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Mapletree Commercial Trust

SGX:N2IU
Snowflake Description

Acceptable track record second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
N2IU
SGX
SGD6B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Mapletree Commercial Trust (“MCT”) 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. The last earnings update was 64 days ago. More info.


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N2IU Share Price and Events
7 Day Returns
3%
SGX:N2IU
0.4%
SG REITs
0.6%
SG Market
1 Year Returns
32.5%
SGX:N2IU
13.9%
SG REITs
0.9%
SG Market
N2IU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mapletree Commercial Trust (N2IU) 3% 7.8% 8.9% 32.5% 40.1% 52.9%
SG REITs 0.4% 4.6% 4.7% 13.9% 20.5% 16.1%
SG Market 0.6% 3.8% 2% 0.9% 12% -4.8%
1 Year Return vs Industry and Market
  • N2IU outperformed the REITs industry which returned 13.9% over the past year.
  • N2IU outperformed the Market in Singapore which returned 0.9% over the past year.
Price Volatility
N2IU
Industry
5yr Volatility vs Market

Value

 Is Mapletree Commercial Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Mapletree Commercial Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Mapletree Commercial Trust.

SGX:N2IU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:N2IU
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.492 (1 + (1- 17%) (39.44%))
0.767
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.8 * 5.96%)
7.07%

Discounted Cash Flow Calculation for SGX:N2IU using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Mapletree Commercial Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Mapletree Commercial Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

SGX:N2IU DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.07%)
2019 230.00 Analyst x1 214.81
2020 249.00 Analyst x1 217.20
2021 260.00 Analyst x1 211.82
2022 272.87 Est @ 4.95% 207.62
2023 284.21 Est @ 4.16% 201.97
2024 294.45 Est @ 3.6% 195.42
2025 303.90 Est @ 3.21% 188.38
2026 312.83 Est @ 2.94% 181.11
2027 321.43 Est @ 2.75% 173.80
2028 329.83 Est @ 2.61% 166.56
Present value of next 10 years cash flows SGD1,958.69
SGX:N2IU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD329.83 × (1 + 2.3%) ÷ (7.07% – 2.3%)
SGD7,076.99
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD7,076.99 ÷ (1 + 7.07%)10
SGD3,573.80
SGX:N2IU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD1,958.69 + SGD3,573.80
SGD5,532.48
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD5,532.48 / 2,894.55
SGD1.91
SGX:N2IU Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD1.91
Current discount Discount to share price of SGD2.08
= -1 x (SGD2.08 - SGD1.91) / SGD1.91
-8.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Mapletree Commercial Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Mapletree Commercial Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mapletree Commercial Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:N2IU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.20
SGX:N2IU Share Price ** SGX (2019-06-26) in SGD SGD2.08
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 14.49x
Singapore Market PE Ratio Median Figure of 324 Publicly-Listed Companies 12.52x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Mapletree Commercial Trust.

SGX:N2IU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:N2IU Share Price ÷ EPS (both in SGD)

= 2.08 ÷ 0.20

10.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mapletree Commercial Trust is good value based on earnings compared to the SG REITs industry average.
  • Mapletree Commercial Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Mapletree Commercial Trust's expected growth come at a high price?
Raw Data
SGX:N2IU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.31x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
-16.6%per year
Singapore REITs Industry PEG Ratio Median Figure of 36 Publicly-Listed REITs Companies 1.65x
Singapore Market PEG Ratio Median Figure of 118 Publicly-Listed Companies 1.62x

*Line of best fit is calculated by linear regression .

