Mapletree Commercial (SG:N2IU)
SGX:N2IU
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Mapletree Pan Asia Commercial Trust
(SGX:N2IU)
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Rating:64Neutral
Price Target:
S$1.50
▲(6.38% Upside)
Action:Reiterated
Date:04/29/26
The score is primarily supported by solid financial quality—especially stable cash generation and manageable leverage—while being held back by the FY2026 earnings step-down and a weak price trend (below key moving averages with subdued momentum). The attractive ~5.94% dividend yield helps, but the higher ~21.6 P/E tempers valuation upside.
Positive Factors
Strong cash generation
Consistent operating and free cash flow provide durable support for distributions, debt servicing and reinvestment. For a REIT, stable FCF reduces refinancing and liquidity risk, enables asset enhancements and selective acquisitions, and smooths payout through cycles.
Negative Factors
Slowing revenue momentum
A deceleration in top-line growth constrains distributable income expansion and limits capacity to fund capex or acquisitions organically. Persistent weaker revenue trends could force reliance on leverage or asset rotation to sustain DPU growth, reducing structural growth optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent operating and free cash flow provide durable support for distributions, debt servicing and reinvestment. For a REIT, stable FCF reduces refinancing and liquidity risk, enables asset enhancements and selective acquisitions, and smooths payout through cycles.
Read all positive factors
Mapletree Pan Asia Commercial Trust (N2IU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$6.61B
Dividend Yield5.5%
Average Volume (3M)6.62M
Price to Earnings (P/E)―
Beta (1Y)0.71
Revenue Growth-4.61%
EPS Growth-55.41%
CountrySG
Employees429
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.05
Shares Outstanding5,284,369,600
10 Day Avg. Volume5,997,830
30 Day Avg. Volume6,618,516
Financial Highlights & Ratios
PEG Ratio-0.48
Price to Book (P/B)0.76
Price to Sales (P/S)8.62
P/FCF Ratio11.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$1.63Price Target Upside15.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.08
Revenue Forecast (FY)S$846.52M
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 pur...
How the Company Makes Money
MPACT makes money primarily by earning recurring property income from its portfolio of commercial properties, then distributing a portion of net distributable income to unitholders in line with REIT practices. Key revenue streams include: (1) Base...
Mapletree Pan Asia Commercial Trust Earnings Call Summary
Earnings Call Date:Oct 22, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 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.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.
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.
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 807.71M | 844.72M | 964.47M | 776.33M | 475.50M |
| Gross Profit | 548.29M | 572.65M | 689.31M | 531.81M | 325.90M |
| EBITDA | 448.24M | 802.31M | 831.62M | 619.39M | 348.64M |
| Net Income | 265.65M | 584.18M | 577.94M | 482.60M | 347.02M |
Balance Sheet | |||||
| Total Assets | 15.42B | 16.14B | 16.66B | 16.83B | 8.98B |
| Cash, Cash Equivalents and Short-Term Investments | 164.22M | 171.40M | 157.24M | 216.15M | 124.17M |
| Total Debt | 5.81B | 6.00B | 6.65B | 6.78B | 3.00B |
| Total Liabilities | 6.03B | 6.52B | 7.19B | 7.35B | 3.19B |
| Stockholders Equity | 9.14B | 9.61B | 9.46B | 9.47B | 5.79B |
Cash Flow | |||||
| Free Cash Flow | 584.99M | 632.98M | 724.71M | 604.85M | 363.58M |
| Operating Cash Flow | 586.00M | 634.03M | 725.03M | 605.31M | 363.63M |
| Investing Cash Flow | 305.11M | 711.41M | -56.30M | -2.29B | -18.84M |
| Financing Cash Flow | -891.85M | -1.32B | -719.88M | 1.77B | -413.16M |
Mapletree Pan Asia Commercial Trust Technical Analysis
Negative
1.41
Price Trends
1.32
Negative
1.37
Negative
1.37
Negative
Market Momentum
-0.03
Positive
26.63
Positive
19.05
Positive
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 1.41 is above the 20-day moving average (MA) of 1.30, above the 50-day MA of 1.32, and above the 200-day MA of 1.37, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 26.63 is Positive, neither overbought nor oversold. The STOCH value of 19.05 is Positive, 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | S$18.05B | 18.93 | 5.88% | 5.26% | 1.66% | -6.80% | |
70 Neutral | S$1.87B | 7.62 | 4.02% | 8.01% | 0.36% | 28.75% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$6.61B | -65.25 | 2.82% | 5.50% | -4.61% | -55.41% | |
63 Neutral | S$4.35B | 2.57 | 8.90% | 7.36% | -0.43% | 337.21% | |
62 Neutral | S$4.26B | ― | -0.38% | 4.55% | 1.45% | 39.79% | |
57 Neutral | S$1.96B | ― | -0.48% | 6.03% | -7.25% | ― |
* Real Estate Sector Average
SG:N2IU
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Mapletree Pan Asia Commercial Trust Corporate Events
Mapletree Pan Asia Commercial Trust Pays Manager Partly in New Units, Slightly Diluting Unitholders
Feb 12, 2026
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 ...
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.