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Mapletree Pan Asia Commercial TrustSGX:N2IU Stock Report

Market Cap S$6.8b
Share Price
S$1.28
S$1.75
26.7% undervalued intrinsic discount
1Y4.1%
7D0.8%
1D
Portfolio Value
​
View

Mapletree Pan Asia Commercial Trust

SGX:N2IU Stock Report

Market Cap: S$6.8b

Mapletree Pan Asia Commercial Trust (N2IU) Stock Overview

A real estate investment trust positioned to be the proxy to key gateway markets of Asia. More details

N2IU fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance1/6
Financial Health1/6
Dividends4/6

Rewards

Trading at 26% below our estimate of its fair value

Earnings are forecast to grow 10.01% per year

Risk Analysis

Debt is not well covered by operating cash flow

Unstable dividend track record

Profit margins (29.8%) are lower than last year (63.7%)

Large one-off items impacting financial results


N2IU Community Fair Values

Create Narrative

See what 40 others think this stock is worth. Follow their fair value or set your own to get alerts.

Analyst Price Targets

View all narratives

Mapletree Pan Asia Commercial Trust Competitors

Price History & Performance

Summary of share price highs, lows and changes for Mapletree Pan Asia Commercial Trust
Historical stock prices
Current Share PriceS$1.28
52 Week HighS$1.50
52 Week LowS$1.20
Beta0.54
1 Month Change3.23%
3 Month Change-5.88%
1 Year Change4.06%
3 Year Change-23.35%
5 Year Change-40.74%
Change since IPO45.45%

Recent News & Updates

Narrative Update • Jun 16

N2IU: Distribution Stability And Higher Margin Outlook Will Support Upside Potential

Analysts have trimmed their price target for Mapletree Pan Asia Commercial Trust from SGD1.57 to SGD1.52, reflecting updated views that now combine weaker revenue growth assumptions with higher profit margin expectations and a lower future P/E estimate. What's in the News Mapletree Pan Asia Commercial Trust announced a distribution of 1.90 Singapore cents per unit for the period from 1 January 2026 to 31 March 2026, according to Key Developments.
Narrative Update • Jun 02

N2IU: Upcoming Quarterly Distribution Will Support Stronger Future Unit Pricing

The analyst price target for Mapletree Pan Asia Commercial Trust has edged slightly lower from SGD1.75 to SGD1.75. Analysts cite updated assumptions around fair value, discount rates, revenue growth, profit margins and future P/E as the key drivers of this fine-tuning.
Narrative Update • May 12

N2IU: Upcoming Distribution Will Support Stronger Unit Pricing

Analysts have trimmed their price target for Mapletree Pan Asia Commercial Trust from SGD1.81 to SGD1.75, citing updated assumptions that reflect a lower projected revenue growth rate, a higher expected profit margin, and a revised future P/E multiple. What's in the News Announced a distribution of 1.90 Singapore cents per unit for the period from 1 January 2026 to 31 March 2026, split into taxable income, tax-exempt and capital components (Key Developments).
Narrative Update • Apr 28

N2IU: Distribution Timeline And Revised Metrics Will Shape Balanced Return Outlook

Analysts have kept their SGD1.35 price target for Mapletree Pan Asia Commercial Trust unchanged, citing updated assumptions that now reflect positive revenue growth, a higher profit margin and a lower future P/E multiple as key supports for this view. What's in the News Announced Distribution per Unit for 1 October 2025 to 31 December 2025 of 2.05 Singapore cents, made up of 1.60 Singapore cents of taxable income, 0.42 Singapore cent of tax exempt income and 0.03 Singapore cent of capital return (Key Developments).

