SGX:N2IU

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Mapletree Commercial Trust

Executive Summary

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.


Snowflake Analysis

Second-rate dividend payer and slightly overvalued.


Similar Companies

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.


Market Performance


7 Day Return

-1.0%

N2IU

-0.1%

SG REITs

0.8%

SG Market


1 Year Return

-3.9%

N2IU

-10.7%

SG REITs

-21.6%

SG Market

Return vs Industry: N2IU exceeded the SG REITs industry which returned -10.7% over the past year.

Return vs Market: N2IU exceeded the SG Market which returned -21.6% over the past year.


Shareholder returns

N2IUIndustryMarket
7 Day-1.0%-0.1%0.8%
30 Day-9.7%-3.5%-4.0%
90 Day16.7%16.6%4.5%
1 Year-0.4%-3.9%-6.1%-10.7%-17.3%-21.6%
3 Year43.1%23.7%23.2%3.2%-11.7%-22.3%
5 Year75.4%33.3%43.0%4.7%-6.7%-23.7%

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

Valuation

Is Mapletree Commercial Trust undervalued compared to its fair value and its price relative to the market?

11.05x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: N2IU (SGD1.96) is trading above our estimate of fair value (SGD1.82)

Significantly Below Fair Value: N2IU is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: N2IU is good value based on its PE Ratio (11.1x) compared to the SG REITs industry average (12.6x).

PE vs Market: N2IU is good value based on its PE Ratio (11.1x) compared to the SG market (12.4x).


Price to Earnings Growth Ratio

PEG Ratio: N2IU's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


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).


Next Steps

Future Growth

How is Mapletree Commercial Trust forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

-17.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: N2IU's earnings are forecast to decline over the next 3 years (-17% per year).

Earnings vs Market: N2IU's earnings are forecast to decline over the next 3 years (-17% per year).

High Growth Earnings: N2IU's earnings are forecast to decline over the next 3 years.

Revenue vs Market: N2IU's revenue (4.5% per year) is forecast to grow faster than the SG market (4.2% per year).

High Growth Revenue: N2IU's revenue (4.5% 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 (5.1%).


Next Steps

Past Performance

How has Mapletree Commercial Trust performed over the past 5 years?

21.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: N2IU has a large one-off gain of SGD279.6M impacting its March 31 2020 financial results.

Growing Profit Margin: N2IU's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: N2IU's earnings have grown significantly by 21.7% 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 (-6.7%) over the past year, making it difficult to compare to the REITs industry average (1.1%).


Return on Equity

High ROE: N2IU's Return on Equity (9.4%) is considered low.


Next Steps

Financial Health

How is Mapletree Commercial Trust's financial position?


Financial Position Analysis

Short Term Liabilities: N2IU's short term assets (SGD73.3M) do not cover its short term liabilities (SGD264.8M).

Long Term Liabilities: N2IU's short term assets (SGD73.3M) do not cover its long term liabilities (SGD3.0B).


Debt to Equity History and Analysis

Debt Level: N2IU's debt to equity ratio (52.4%) is considered high.

Reducing Debt: N2IU's debt to equity ratio has reduced from 59.1% to 52.4% over the past 5 years.

Debt Coverage: N2IU's debt is not well covered by operating cash flow (12.2%).

Interest Coverage: N2IU's interest payments on its debt are well covered by EBIT (4.4x coverage).


Balance Sheet


Next Steps

Dividend

What is Mapletree Commercial Trust current dividend yield, its reliability and sustainability?

4.08%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: N2IU's dividend (4.08%) is higher than the bottom 25% of dividend payers in the SG market (2.67%).

High Dividend: N2IU's dividend (4.08%) is low compared to the top 25% of dividend payers in the SG market (5.95%).


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: At its current payout ratio (75.5%), N2IU's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: N2IU's dividends in 3 years are forecast to be thoroughly covered by earnings (0.03% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.1yrs

Average board tenure


CEO

Sharon Lim (47yo)

4.92yrs

Tenure

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 ...


Board Members

NamePositionTenureCompensationOwnership
Hwee Li Lim
Executive Director & CEO - Mapletree Commercial Trust Management Ltd.4.92yrsno data0.00061% SGD39.6k
Premod Paul Thomas
Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.5.08yrsS$94.09kno data
Long Wu
Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.no dataS$65.18kno data
Yoon Khong Hiew
Non-Executive Director - Mapletree Commercial Trust Management Ltd.13.17yrsno data0.15% SGD9.5m
Yam Pui Tsang
Non-Executive Chairman of the Board - Mapletree Commercial Trust Management Ltd.no dataS$162.00k0.013% SGD835.0k
Lee Hoon Ng
Independent Non-Executive Director - Mapletree Commercial Trust Manageme10.25yrsno data0.021% SGD1.3m
Shik Lum Kan
Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.4.58yrsS$83.00kno data
Cheng Chua Koh
Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.6.08yrsS$93.00kno data
Kim Li Kwa
Lead Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.4.5yrsS$98.00k0.0012% SGD77.9k
Tuan Hearn Tay
Independent Non-Executive Director - Mapletree Commercial Trust Management Ltd.no dataS$63.00kno data

5.1yrs

Average Tenure

62.5yo

Average Age

Experienced Board: N2IU's board of directors are considered experienced (5.1 years average tenure).


Ownership

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

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.4%.


Top Shareholders

Company Information

Mapletree Commercial Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Mapletree Commercial Trust
  • Ticker: N2IU
  • Exchange: SGX
  • Founded: 2005
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$6.493b
  • Shares outstanding: 3.31b
  • Website: https://www.mapletreecommercialtrust.com

Location

  • Mapletree Commercial Trust
  • 10 Pasir Panjang Road
  • No. 13-01 Mapletree Business City
  • Singapore
  • 117438
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
N2IUSGX (Singapore Exchange)YesUnitsSGSGDApr 2011
MPCM.FOTCPK (Pink Sheets LLC)YesUnitsUSUSDApr 2011

Biography

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. MCT’s portfolio comprises VivoCity, Mapletree Business City, 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$8.9 billion. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/10 12:42
End of Day Share Price2020/07/09 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.