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Mapletree Commercial (SG:N2IU)
SGX:N2IU
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Mapletree Commercial
(SGX:N2IU)
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Rating:74Outperform
Price Target:
S$1.50
▲(5.63% Upside)
Mapletree Commercial's overall stock score is driven by strong financial performance and positive technical indicators. The company's profitability and cash flow management are robust, though revenue growth challenges persist. The stock's valuation is attractive, with a reasonable P/E ratio and high dividend yield. However, the earnings call revealed some concerns, particularly with declining revenues and overseas market challenges.
Positive Factors
Negative Factors
Mapletree Commercial (N2IU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$7.44B
Dividend Yield5.63%
Average Volume (3M)8.75M
Price to Earnings (P/E)12.7
Beta (1Y)0.92
Revenue GrowthN/A
EPS GrowthN/A
CountrySG
Employees429
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.02
Shares Outstanding5,274,791,500
10 Day Avg. Volume6,083,745
30 Day Avg. Volume8,753,835
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.70
Enterprise Value/Revenue15.00
Enterprise Value/Gross Profit21.93
Enterprise Value/Ebitda14.00
Forecast
1Y Price Target
$1.55Price Target Upside8.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Mapletree Commercial Business Overview & Revenue Model
Company DescriptionMapletree 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 MoneyMapletree Commercial Trust generates revenue primarily through rental income from its portfolio of retail and office properties. The trust earns money by leasing out space to various tenants, including retail stores, offices, and service providers. Rental income is a stable source of revenue, as leases are typically long-term with fixed rental rates, providing predictable cash flows. Additionally, MCT may earn revenue through car park fees, advertising space rentals, and other ancillary services associated with its properties. The trust's financial performance is further enhanced through active property management, optimizing tenant mix, and implementing value-enhancing asset enhancement initiatives. Strategic partnerships and acquisitions of high-quality properties also contribute to its revenue growth.
Mapletree Commercial Earnings Call Summary
Earnings Call Date:Jul 30, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Oct 22, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed view with notable operational efficiencies and improvements in portfolio valuation, especially in Singapore properties. However, declines in gross revenue, NPI, and DPU, alongside challenges in overseas markets, particularly China and Japan, indicate significant hurdles. The sentiment remains cautious given the uncertainties in foreign operations.Q4-2025 Updates
Positive Updates
Improved Operational Efficiency
Operating expenses improved by 4.9% year-on-year due to the divestment of Mapletree Anson and lower utility costs, particularly in the Singapore portfolio.
Portfolio Valuation Uplift
Excluding the Mapletree Anson divestment, the portfolio valuation rose SGD 339.4 million or 2.2% from the previous year.
Singapore Properties Performance
Contribution from Singapore properties increased by 1.4% year-on-year, accounting for about 53% of the fourth quarter's portfolio gross revenue and NPI.
Improved Aggregate Leverage Ratio
Aggregate leverage ratio improved from 40.5% a year ago to 37.7% as at 31st March 2025, due to the reduction in outstanding borrowings.
Successful Green Bond Issuance
MPACT issued a seven-year green bond in March 2025, extending the average term of debt maturity to 3.3 years.
Negative Updates
Decline in Gross Revenue and NPI
Gross revenue and NPI for the fourth quarter were SGD 222.9 million and SGD 169.5 million, down 6.8% and 7.4% year-on-year respectively, mainly due to the absence of Mapletree Anson's contributions.
Distribution Per Unit (DPU) Decrease
DPU was SGD 0.0195, down 14.8% year-on-year for the fourth quarter.
Negative Rental Reversions in Overseas Markets
China assets experienced negative rental reversions of around 9%, with market rentals falling significantly below passing rentals.
Challenges in China and Japan Markets
The overseas properties recorded lower valuations, particularly in Greater China, due to revised market expectations and cap rate expansion.
