Mapletree Pan Asia Commercial Trust (N2IU) AI Stock Analysis

• Market Cap: S$7.50B
• Dividend Yield: 5.5%
• Average Volume (3M): 6.62M
• Price to Earnings (P/E): 10.9
• Beta (1Y): 0.77
• 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: 5,281,156,300
• 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$1.59
• Price Target Upside: 12.21% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.08
• Revenue Forecast (FY): S$879.23M

• Rating: 68 Neutral
• Price Target: S$1.50 ▲(5.63% Upside)
• Action: Downgraded Date: 03/01/26
• Date: Action: Downgraded 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.

Recurring REIT income model

The REIT business model generates recurring base rent, turnover rent, service-charge recoveries and ancillary leasing income across retail and office assets. Multiple income streams plus asset-management levers (re-leasing, tenant mix, AEIs) deliver structurally resilient cash flows over the medium term.

Moderate headline leverage

Debt-to-equity in the ~0.62–0.72 range and a meaningful equity base provide a capital buffer typical for income REITs. This moderate headline leverage helps preserve access to capital markets and gives headroom to manage refinancing needs and short-term volatility in distributions across the coming 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.

Revenue volatility

Sharp swings in reported revenue (very strong TTM growth vs an annual step-down) reduce predictability of rental income and distribution guidance. This variability complicates budgeting for capital investments and weakens visibility on sustainable cash flow and payout sustainability over a multi-month horizon.

Negative recent FCF growth

A decline in free cash flow growth (-7.4% TTM) signals near-term softness in cash generation versus prior years. If this trend persists it can constrain reinvestment, limit AEI funding without extra leverage, and reduce the cushion supporting distributions during periods of higher financing costs.

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 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 Pan Asia Commercial Trust Financial Statement Overview

Summary

Financials are generally healthy for a REIT: strong profitability and cash flows that broadly back reported earnings. Offsetting this are volatile revenue growth across periods, slightly negative recent free-cash-flow growth, and a consistently high absolute debt load that increases refinancing and rate-sensitivity risk.

Income Statement

TTM (Trailing-Twelve-Months) results show strong profitability, with very high gross and net margins, and revenue growth accelerating versus the most recent annual period (TTM +150.9% vs. annual -12.4%). Over the longer run, revenue scaled up materially from 2022 to 2024, though the latest annual print shows a revenue step-down, suggesting some volatility in top-line momentum. Earnings have improved significantly from the low 2021 base, but the sharp swings in growth rates reduce the overall quality and predictability of the income profile.

Balance Sheet

Leverage is moderate for a REIT, with debt-to-equity around ~0.62–0.72 in recent years (TTM ~0.66), and equity remaining sizable relative to the asset base. Return on equity is steady but modest (roughly ~5–7% recently), consistent with a more income-oriented REIT profile rather than high-return growth. The main drawback is that total debt is large in absolute terms and has remained elevated across periods, which can amplify refinancing and rate-sensitivity risk even if headline leverage ratios look manageable.

Cash Flow

Cash generation is solid: free cash flow is essentially matching reported net income across periods, indicating earnings are broadly backed by cash flow. However, free cash flow growth turned negative in TTM (-7.4%) and was also slightly negative in the latest annual period, pointing to some near-term softness after strong growth in 2023–2024. Operating cash flow relative to net income is near ~1.0 in TTM (healthy), but it has not been consistently strong in prior years, which tempers the score.

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

• Technical Analysis Sentiment: Negative
• Last Price: 1.42
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 1.42 is below the 20-day moving average (MA) of 1.44, below the 50-day MA of 1.44, and above the 200-day MA of 1.34, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 36.25 is Neutral, neither overbought nor oversold. The STOCH value of 24.44 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
C38U	70 Outperform	S$18.72B	19.41	6.41%	5.26%	0.17%	8.05%
N2IU	68 Neutral	S$7.50B	10.95	7.32%	5.50%	-6.34%	49.60%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
J69U	65 Neutral	S$4.62B	21.93	4.49%	5.29%	10.82%	-5.02%
ME8U	64 Neutral	$5.79B	17.72	6.70%	6.51%	-1.96%	175.59%
T82U	62 Neutral	S$4.14B	26.20	-0.32%	4.55%	0.01%	-110.22%
M44U	54 Neutral	S$6.54B	38.74	3.18%	5.83%	-1.81%	-18.43%

Mapletree Pan Asia Commercial Trust Corporate Events

Mapletree Pan Asia Commercial Trust Pays Manager Partly in New Units, Slightly Diluting Unitholders

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 settled in cash, with the issue price set using the 10-day volume-weighted average trading price up to 31 December 2025.

Following the issuance, the manager’s stake has increased to 157,491,639 units, while the total units outstanding have risen to 5,281,156,140, resulting in a modest dilution for existing unitholders. For its Japan office portfolio, asset management services remain handled by an affiliated Japan entity, with corresponding fees offset against the manager’s base fee to prevent duplicate payments for the same services.

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 Pan Asia Commercial Trust stock, see the SG:N2IU Stock Forecast page.

Mapletree Taps SP Group for District Cooling to Boost Efficiency at HarbourFront

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 VivoCity and several office buildings. The large-scale brownfield deployment will replace individual chillers with a shared cooling network, freeing up space in each property, improving energy efficiency by an estimated 8% above national minimum standards, cutting cooling-related costs by more than 5% annually, and reducing carbon emissions by about 13,700 tonnes over 20 years, reinforcing Mapletree’s longer-term Net Zero commitment and delivering operational and sustainability benefits to tenants and investors.

The most recent analyst rating on (SG:N2IU) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Mapletree Pan Asia Commercial Trust stock, see the SG:N2IU Stock Forecast page.