Recent updates

Narrative Update • Jun 16

N2IU: Distribution Stability And Higher Margin Outlook Will Support Upside Potential

Analysts have trimmed their price target for Mapletree Pan Asia Commercial Trust from SGD1.57 to SGD1.52, reflecting updated views that now combine weaker revenue growth assumptions with higher profit margin expectations and a lower future P/E estimate. What's in the News Mapletree Pan Asia Commercial Trust announced a distribution of 1.90 Singapore cents per unit for the period from 1 January 2026 to 31 March 2026, according to Key Developments.
Narrative Update • Jun 02

N2IU: Upcoming Quarterly Distribution Will Support Stronger Future Unit Pricing

The analyst price target for Mapletree Pan Asia Commercial Trust has edged slightly lower from SGD1.75 to SGD1.75. Analysts cite updated assumptions around fair value, discount rates, revenue growth, profit margins and future P/E as the key drivers of this fine-tuning.
Narrative Update • May 12

N2IU: Upcoming Distribution Will Support Stronger Unit Pricing

Analysts have trimmed their price target for Mapletree Pan Asia Commercial Trust from SGD1.81 to SGD1.75, citing updated assumptions that reflect a lower projected revenue growth rate, a higher expected profit margin, and a revised future P/E multiple. What's in the News Announced a distribution of 1.90 Singapore cents per unit for the period from 1 January 2026 to 31 March 2026, split into taxable income, tax-exempt and capital components (Key Developments).
Narrative Update • Apr 28

N2IU: Distribution Timeline And Revised Metrics Will Shape Balanced Return Outlook

Analysts have kept their SGD1.35 price target for Mapletree Pan Asia Commercial Trust unchanged, citing updated assumptions that now reflect positive revenue growth, a higher profit margin and a lower future P/E multiple as key supports for this view. What's in the News Announced Distribution per Unit for 1 October 2025 to 31 December 2025 of 2.05 Singapore cents, made up of 1.60 Singapore cents of taxable income, 0.42 Singapore cent of tax exempt income and 0.03 Singapore cent of capital return (Key Developments).
Narrative Update • Apr 13

N2IU: Upcoming Distribution And Stable Fair Value Will Support Stronger Unit Pricing

Analysts have kept their fair value estimate for Mapletree Pan Asia Commercial Trust broadly unchanged at about SGD1.81 per unit. A slightly higher discount rate and modest tweaks to revenue growth, profit margin and future P/E assumptions have shaped the latest price target update.
Narrative Update • Mar 30

N2IU: Upcoming Distribution Timeline Will Support Stronger Unit Pricing Ahead

Analysts have kept a steady fair value estimate for Mapletree Pan Asia Commercial Trust at about SGD1.81, with slight tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions guiding a modestly refined price target view. What's in the News Mapletree Pan Asia Commercial Trust announced a Distribution per Unit of 2.05 Singapore cents for the period from 1 October 2025 to 31 December 2025, comprising a taxable income component of 1.60 Singapore cents per Unit, a tax exempt component of 0.42 Singapore cent per Unit and a capital component of 0.03 Singapore cent per Unit (Key Developments).
Narrative Update • Mar 16

N2IU: Future Payout Timing And Revised Metrics Will Guide Balanced Return Potential

Analysts have raised their SGD 1.15 price target on Mapletree Pan Asia Commercial Trust to SGD 1.35, reflecting updated assumptions for the discount rate, revenue growth, profit margins and future P/E multiples in their valuation work. What's in the News Distribution per Unit for 1 October 2025 to 31 December 2025 set at S$0.0205, made up of S$0.0160 taxable income, S$0.0042 tax exempt income and S$0.0003 capital per unit (Key Developments).
Narrative Update • Mar 02

N2IU: Forward P/E And Distribution Outlook Will Support Balanced Risk Profile

Analysts have kept their SGD 1.57 price target for Mapletree Pan Asia Commercial Trust unchanged, citing revised inputs such as a slightly higher discount rate, a milder projected revenue contraction and a lower profit margin outlook, along with an updated forward P/E assumption. What's in the News Announced Distribution per Unit of 2.05 Singapore cents for 1 October 2025 to 31 December 2025, made up of 1.60 Singapore cents of taxable income, 0.42 Singapore cent of tax exempt income and 0.03 Singapore cent of capital per unit (Key Developments).
Narrative Update • Feb 16