Company Guidance
In the recent analyst briefing for Mapletree Pan Asia Commercial Trust (MPACT), several key financial metrics and operational updates were discussed. For the fourth quarter of FY 2024-2025, MPACT reported a gross revenue of SGD 222.9 million and a net property income (NPI) of SGD 169.5 million, reflecting declines of 6.8% and 7.4% year-on-year, respectively. The absence of contributions from Mapletree Anson following its divestment in July 2024 and lower overseas contributions were major factors in this decline. Operating expenses improved by 4.9% year-on-year due to the divestment and reduced utility costs in Singapore. The amount available for distribution was SGD 103.6 million, leading to a distribution per unit (DPU) of SGD 0.0195, down 14.8% year-on-year. On a full-year basis, gross revenue and NPI were SGD 908.8 million and SGD 683.5 million, respectively, both lower compared to the previous year. MPACT's portfolio valuation was approximately SGD 16 billion as of March 2025, with an uplift in the Singapore portfolio led by VivoCity’s performance. The aggregate leverage ratio improved to 37.7% from 40.5% a year ago, aided by the proceeds from the Mapletree Anson sale. The issuance of a seven-year green bond extended the average debt maturity to 3.3 years, with the fixed rate debt portion now at 79.9%. The estimated impact of a 50 basis point change in benchmark rates on the DPU is SGD 0.001 annually. Despite challenges in overseas markets, particularly China and Japan, the Singapore properties showed resilience, with VivoCity continuing to perform well.Mapletree Commercial Financial Statement Overview
Summary
Mapletree Commercial demonstrates strong profitability and cash flow management, with high margins and efficient cash conversion. However, the negative revenue growth rate is a concern, indicating potential challenges in maintaining top-line growth. The balance sheet is stable with moderate leverage, but there is room for improvement in equity returns.Income Statement
Mapletree Commercial's income statement shows a strong net profit margin of 69.03% for TTM, indicating high profitability. However, the revenue growth rate is negative at -3.81% for TTM, suggesting a decline in revenue. The EBIT and EBITDA margins are exceptionally high, but this may be due to non-operational factors. Overall, the company demonstrates strong profitability but faces challenges in revenue growth.72
Positive
Balance Sheet
The balance sheet reflects a moderate debt-to-equity ratio of 0.63 for TTM, indicating a balanced approach to leveraging. Return on equity is modest at 6.20%, showing decent returns for shareholders. The equity ratio is not explicitly provided, but the company's leverage appears manageable. The balance sheet is stable, though there is room for improvement in equity returns.65
Positive
Cash Flow
Cash flow analysis reveals a positive free cash flow growth rate of 4.09% for TTM, indicating healthy cash generation. The operating cash flow to net income ratio is strong at 1.35, suggesting efficient cash conversion. The free cash flow to net income ratio is nearly 1, highlighting effective cash management. Overall, the cash flow position is robust, supporting financial stability.78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 844.69M | 844.72M | 964.47M | 776.33M | 475.50M | 462.67M |
| Gross Profit | 577.69M | 572.65M | 689.31M | 531.81M | 325.90M | 322.09M |
| EBITDA | 904.90M | 802.31M | 679.78M | 619.39M | 348.64M | 332.94M |
| Net Income | 583.08M | 584.18M | 577.94M | 482.60M | 347.02M | 68.61M |
Balance Sheet | ||||||
| Total Assets | 15.85B | 16.14B | 16.66B | 16.83B | 8.98B | 8.95B |
| Cash, Cash Equivalents and Short-Term Investments | 150.11M | 171.40M | 157.24M | 216.15M | 124.17M | 192.54M |
| Total Debt | 5.91B | 6.00B | 6.65B | 6.78B | 3.00B | 3.03B |
| Total Liabilities | 6.41B | 6.52B | 7.19B | 7.35B | 3.19B | 3.24B |
| Stockholders Equity | 9.43B | 9.61B | 9.46B | 9.47B | 5.79B | 5.71B |
Cash Flow | ||||||
| Free Cash Flow | 610.70M | 632.98M | 724.71M | 604.85M | 363.58M | 355.35M |