SGX:N2IU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.31x ÷ -16.6%

-0.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mapletree Commercial Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Mapletree Commercial Trust's assets?
Raw Data
SGX:N2IU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD1.60
SGX:N2IU Share Price * SGX (2019-06-26) in SGD SGD2.08
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.98x
Singapore Market PB Ratio Median Figure of 431 Publicly-Listed Companies 0.71x
SGX:N2IU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:N2IU Share Price ÷ Book Value per Share (both in SGD)

= 2.08 ÷ 1.60

1.3x

* Primary Listing of Mapletree Commercial Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Mapletree Commercial Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess Mapletree Commercial Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Mapletree Commercial Trust has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Mapletree Commercial Trust expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-16.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mapletree Commercial Trust expected to grow at an attractive rate?
  • Mapletree Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Mapletree Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Mapletree Commercial Trust's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:N2IU Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:N2IU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts -16.6%
SGX:N2IU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 2.3%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.7%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.5%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:N2IU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:N2IU Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 477 364 263 7
2021-03-31 465 350 267 12
2020-03-31 456 346 251 12
SGX:N2IU Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 444 337 582
2018-12-31 440 328 568
2018-09-30 437 331 567
2018-06-30 434 331 568
2018-03-31 434 332 568
2017-12-31 432 317 377
2017-09-30 431 327 378
2017-06-30 412 305 365
2017-03-31 378 288 346
2016-12-31 343 273 329
2016-09-30 308 234 309
2016-06-30 291 224 301

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mapletree Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Mapletree Commercial Trust's revenue is expected to grow by 2.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:N2IU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Mapletree Commercial Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:N2IU Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31 0.09 0.09 0.09 5.00
2021-03-31 0.10 0.13 0.09 9.00
2020-03-31 0.10 0.16 0.09 9.00
SGX:N2IU Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.20
2018-12-31 0.20
2018-09-30 0.20
2018-06-30 0.20
2018-03-31 0.20
2017-12-31 0.13
2017-09-30 0.13
2017-06-30 0.13
2017-03-31 0.13
2016-12-31 0.14
2016-09-30 0.14
2016-06-30 0.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Mapletree Commercial Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Mapletree Commercial Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Mapletree Commercial Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Mapletree Commercial Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Mapletree Commercial Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Mapletree Commercial Trust's 1-year earnings growth is less than its 5-year average (2.6% vs 13.2%)
  • Mapletree Commercial Trust's earnings growth has exceeded the SG REITs industry average in the past year (2.6% vs 2%).
Earnings and Revenue History
Mapletree Commercial Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Mapletree Commercial Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:N2IU Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 443.89 582.30 1.93
2018-12-31 439.87 568.34 2.01
2018-09-30 437.00 567.43 1.98
2018-06-30 434.29 568.24 1.96
2018-03-31 433.53 567.57 1.95
2017-12-31 432.17 377.34 1.98
2017-09-30 431.26 377.94 1.98
2017-06-30 412.14 365.24 2.22
2017-03-31 377.75 345.84 2.15
2016-12-31 343.21 329.00 2.12
2016-09-30 308.22 308.58 2.13
2016-06-30 291.41 300.96 1.94
2016-03-31 287.76 298.71 2.04
2015-12-31 285.75 315.41 1.85
2015-09-30 284.85 315.12 1.89
2015-06-30 283.54 312.54 1.92
2015-03-31 282.48 312.05 1.93
2014-12-31 280.06 356.31 2.04
2014-09-30 275.59 351.40 1.99
2014-06-30 271.45 347.37 1.82
2014-03-31 267.18 343.28 1.76
2013-12-31 259.32 140.45 1.70
2013-09-30 246.81 326.51 1.65
2013-06-30 232.78 318.35 1.99
2013-03-31 219.48 310.83 1.85
2012-12-31 218.33 521.15 1.76
2012-09-30 212.16 386.74 1.78
2012-06-30 205.41 382.17 1.54

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Mapletree Commercial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mapletree Commercial Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Mapletree Commercial Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mapletree Commercial Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Mapletree Commercial Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Mapletree Commercial Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Mapletree Commercial Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mapletree Commercial Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Mapletree Commercial Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Mapletree Commercial Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Mapletree Commercial Trust Company Filings, last reported 2 months ago.

