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Manulife US REIT
(SGX:BTOU)
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Rating:46Neutral
Price Target:
$0.04
▲(5.00% Upside)
Action:Reiterated
Date:08/19/26
The score is primarily held down by ongoing net losses, declining revenue, and elevated leverage for an office REIT, despite positive operating cash flow/free cash flow. Technicals add additional pressure with bearish momentum and the stock trading below key long-term moving averages, while valuation remains hard to justify due to a negative P/E and no provided dividend yield.
Positive Factors
Strong Operating Margins
Strong gross, EBIT, and EBITDA margins indicate that the property portfolio generates substantial operating income before financing and trust-level costs. This provides a durable earnings base and leaves room for management to preserve cash through cost control, even while revenue conditions remain challenging.
Negative Factors
Persistent Net Losses
The continuing net loss means strong property-level operating margins are not translating into positive earnings for unitholders. Persistent losses weaken retained financial resources, constrain capital allocation, and make it harder to demonstrate that the portfolio can sustainably produce attractive shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Operating Margins
Strong gross, EBIT, and EBITDA margins indicate that the property portfolio generates substantial operating income before financing and trust-level costs. This provides a durable earnings base and leaves room for management to preserve cash through cost control, even while revenue conditions remain challenging.
Read all positive factors
Manulife US REIT (BTOU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$76.39M
Dividend Yield16.96%
Average Volume (3M)976.18K
Price to Earnings (P/E)―
Beta (1Y)1.08
Revenue Growth-25.31%
EPS Growth87.46%
CountrySG
Employees16
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-0.02
Shares Outstanding1,776,565,400
10 Day Avg. Volume1,790,800
30 Day Avg. Volume976,176
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.46
Price to Sales (P/S)1.45
P/FCF Ratio19.72
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.01
Revenue Forecast (FY)$102.00M
Manulife US REIT Business Overview & Revenue Model
Company Description
Manulife US Real Estate Investment Trust (Manulife US REIT) holds the distinction of being the first dedicated US office real estate investment trust to be listed on an Asian exchange. As a REIT traded in Singapore, its core investment mandate inv...
How the Company Makes Money
Manulife US REIT primarily makes money by leasing office space in its U.S. property portfolio to tenants under commercial lease agreements. Its key revenue stream is gross rental income, which is earned from contractual base rent payments over the...
Manulife US REIT Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
42
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 105.46M | 87.18M | 167.58M | 208.03M | 202.56M | 185.10M |
| Gross Profit | 43.63M | 31.13M | 72.85M | 106.77M | 113.16M | 100.99M |
| EBITDA | 54.28M | -24.57M | -129.47M | 96.23M | -111.76M | 114.04M |
| Net Income | -36.99M | -61.88M | -178.00M | -379.96M | -129.72M | 39.41M |
Balance Sheet | ||||||
| Total Assets | 898.75M | 749.00M | 1.22B | 1.59B | 2.12B | 2.28B |
| Cash, Cash Equivalents and Short-Term Investments | 77.31M | 37.13M | 65.24M | 129.73M | 114.13M | 78.58M |
| Total Debt | 495.77M | 439.62M | 745.95M | 921.23M | 1.03B | 971.29M |
| Total Liabilities | 553.69M | 477.01M | 794.03M | 979.63M | 1.10B | 1.09B |
| Stockholders Equity | 345.07M | 271.99M | 430.63M | 608.63M | 1.02B | 1.19B |
Cash Flow | ||||||
| Free Cash Flow | 32.08M | 6.40M | 7.87M | 32.35M | 66.57M | 60.65M |
| Operating Cash Flow | 32.08M | 24.51M | 48.50M | 76.82M | 91.99M | 90.63M |
| Investing Cash Flow | 72.89M | 137.40M | 70.44M | 86.58M | -25.37M | -230.93M |
| Financing Cash Flow | -97.50M | -180.32M | -176.07M | -171.57M | -32.37M | 132.22M |
Manulife US REIT Technical Analysis
Negative
0.04
Price Trends
0.05
Negative
0.05
Negative
0.06
Negative
Market Momentum
>-0.01
Positive
2.84
Positive
<0.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BTOU, the sentiment is Negative. The current price of 0.04 is below the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.05, and below the 200-day MA of 0.06, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 2.84 is Positive, neither overbought nor oversold. The STOCH value of <0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BTOU.
Manulife US REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £201.11M | 0.13 | 21.84% | 9.35% | -5.98% | 272.40% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $294.97M | 11.86 | 5.55% | 11.59% | 2.71% | -14.82% | |
57 Neutral | $209.87M | 12.48 | 2.16% | 6.46% | -1.67% | 461.90% | |
54 Neutral | $180.69M | 43.25 | 0.60% | 3.74% | 3.79% | ― | |
50 Neutral | $121.82M | -4.61 | -6.67% | 4.06% | -3.80% | -16.28% | |
46 Neutral | $76.39M | -2.15 | -10.70% | 16.96% | -25.31% | 87.46% |
* Real Estate Sector Average
SG:BTOU
Manulife US REIT
0.04
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Manulife US REIT Corporate Events
Manulife US REIT Urges Unitholders to Submit U.S. Tax Forms to Avoid 30% Withholding
Aug 31, 2026
Manulife US REIT has called on unitholders lacking valid U.S. tax documentation to submit the necessary certification forms by 30 September 2026 to its registrar Boardroom or their depository agents. The manager warns that unitholders who remain u...
Manulife US REIT urges unitholders to submit U.S. tax forms to cut withholding burden
Jul 24, 2026
Manulife US REIT is urging all unitholders who have not submitted valid U.S. tax Forms W-8 or W-9, including those with expired documentation and new investors, to provide the forms to its registrar or their depository agents by 19 August 2026 to ...
Manulife US REIT Redeems Preferred Shares After Figueroa Property Divestment
Jun 30, 2026
Manulife US REIT has completed the redemption of all 115 preferred shares in its indirect subsidiary Hancock S-REIT LA Corp., which previously held the Figueroa office property in Los Angeles that was divested earlier this year. The US$0.1 million...
Manulife US REIT Confirms No U.S. Withholding Tax on Unit Transfers
Jun 26, 2026
Manulife US Real Estate Investment Trust has confirmed that recent U.S. tax rules under Section 1446(f) will not trigger withholding tax on transfers of its units by non-U.S. investors. The trust has been structured so it is not engaged in a U.S. ...
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.