N2IU: Distribution Visibility Will Support Stronger Unit Pricing Ahead

Analysts have nudged their fair value estimate for Mapletree Pan Asia Commercial Trust slightly higher from SGD1.79 to SGD1.81, reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E. What's in the News Announced a distribution per unit of 2.05 Singapore cents for 1 October 2025 to 31 December 2025, comprising 1.60 Singapore cents of taxable income, 0.42 Singapore cent of tax exempt income and 0.03 Singapore cent of capital.
Narrative Update • Feb 02

N2IU: Future Margins And Earnings Multiple Will Support Balanced Risk Profile

Analysts have nudged their fair value estimate for Mapletree Pan Asia Commercial Trust up from S$1.55 to about S$1.57, reflecting updated assumptions that include a slightly higher discount rate, softer revenue growth expectations, a stronger profit margin profile and a higher future P/E. Valuation Changes Fair Value: nudged up slightly from S$1.55 to about S$1.57 per unit.
Analysis Article • Feb 01

Analyst Estimates: Here's What Brokers Think Of Mapletree Pan Asia Commercial Trust (SGX:N2IU) After Its Third-Quarter Report

Last week saw the newest third-quarter earnings release from Mapletree Pan Asia Commercial Trust ( SGX:N2IU ), an...
Narrative Update • Jan 19

N2IU: Slight Assumption Tweaks Will Support Stronger Unit Pricing Ahead

Analysts have made only a very small adjustment to their price target for Mapletree Pan Asia Commercial Trust. This reflects slightly updated assumptions for discount rate, revenue growth, profit margin, and future P/E, rather than a major change in view.
Narrative Update • Jan 04

N2IU: Future Risk Premium And Earnings Multiple Will Maintain Balanced Outlook

Analysts have slightly raised their price target on Mapletree Pan Asia Commercial Trust to S$1.55, citing marginally lower perceived risk and slightly stronger long term revenue growth expectations, while profit margin and valuation multiples remain broadly unchanged. Valuation Changes Fair Value Estimate: Unchanged at approximately SGD 1.55 per unit, reflecting a stable intrinsic valuation despite minor assumption tweaks.
Narrative Update • Dec 18

N2IU: Lower Discount Rate May Support Stronger Unit Pricing Ahead

Analysts have nudged their price target for Mapletree Pan Asia Commercial Trust slightly higher to approximately $1.79 from about $1.77. This reflects a lower discount rate and modestly higher anticipated valuation multiples, despite slightly softer assumptions for revenue growth and profit margins.
Narrative Update • Dec 04

N2IU: Future Earnings Multiple And Discount Rate Will Shape Balanced Outlook

Analysts have raised their price target for Mapletree Pan Asia Commercial Trust slightly from S$1.55 to S$1.55, citing marginal improvements in projected revenue growth, profit margins, and long term earnings multiples that support a modestly higher fair value despite a largely unchanged discount rate. Valuation Changes Fair Value Estimate increased slightly from SGD 1.55 to SGD 1.55, reflecting a marginal upward revision in the trust's intrinsic valuation.
Narrative Update • Nov 20

N2IU: Future P/E Ratio And Discount Rate Adjustments Will Influence Outlook

Analysts have raised their price target for Mapletree Pan Asia Commercial Trust from $1.53 to $1.55. They cited slightly improved fair value estimates following minor adjustments to discount rates and projected earnings assumptions.
Narrative Update • Nov 05

N2IU: Future P/E and Revenue Projections Will Shape Fair Valuation Outlook

Analysts have raised their price target for Mapletree Pan Asia Commercial Trust from $1.49 to $1.53, citing improved revenue growth expectations and a lower discount rate. The new target also factors in slight adjustments to profit margin and future P/E assumptions.
Narrative Update • Oct 22

Analysts Raise Mapletree Pan Asia Commercial Trust Target Price After Valuation Adjustments and Key Updates