SGX:N2IU Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,615.98 2,351.76 49.21
2018-12-31 4,282.62 2,352.60 49.48
2018-09-30 4,288.57 2,348.31 46.57
2018-06-30 4,290.25 2,348.41 51.10
2018-03-31 4,283.37 2,331.07 45.09
2017-12-31 3,956.44 2,328.93 52.30
2017-09-30 3,956.18 2,331.92 45.42
2017-06-30 3,954.14 2,336.30 47.27
2017-03-31 3,957.45 2,335.05 53.91
2016-12-31 3,833.48 2,331.79 76.12
2016-09-30 3,793.98 2,358.31 47.85
2016-06-30 2,761.16 1,568.31 72.90
2016-03-31 2,763.98 1,552.57 63.62
2015-12-31 2,623.43 1,548.50 61.11
2015-09-30 2,619.71 1,548.60 51.84
2015-06-30 2,615.05 1,548.48 51.17
2015-03-31 2,617.03 1,547.93 54.87
2014-12-31 2,452.05 1,547.85 44.51
2014-09-30 2,442.37 1,548.63 38.91
2014-06-30 2,434.60 1,569.58 58.81
2014-03-31 2,425.65 1,591.16 70.42
2013-12-31 2,216.00 1,591.55 63.94
2013-09-30 2,212.73 1,591.82 62.00
2013-06-30 2,212.16 1,590.71 58.04
2013-03-31 2,194.84 1,595.62 47.15
2012-12-31 1,974.34 1,136.48 49.99
2012-09-30 1,779.85 1,135.86 45.66
2012-06-30 1,778.75 1,137.91 48.28
  • Mapletree Commercial Trust's level of debt (50.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (65.6% vs 50.9% today).
  • Debt is not well covered by operating cash flow (14.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.5x coverage).
X
Financial health checks
We assess Mapletree Commercial Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Mapletree Commercial Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.39%
Current annual income from Mapletree Commercial Trust dividends. Estimated to be 4.56% next year.
If you bought SGD2,000 of Mapletree Commercial Trust shares you are expected to receive SGD88 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Mapletree Commercial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.63%).
  • Mapletree Commercial Trust's dividend is below the markets top 25% of dividend payers in Singapore (5.6%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:N2IU Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.4%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 277 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:N2IU Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 0.10 9.00
2021-03-31 0.09 14.00
2020-03-31 0.09 14.00
SGX:N2IU Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-23 0.091 4.662
2018-04-24 0.090 5.431
2017-06-28 0.086 5.466
2017-04-25 0.086 5.549
2016-06-29 0.081 5.407
2016-04-26 0.081 5.624
2015-06-25 0.080 5.919
2015-04-22 0.080 5.268
2014-04-23 0.078 5.463
2013-06-28 0.065 5.437
2013-04-22 0.065 4.827
2012-10-25 0.062 4.858
2012-07-25 0.062 5.402
2012-04-26 0.062 6.510
2012-01-31 0.057 6.515
2011-10-27 0.053 6.227
2011-07-27 0.038 4.533

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Mapletree Commercial Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Mapletree Commercial Trust only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Mapletree Commercial Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (2777.8x coverage).
X
Income/ dividend checks
We assess Mapletree Commercial Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Mapletree Commercial Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mapletree Commercial Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Mapletree Commercial Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Sharon Lim
COMPENSATION SGD0
AGE 45
TENURE AS CEO 3.8 years
CEO Bio

Ms. Hwee Li Lim, also known as Sharon, has been the Chief Executive Officer and Executive Director at Mapletree Commercial Trust Management Ltd since August 1, 2015. Ms. Lim served as the Chief Operating Officer of Mapletree Commercial Trust Management Ltd from January 12, 2015 to August 1, 2015. She served as Chief Executive Officer at CapitaLand Malaysia Mall REIT Management Sdn. Bhd. (also known as CapitaMalls Malaysia Mall REIT Management Sdn. Bhd.) from April 15, 2010 to November 1, 2014. Ms. Lim served as the Country Head of Malaysia at CapitaMalls Asia Limited since 2008. Ms. Lim was instrumental in establishing the firm's retail platform in Malaysia. Before that, she served as a Vice President at CapitaMall Trust Management Limited. In this role, Ms. Lim was responsible for actively seeking out new investment opportunities in Singapore. She also focused on identifying and evaluating new retail investment opportunities, which involved performing financial analyses and structuring deals. Ms. Lim worked closely with the centre management teams at CapitaMall Trust Management to evaluate, plan and steer the assets under management to optimize investment returns. She has extensive real estate experience including property investment and development, sales and marketing and asset management activities in Australia, the Philippines, Thailand, Vietnam and Singapore. Ms. Li has also covered the retail, industrial, mixed developments and residential sectors during her career. She serves as a Member of the Board of Directors at Mapletree Commercial Trust Treasury Company Pte. Ltd. and CapitaRetail Gurney Sdn Bhd. She served as Non-Independent Executive Director of CapitaMalls Malaysia Mall REIT Management Sdn. Bhd. from April 15, 2010 to November 1, 2014. Ms. Lim holds a Master of Business Administration degree from Murdoch University. She received a Bachelor of Business degree with distinction from RMIT University.

