Manulife US Real Estate Investment Trust

SGX:BTOU Stock Report

Market Cap: US$172.3m

Manulife US Real Estate Investment Trust Valuation

Is BTOU undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BTOU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
US$0.30
Fair Value
68.0% undervalued intrinsic discount
2
Number of Analysts

Below Fair Value: BTOU ($0.1) is trading below our estimate of fair value ($0.3)

Significantly Below Fair Value: BTOU is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BTOU?

Key metric: As BTOU is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BTOU. This is calculated by dividing BTOU's market cap by their current revenue.
What is BTOU's PS Ratio?
PS Ratio0.9x
SalesUS$195.20m
Market CapUS$172.33m

Price to Sales Ratio vs Peers

How does BTOU's PS Ratio compare to its peers?

The above table shows the PS ratio for BTOU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.8x
OXMU Prime US REIT
1.4x2.0%US$222.4m
CMOU Keppel Pacific Oak US REIT
1.6x1.8%US$235.0m
MXNU Elite UK REIT
4.8x-1.6%UK£187.2m
UD1U IREIT Global
3.5x-12.5%S$356.4m
BTOU Manulife US Real Estate Investment Trust
0.9x-5.7%US$172.3m

Price-To-Sales vs Peers: BTOU is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (2.8x).

Price to Sales Ratio vs Industry

How does BTOU's PS Ratio compare vs other companies in the Asian Office REITs Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
Industry Avg.6.8x-3.9%
BTOU Manulife US Real Estate Investment Trust
 0.9x-5.7%US$172.33m
BTOU 0.9xIndustry Avg. 6.8xNo. of Companies9PS03.67.210.814.418+
1 CompanyEstimated GrowthMarket Cap
Industry Avg.6.8x31.8%
BTOU Manulife US Real Estate Investment Trust
 0.9x104.0%US$172.33m
No more companies

Price-To-Sales vs Industry: BTOU is good value based on its Price-To-Sales Ratio (0.9x) compared to the Asian Office REITs industry average (6.8x).

Price to Sales Ratio vs Fair Ratio

What is BTOU's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BTOU PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.9x
Fair PS Ratio1.6x

Price-To-Sales vs Fair Ratio: BTOU is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BTOU forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$0.097
US$0.14
+48.5%
16.7%US$0.17US$0.12n/a2
Feb ’26US$0.095
US$0.14
+51.6%
16.7%US$0.17US$0.12n/a2
Jan ’26US$0.089
US$0.14
+61.8%
16.7%US$0.17US$0.12n/a2
Dec ’25US$0.10
US$0.14
+39.8%
16.7%US$0.17US$0.12n/a2
Nov ’25US$0.11
US$0.17
+51.2%
24.1%US$0.22US$0.12n/a3
Oct ’25US$0.12
US$0.17
+46.0%
24.1%US$0.22US$0.12n/a3
Sep ’25US$0.099
US$0.15
+52.5%
30.5%US$0.22US$0.10n/a4
Aug ’25US$0.079
US$0.15
+91.1%
30.5%US$0.22US$0.10n/a4
Jul ’25US$0.062
US$0.15
+139.9%
30.7%US$0.22US$0.10n/a4
Jun ’25US$0.068
US$0.15
+118.8%
30.7%US$0.22US$0.10n/a4
May ’25US$0.072
US$0.15
+106.6%
30.7%US$0.22US$0.10n/a4
Apr ’25US$0.078
US$0.15
+90.7%
30.7%US$0.22US$0.10n/a4
Mar ’25US$0.057
US$0.15
+161.0%
30.7%US$0.22US$0.10n/a4
Feb ’25US$0.059
US$0.15
+162.7%
36.6%US$0.25US$0.10US$0.0954
Jan ’25US$0.08
US$0.15
+90.6%
37.8%US$0.25US$0.10US$0.0894
Dec ’24US$0.058
US$0.18
+214.7%
37.4%US$0.25US$0.10US$0.104
Nov ’24US$0.049
US$0.20
+318.4%
30.2%US$0.25US$0.10US$0.114
Oct ’24US$0.057
US$0.24
+328.1%
39.2%US$0.40US$0.10US$0.125
Sep ’24US$0.068
US$0.24
+258.8%
39.2%US$0.40US$0.10US$0.0995
Aug ’24US$0.10
US$0.27
+157.3%
46.7%US$0.41US$0.10US$0.0795
Jul ’24US$0.17
US$0.41
+139.3%
23.9%US$0.55US$0.25US$0.0625
Jun ’24US$0.17
US$0.45
+156.3%
29.6%US$0.63US$0.25US$0.0685
May ’24US$0.18
US$0.49
+171.5%
18.6%US$0.63US$0.40US$0.0725
Apr ’24US$0.21
US$0.49
+128.8%
17.4%US$0.63US$0.40US$0.0785
Mar ’24US$0.28
US$0.55
+100.6%
28.0%US$0.85US$0.40US$0.0576
Feb ’24US$0.32
US$0.58
+81.2%
27.5%US$0.85US$0.40US$0.0596
Analyst Price Target
Consensus Narrative from 2 Analysts
US$0.14
Fair Value
32.6% undervalued intrinsic discount
2
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/15 12:23
End of Day Share Price 2025/02/14 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

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

Manulife US Real Estate Investment Trust is covered by 9 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mun Yee LockCGS International
Su Teng TanCitigroup Inc
Citi ResearchCitigroup Inc