company’s market positioning and stakeholder interests.