CEO Compensation
  • Insufficient data for Sharon to compare compensation growth.
  • Sharon's remuneration is lower than average for companies of similar size in Singapore.
Management Team

Sharon Lim

TITLE
CEO & Executive Director
AGE
45
TENURE
3.8 yrs

Janica Tan

TITLE
Chief Financial Officer of Mapletree Commercial Trust Management Ltd
AGE
48
TENURE
2.8 yrs

Wee Leong Koh

TITLE
Head of Investments & Asset Management - Mapletree Commercial Trust Management Limited

Teng Li Yeng

TITLE
Vice President

Pui Chay

TITLE
Vice President of Marketing

Joanna Lee

TITLE
Head of Retail Management - Mapletree Commercial Property Management Pte. Ltd

Kwong Weng Wan

TITLE
Joint Company Secretary of Mapletree Commercial Trust Management Ltd

Hui Hui See

TITLE
Joint Company Secretary of Mapletree Commercial Trust Management Ltd
Board of Directors Tenure

Average tenure and age of the Mapletree Commercial Trust board of directors in years:

5
Average Tenure
60
Average Age
  • The tenure for the Mapletree Commercial Trust board of directors is about average.
Board of Directors

Yam Pui Tsang

TITLE
Chairman of the Board
COMPENSATION
SGD140K
AGE
72

Sharon Lim

TITLE
CEO & Executive Director
AGE
45
TENURE
3.8 yrs

Jennifer Loh

TITLE
Independent Non-Executive Director
COMPENSATION
SGD95K
AGE
65
TENURE
8.3 yrs

Kim Li Kwa

TITLE
Lead Independent Director
COMPENSATION
SGD85K
AGE
61
TENURE
3.4 yrs

Yoon Khong Hiew

TITLE
Non-Executive Director
AGE
57
TENURE
12.1 yrs

Mun Hoong Wong

TITLE
Non-Executive Director
AGE
52
TENURE
8.3 yrs

Amy Ng

TITLE
Non-Executive Director of Mapletree Commercial Trust Management Ltd
TENURE
8.4 yrs

Cheng Koh

TITLE
Independent Non-Executive Director
COMPENSATION
SGD83K
AGE
56
TENURE
5 yrs

Premod Paul Thomas

TITLE
Independent Non-Executive Director
COMPENSATION
SGD83K
AGE
60
TENURE
4 yrs

Shik Kan

TITLE
Independent Non-Executive Director
COMPENSATION
SGD73K
AGE
63
TENURE
3.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
08. May 19 Sell Temasek Holdings (Private) Limited Company 02. May 19 02. May 19 -1,200,000 SGD1.96 SGD-2,355,959
12. Apr 19 Buy Temasek Holdings (Private) Limited Company 05. Apr 19 05. Apr 19 300,000 SGD1.87 SGD560,010
05. Apr 19 Sell Schroder Investment Management Limited Company 03. Apr 19 03. Apr 19 -92,000 SGD1.89 SGD-173,880
07. Nov 18 Buy Schroder Investment Management Limited Company 02. Nov 18 02. Nov 18 136,400 SGD1.61 SGD219,604
30. Oct 18 Buy Kim Li Kwa Individual 29. Oct 18 29. Oct 18 16,000 SGD1.64 SGD26,240
10. Oct 18 Sell Schroder Investment Management Limited Company 08. Oct 18 08. Oct 18 -108,400 SGD1.59 SGD-172,356
X
Management checks
We assess Mapletree Commercial Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Mapletree Commercial Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

If You Had Bought Mapletree Commercial Trust (SGX:N2IU) Stock Five Years Ago, You Could Pocket A 53% Gain Today

To wit, the Mapletree Commercial Trust share price has climbed 53% in five years, easily topping the market return of -7.2% (ignoring dividends). … Over half a decade, Mapletree Commercial Trust managed to grow its earnings per share at 4.0% a year. … As it happens, Mapletree Commercial Trust's TSR for the last 5 years was 105%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Should You Buy Mapletree Commercial Trust (SGX:N2IU) For Its Dividend?