Mapletree Pan Asia Commercial Trust: Analyst Price Target Update Analysts have raised their price target for Mapletree Pan Asia Commercial Trust from $1.46 to $1.49, reflecting refined assumptions on discount rates and profit margins. What's in the News Announced a distribution of 2.01 Singapore cents per unit for the period from 1 April to 30 June 2025.
Narrative Update • Aug 27

VivoCity Upgrades And Debt Reduction Will Face Market Risks Ahead

Analysts have notably raised Mapletree Pan Asia Commercial Trust’s revenue growth forecast and future P/E expectation, supporting a higher consensus price target from SGD1.41 to SGD1.46. What's in the News Announced a distribution of 2.01 Singapore cents per unit for the period from 1 April to 30 June 2025, comprising taxable, tax-exempt, and capital components.
Analysis Article • Aug 01

Mapletree Pan Asia Commercial Trust (SGX:N2IU) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Last week saw the newest first-quarter earnings release from Mapletree Pan Asia Commercial Trust ( SGX:N2IU ), an...
User avatar
New Narrative • Dec 12

VivoCity's Robust Performance And Calculated Divestments Will Enhance Earnings Potential

Strategic divestment and robust Singapore portfolio performance enhance financial flexibility and point to potential revenue and earnings growth.

Shareholder Returns

N2IUSG REITsSG Market
7D0.8%2.1%1.9%
1Y4.1%9.9%27.4%

Return vs Industry: N2IU underperformed the SG REITs industry which returned 9.9% over the past year.

Return vs Market: N2IU underperformed the SG Market which returned 27.4% over the past year.

Price Volatility

Is N2IU's price volatile compared to industry and market?
N2IU volatility
N2IU Average Weekly Movement2.5%
REITs Industry Average Movement2.6%
Market Average Movement5.8%
10% most volatile stocks in SG Market14.1%
10% least volatile stocks in SG Market2.5%

Stable Share Price: N2IU has not had significant price volatility in the past 3 months compared to the SG market.

Volatility Over Time: N2IU's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2005n/aSharon Limwww.mapletreepact.com

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 Commercial Trust and was subsequently renamed MPACT on 3 August 2022 following the merger with Mapletree North Asia Commercial Trust. Its principal investment objective is to invest 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, as well as real estate-related assets, in the key gateway markets of Asia (including but not limited to Singapore, Hong Kong, China, Japan and South Korea).

Mapletree Pan Asia Commercial Trust Fundamentals Summary

How do Mapletree Pan Asia Commercial Trust's earnings and revenue compare to its market cap?
N2IU fundamental statistics
Market capS$6.76b
Earnings (TTM)S$261.27m
Revenue (TTM)S$877.93m
25.9x
P/E Ratio
7.7x
P/S Ratio

Is N2IU overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
N2IU income statement (TTM)
RevenueS$877.93m
Cost of RevenueS$257.69m
Gross ProfitS$620.25m
Other ExpensesS$358.98m
EarningsS$261.27m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)0.049
Gross Margin70.65%
Net Profit Margin29.76%
Debt/Equity Ratio59.2%

How did N2IU perform over the long term?

See historical performance and comparison

Dividends

6.2%
Current Dividend Yield
73%
Payout Ratio

Does N2IU pay a reliable dividends?

See N2IU dividend history and benchmarks
When do you need to buy N2IU by to receive an upcoming dividend?
Mapletree Pan Asia Commercial Trust dividend dates
Ex Dividend DateMay 06 2026
Dividend Pay DateJun 17 2026
Days until Ex dividend42 days
Days until Dividend pay date0 days

Does N2IU pay a reliable dividends?

See N2IU dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/17 11:07
End of Day Share Price 2026/06/17 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Mapletree Pan Asia Commercial Trust is covered by 17 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Donald ChuaBofA Global Research
Mun Yee LockCGS International
Brandon I. LeeCitigroup Inc