Mapletree 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. More Details
+ 1 more risk
Imperfect balance sheet unattractive dividend payer.
Share Price & News
How has Mapletree Commercial Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: N2IU has not had significant price volatility in the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: N2IU underperformed the SG REITs industry which returned -14.1% over the past year.
Return vs Market: N2IU matched the SG Market which returned -22.2% over the past year.
Price Volatility Vs. Market
How volatile is Mapletree Commercial Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
4 days ago | Simply Wall StWhat Kind Of Investors Own Most Of Mapletree Commercial Trust (SGX:N2IU)?
1 month ago | Simply Wall StDid Mapletree Commercial Trust (SGX:N2IU) Insiders Buy Up More Shares?
3 months ago | Simply Wall StDo Institutions Own Mapletree Commercial Trust (SGX:N2IU) Shares?
Is Mapletree Commercial Trust undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: N2IU (SGD1.85) is trading below our estimate of fair value (SGD1.87)
Significantly Below Fair Value: N2IU is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: N2IU is poor value based on its PE Ratio (284.2x) compared to the SG REITs industry average (16.8x).
PE vs Market: N2IU is poor value based on its PE Ratio (284.2x) compared to the SG market (13.1x).
Price to Earnings Growth Ratio
PEG Ratio: N2IU is poor value based on its PEG Ratio (16.9x)
Price to Book Ratio
PB vs Industry: N2IU is overvalued based on its PB Ratio (1.1x) compared to the SG REITs industry average (0.8x).
How is Mapletree Commercial Trust forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: N2IU's forecast earnings growth (16.8% per year) is above the savings rate (2.2%).
Earnings vs Market: N2IU's earnings (16.8% per year) are forecast to grow slower than the SG market (22.1% per year).
High Growth Earnings: N2IU's earnings are forecast to grow, but not significantly.
Revenue vs Market: N2IU's revenue (6% per year) is forecast to grow slower than the SG market (6.7% per year).
High Growth Revenue: N2IU's revenue (6% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: N2IU's Return on Equity is forecast to be low in 3 years time (5.2%).
How has Mapletree Commercial Trust performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: N2IU has a large one-off loss of SGD229.7M impacting its September 30 2020 financial results.
Growing Profit Margin: N2IU's current net profit margins (4.5%) are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: N2IU's earnings have grown by 12.7% per year over the past 5 years.
Accelerating Growth: N2IU's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: N2IU had negative earnings growth (-97.6%) over the past year, making it difficult to compare to the REITs industry average (-15.2%).
Return on Equity
High ROE: N2IU's Return on Equity (0.4%) is considered low.
How is Mapletree Commercial Trust's financial position?
Financial Position Analysis
Short Term Liabilities: N2IU's short term assets (SGD151.9M) do not cover its short term liabilities (SGD269.9M).
Long Term Liabilities: N2IU's short term assets (SGD151.9M) do not cover its long term liabilities (SGD2.9B).
Debt to Equity History and Analysis
Debt Level: N2IU's debt to equity ratio (53.6%) is considered high.
Reducing Debt: N2IU's debt to equity ratio has reduced from 59.1% to 53.6% over the past 5 years.
Debt Coverage: N2IU's debt is not well covered by operating cash flow (11.7%).
Interest Coverage: N2IU's interest payments on its debt are well covered by EBIT (4x coverage).
What is Mapletree Commercial Trust current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: N2IU's dividend (4.32%) is higher than the bottom 25% of dividend payers in the SG market (2.59%).
High Dividend: N2IU's dividend (4.32%) is low compared to the top 25% of dividend payers in the SG market (5.34%).
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, N2IU has been paying a dividend for less than 10 years.
Growing Dividend: N2IU's dividend payments have increased, but the company has only paid a dividend for 9 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (49.7%), N2IU's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: N2IU's dividends in 3 years are not forecast to be well covered by earnings (108.4% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Sharon Lim (47 yo)
Ms. Hwee Li Lim, also known as Sharon, has been the Chief Executive Officer and Executive Director at Mapletree Commercial Trust Management Ltd of Mapletree Commercial Trust since August 1, 2015. Ms. Lim s ...
|Executive Director & CEO - Mapletree Commercial Trust Management Ltd.||5.17yrs||no data||0.00061% |
|Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.||5.33yrs||S$94.09k||no data|
|Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.||no data||S$65.18k||no data|
|Non-Executive Director - Mapletree Commercial Trust Management Ltd.||13.42yrs||no data||0.15% |
|Non-Executive Chairman of the Board - Mapletree Commercial Trust Management Ltd.||no data||S$162.00k||0.013% |
|Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.||0.83yr||S$19.92k||no data|
|Independent Non-Executive Director - Mapletree Commercial Trust Manageme||10.5yrs||no data||0.021% |
|Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.||4.83yrs||S$83.00k||no data|
|Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.||6.33yrs||S$93.00k||no data|
|Lead Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.||4.75yrs||S$98.00k||0.0012% |
|Non-Executive Director - Mapletree Commercial Trust Management Ltd.||0.83yr||no data||0.034% |
|Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.||no data||S$63.00k||no data|
Experienced Board: N2IU's board of directors are considered experienced (5.2 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.4%.
Mapletree Commercial Trust's company bio, employee growth, exchange listings and data sources
- Name: Mapletree Commercial Trust
- Ticker: N2IU
- Exchange: SGX
- Founded: 2005
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: S$6.131b
- Shares outstanding: 3.31b
- Website: https://www.mapletreecommercialtrust.com
- Mapletree Commercial Trust
- 10 Pasir Panjang Road
- No. 13-01 Mapletree Business City
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|N2IU||SGX (Singapore Exchange)||Yes||Units||SG||SGD||Apr 2011|
|MPCM.F||OTCPK (Pink Sheets LLC)||Yes||Units||US||USD||Apr 2011|
Mapletree 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 ...
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/10/27 12:33|
|End of Day Share Price||2020/10/27 00:00|
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 here.