Mapletree Commercial (N2IU) AI Stock Analysis

• Market Cap: S$7.65B
• Dividend Yield: 5.5%
• Average Volume (3M): 6.62M
• Price to Earnings (P/E): 11.1
• Beta (1Y): 0.84
• 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: 10.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): S$878.22M

• Rating: 66 Neutral
• Price Target: S$1.50 ▲(3.45% 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 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	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 Commercial Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 1.45 is above the 20-day moving average (MA) of 1.44, above the 50-day MA of 1.45, and above the 200-day MA of 1.30, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.88 is Neutral, neither overbought nor oversold. The STOCH value of 79.44 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
J69U	72 Outperform	S$4.66B	21.93	4.49%	5.29%	10.82%	-5.02%
C38U	71 Outperform	$17.89B	17.33	6.41%	5.29%	0.17%	8.05%
T82U	67 Neutral	S$4.21B	-216.67	-0.32%	4.55%	0.01%	-110.22%
N2IU	66 Neutral	S$7.65B	11.08	7.32%	5.50%	-6.34%	49.60%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ME8U	64 Neutral	S$5.79B	17.45	6.70%	6.51%	-1.96%	175.59%
M44U	59 Neutral	S$6.58B	31.25	3.18%	5.83%	-1.81%	-18.43%

Mapletree Commercial Corporate Events

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.

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.