| Operating Cash Flow | 611.81M | 634.03M | 725.03M | 605.31M | 363.63M | 355.44M |
| Investing Cash Flow | 704.35M | 711.41M | -56.30M | -2.29B | -18.84M | -13.74M |
| Financing Cash Flow | -1.30B | -1.32B | -719.88M | 1.77B | -413.16M | -215.01M |
Mapletree Commercial Technical Analysis
Positive
1.42
Price Trends
1.36
Positive
1.28
Positive
1.22
Positive
Market Momentum
0.02
Positive
59.41
Neutral
50.00
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 1.42 is above the 20-day moving average (MA) of 1.41, above the 50-day MA of 1.36, and above the 200-day MA of 1.22, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 59.41 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | S$17.19B | 16.67 | 6.01% | 5.50% | 0.17% | 8.05% | |
74 Outperform | $7.44B | 12.74 | 6.22% | 5.63% | ― | ― | |
70 Outperform | S$6.05B | 17.80 | 6.76% | 6.33% | 0.24% | 193.35% | |
69 Neutral | S$4.75B | 20.65 | 4.75% | 5.19% | 1.49% | 5.99% | |
65 Neutral | S$3.82B | -196.97 | 2.92% | 4.85% | 0.01% | -110.22% | |
61 Neutral | S$6.32B | 34.64 | 2.93% | 6.29% | -1.47% | -39.12% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
SG:N2IU
Mapletree Commercial
1.42
0.03
2.23%
SG:C38U
CapitaLand Mall
2.28
0.26
12.87%
SG:J69U
Frasers Centrepoint
2.34
0.17
7.93%
SG:M44U
Mapletree Logistics
1.25
-0.12
-8.69%
SG:ME8U
Mapletree Industrial
2.12
-0.16
-7.06%
SG:T82U
Suntec Real Estate Investment
1.30
0.04
3.17%
Mapletree Commercial Corporate Events
Mapletree Commercial Prices S$200 Million Green Notes
Aug 5, 2025
MPACT Management Ltd., managing Mapletree Pan Asia Commercial Trust, has announced the pricing of S$200 million in 2.45% Fixed Rate Senior Green Notes due 2032 under its Euro Medium Term Securities Programme. This issuance, rated Baa2 by Moody’s, highlights the company’s commitment to sustainable finance and strengthens its financial position, with DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited acting as joint lead managers.
The most recent analyst rating on (SG:N2IU) stock is a Hold with a S$1.20 price target. To see the full list of analyst forecasts on Mapletree Commercial stock, see the SG:N2IU Stock Forecast page.
MPACT Management Secures New Facility Agreements to Strengthen Financial Position
Jul 31, 2025
MPACT Management Ltd., the manager of Mapletree Pan Asia Commercial Trust, has announced the signing of two facility agreements, including a new HK$500 million facility and an amendment to an existing HK$1 billion facility. These agreements, guaranteed by DBS Trustee Limited, aim to refinance and reduce existing borrowings, with potential implications for MPACT’s financial stability if certain management changes occur.
The most recent analyst rating on (SG:N2IU) stock is a Hold with a S$1.20 price target. To see the full list of analyst forecasts on Mapletree Commercial stock, see the SG:N2IU Stock Forecast page.
MPACT Secures S$150 Million Facility with Key Conditions
May 23, 2025
MPACT Management Ltd. has announced a new S$150 million facility agreement guaranteed by DBS Trustee Limited for Mapletree Pan Asia Commercial Trust. This facility includes conditions that could trigger mandatory prepayment if certain management changes occur without lender consent, potentially affecting MPACT’s borrowings of approximately S$5.928 billion.
The most recent analyst rating on (SG:N2IU) stock is a Buy with a S$1.40 price target. To see the full list of analyst forecasts on Mapletree Commercial stock, see the SG:N2IU Stock Forecast page.
MPACT Issues New Units for Management Fee Payment
May 9, 2025
MPACT Management Ltd. has announced the issuance of 3,526,678 new units in Mapletree Pan Asia Commercial Trust as partial payment of management fees for the first quarter of 2025. This strategic move, which involves paying 40% of the base fee in units, aligns with the company’s operational strategy and reflects its commitment to maintaining a balanced financial structure. The issuance increases the total number of units to over 5.27 billion, potentially impacting the company’s market positioning and stakeholder interests.
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.