Is Mapletree Commercial Trust (SGX:N2IU) a good dividend stock? … In this case, Mapletree Commercial Trust likely looks attractive to dividend investors, given its 4.6% dividend yield and eight-year payment history. … Explore this interactive chart for our latest analysis on Mapletree Commercial Trust!

Simply Wall St -

Is Mapletree Commercial Trust's (SGX:N2IU) 13% ROE Better Than Average?

Our data shows Mapletree Commercial Trust has a return on equity of 13% for the last year. … One way to conceptualize this, is that for each SGD1 of shareholders' equity it has, the company made SGD0.13 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Could Mapletree Commercial Trust's (SGX:N2IU) Investor Composition Influence The Stock Price?

Every investor in Mapletree Commercial Trust (SGX:N2IU) should be aware of the most powerful shareholder groups. … Mapletree Commercial Trust is a pretty big company. … View our latest analysis for Mapletree Commercial Trust

Simply Wall St -

Did You Miss Mapletree Commercial Trust's 49% Share Price Gain?

To wit, the Mapletree Commercial Trust share price has climbed 49% in five years, easily topping the market return of 19%. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Mapletree Commercial Trust achieved compound earnings per share (EPS) growth of 3.8% per year.

Simply Wall St -

Read This Before Selling Mapletree Commercial Trust (SGX:N2IU) Shares

So we'll take a look at whether insiders have been buying or selling shares in Mapletree Commercial Trust (SGX:N2IU). … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'? … The Last 12 Months Of Insider Transactions At Mapletree Commercial Trust.

Simply Wall St -

Mapletree Commercial Trust (SGX:N2IU) Delivered A Better ROE Than Its Industry

Over the last twelve months Mapletree Commercial Trust has recorded a ROE of 13%. … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.13 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Kind Of Shareholder Appears On The Mapletree Commercial Trust's (SGX:N2IU) Shareholder Register?

The big shareholder groups in Mapletree Commercial Trust (SGX:N2IU) have power over the company. … With a market capitalization of S$4.6b, Mapletree Commercial Trust is rather large. … Check out our latest analysis for Mapletree Commercial Trust

Simply Wall St -

Should You Invest In Mapletree Commercial Trust (SGX:N2IU)?

Mapletree Commercial Trust is a S$4.6b. … real estate investment trust (REIT) based in Singapore, Singapore. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St -

Who Are The Major Shareholders In Mapletree Commercial Trust (SGX:N2IU)?

Today, I will be analyzing Mapletree Commercial Trust’s (SGX:N2IU) recent ownership structure, an important but not-so-popular subject among individual investors. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … Therefore, it is beneficial for us to examine N2IU's ownership structure in more detail.

Simply Wall St -

Company Info

Description

Mapletree Commercial Trust (“MCT”) 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 I, PSA Building, Mapletree Anson and MLHF. These five assets have a total NLA of 3.9 million square feet with a total value of S$7,039 million.

Details
Name: Mapletree Commercial Trust
N2IU
Exchange: SGX
Founded: 2005
SGD5,962,766,356
2,894,546,775
Website: http://www.mapletreecommercialtrust.com
Address: Mapletree Commercial Trust
10 Pasir Panjang Road,
No. 13-01 Mapletree Business City,
Singapore,
117438,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX N2IU Units Singapore Exchange SG SGD 27. Apr 2011
Number of employees
Current staff
Staff numbers
0
Mapletree Commercial Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 12:59
End of day share price update: 2019/06/26 00:00
Last estimates confirmation: 2019/06/24
Last earnings filing: 2019/04/23
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.