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Mapletree Pan Asia Commercial Trust
(SGX:N2IU)
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Rating:60Neutral
Price Target:
S$1.00
▼(-21.26% Downside)
Action:Reiterated
Date:07/31/26
Overall score reflects steady but not accelerating fundamentals: stable profitability and improving leverage are offset by a mild TTM revenue decline, a step-down in earnings versus prior peak periods, and weakening recent cash-flow momentum. Technically, the stock is modestly supported by being above shorter-term averages but lacks a clear long-term uptrend given it is roughly flat versus the 200-day average. Valuation is balanced by a strong yield but a relatively elevated P/E.
Positive Factors
Recurring Rental Income
Recurring contracted rent provides a durable earnings foundation for the REIT, while ancillary income and recoveries can supplement property revenue. This model supports relatively predictable distributions when occupancy, tenant quality, and lease renewals remain stable across the portfolio.
Negative Factors
Revenue and Earnings Normalization
The recent revenue decline and lower earnings trajectory indicate that operating performance has softened after unusually strong prior periods. Continued normalization could reduce distributable income growth and make it harder for MPACT to expand returns without stronger leasing or property performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Rental Income
Recurring contracted rent provides a durable earnings foundation for the REIT, while ancillary income and recoveries can supplement property revenue. This model supports relatively predictable distributions when occupancy, tenant quality, and lease renewals remain stable across the portfolio.
Read all positive factors
Mapletree Pan Asia Commercial Trust (N2IU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$6.19B
Dividend Yield6.77%
Average Volume (3M)13.50M
Price to Earnings (P/E)24.7
Beta (1Y)0.51
Revenue Growth-4.05%
EPS Growth-57.18%
CountrySG
Employees263
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.05
Shares Outstanding5,287,818,000
10 Day Avg. Volume13,625,520
30 Day Avg. Volume13,502,600
Financial Highlights & Ratios
PEG Ratio-0.48
Price to Book (P/B)0.74
Price to Sales (P/S)8.02
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$1.41Price Target Upside11.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.08
Revenue Forecast (FY)S$841.18M
Mapletree Pan Asia Commercial Trust Business Overview & Revenue Model
Company Description
Mapletree Pan Asia Commercial Trust is a real estate investment trust positioned to be the proxy to key gateway markets of Asia. Listed on the Singapore Exchange Securities Limited on 27 April 2011, it made its public market debut as Mapletree Com...
How the Company Makes Money
MPACT makes money primarily by earning rental-related income from its portfolio of commercial properties and distributing net income (after expenses and financing costs) to unitholders in the form of REIT distributions. Key revenue streams include...
Mapletree Pan Asia Commercial Trust Earnings Call Summary
Earnings Call Date:Oct 22, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 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
68
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 828.64M | 868.87M | 844.72M | 964.47M | 776.33M | 475.50M |
| Gross Profit | 565.68M | 599.88M | 572.65M | 689.31M | 531.81M | 325.90M |
| EBITDA | 412.26M | 448.24M | 802.31M | 831.62M | 673.91M | 401.24M |
| Net Income | 250.25M | 265.65M | 584.18M | 577.94M | 482.60M | 347.02M |
Balance Sheet | ||||||
| Total Assets | 15.36B | 15.42B | 16.14B | 16.66B | 16.83B | 8.98B |
| Cash, Cash Equivalents and Short-Term Investments | 134.87M | 164.22M | 171.40M | 157.24M | 216.15M | 124.17M |
| Total Debt | 5.72B | 5.56B | 6.00B | 6.65B | 6.78B | 3.00B |
| Total Liabilities | 6.19B | 6.03B | 6.52B | 7.19B | 7.35B | 3.19B |
| Stockholders Equity | 9.16B | 9.38B | 9.61B | 9.46B | 9.47B | 5.79B |
Cash Flow | ||||||
| Free Cash Flow | 488.02M | 584.99M | 632.98M | 724.71M | 604.85M | 363.58M |
| Operating Cash Flow | 489.02M | 586.00M | 634.03M | 725.03M | 605.31M | 363.63M |
| Investing Cash Flow | 306.19M | 305.11M | 711.41M | -56.30M | -2.29B | -18.84M |
| Financing Cash Flow | -814.84M | -891.85M | -1.32B | -719.88M | 1.77B | -413.16M |
Mapletree Pan Asia Commercial Trust Technical Analysis
Negative
1.27
Price Trends
1.21
Negative
1.25
Negative
1.29
Negative
Market Momentum
-0.02
Negative
45.61
Neutral
65.08
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 1.27 is above the 20-day moving average (MA) of 1.18, above the 50-day MA of 1.21, and below the 200-day MA of 1.29, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 45.61 is Neutral, neither overbought nor oversold. The STOCH value of 65.08 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | S$1.82B | 14.69 | 5.19% | 6.79% | 3.58% | 71.30% | |
69 Neutral | S$1.88B | 56.67 | 1.12% | 7.38% | 6.52% | ― | |
67 Neutral | S$18.26B | 14.16 | 7.40% | 4.64% | 5.37% | 19.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$4.06B | 7.20 | 8.46% | 6.28% | 5.35% | 176.77% | |
64 Neutral | S$4.12B | 13.31 | 5.19% | 5.62% | 1.18% | ― | |
60 Neutral | S$6.19B | 24.74 | 2.71% | 6.77% | -4.05% | -57.18% |
* Real Estate Sector Average
SG:N2IU
Mapletree Pan Asia Commercial Trust
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-0.24
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Mapletree Pan Asia Commercial Trust Corporate Events
MPACT Leans on Singapore Core as Portfolio Divestments Bolster Balance Sheet
Aug 28, 2026
Mapletree Pan Asia Commercial Trust used its fifteenth annual general meeting to underline a year of deliberate portfolio reshaping and enhanced financial resilience. Following earlier disposals, the trust completed divestments of two Japan office...
Mapletree Pan Asia Commercial Trust Secures S$100 Million Facility with Management-Linked Covenants
Aug 21, 2026
Mapletree Pan Asia Commercial Trust has secured a new S$100 million multi-currency loan facility, guaranteed by its trustee and intended to refinance and reduce existing borrowings by an equivalent amount. The facility includes provisions that cou...
Mapletree Pan Asia Commercial Trust Issues Units for Part of Manager’s Fees
Aug 13, 2026
Mapletree Pan Asia Commercial Trust has issued 3,448,277 new units at S$1.2859 per unit to its manager as payment for 40% of the base management fee for the quarter from 1 April to 30 June 2026, with the remaining fee paid in cash. The issue price...
Mapletree Pan Asia Commercial Trust underscores resilient pan-Asian portfolio in Q1 2026 update
Aug 12, 2026
Mapletree Pan Asia Commercial Trust has released an investor presentation outlining its first-quarter performance for the financial period from 1 April 2026 to 30 June 2026, supported by detailed portfolio and market information. The materials und...
Mapletree Pan Asia Commercial Trust Secures S$150 Million Facility With Manager-Linked Covenants
Jul 29, 2026
Mapletree Pan Asia Commercial Trust is a Singapore-listed commercial real estate investment trust managed by MPACT Management Ltd and sponsored by Mapletree Investments Pte Ltd, with DBS Trustee Limited serving as trustee. The REIT provides invest...
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.