Mapletree Pan Asia Commercial Trust Valuation
Is N2IU undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
3/6Valuation Score 3/6
Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast
Share Price vs Fair Value
What is the Fair Price of N2IU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: N2IU (SGD1.23) is trading above our estimate of fair value (SGD1.17)
Significantly Below Fair Value: N2IU is trading above our estimate of fair value.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for N2IU?
Key metric: As N2IU is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.
| What is N2IU's PE Ratio? | |
|---|---|
| PE Ratio | 14.1x |
| Earnings | S$458.09m |
| Market Cap | S$6.47b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 12.9x |
| Enterprise Value/EBITDA | 18.4x |
| PEG Ratio | 5.3x |
Price to Earnings Ratio vs Peers
How does N2IU's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 17.4x | ||
J69U Frasers Centrepoint Trust | 19.6x | 4.5% | S$3.9b |
C38U CapitaLand Integrated Commercial Trust | 16.9x | 2.5% | S$14.2b |
SK6U Paragon REIT | 9.7x | -20.9% | S$2.5b |
JYEU Lendlease Global Commercial REIT | 23.3x | 9.4% | S$1.4b |
N2IU Mapletree Pan Asia Commercial Trust | 14.1x | 2.7% | S$6.5b |
Price-To-Earnings vs Peers: N2IU is good value based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (17.4x).
Price to Earnings Ratio vs Industry
How does N2IU's PE Ratio compare vs other companies in the Asian Retail REITs Industry?
| 1 Company | Price / Earnings | Estimated Growth | Market Cap |
|---|---|---|---|
| 1 Company | Estimated Growth | Market Cap | |
|---|---|---|---|
Price-To-Earnings vs Industry: N2IU is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the Asian Retail REITs industry average (14.1x).
Price to Earnings Ratio vs Fair Ratio
What is N2IU's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 14.1x |
| Fair PE Ratio | 19.4x |
Price-To-Earnings vs Fair Ratio: N2IU is good value based on its Price-To-Earnings Ratio (14.1x) compared to the estimated Fair Price-To-Earnings Ratio (19.4x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | S$1.23 | S$1.53 +24.4% | 9.5% | S$1.80 | S$1.29 | n/a | 14 |
| Nov ’25 | S$1.29 | S$1.52 +18.2% | 9.9% | S$1.80 | S$1.29 | n/a | 13 |
| Oct ’25 | S$1.52 | S$1.56 +2.8% | 9.1% | S$1.76 | S$1.30 | n/a | 13 |
| Sep ’25 | S$1.37 | S$1.50 +9.2% | 9.3% | S$1.75 | S$1.30 | n/a | 12 |
| Aug ’25 | S$1.30 | S$1.50 +15.4% | 9.3% | S$1.75 | S$1.30 | n/a | 12 |
| Jul ’25 | S$1.24 | S$1.52 +22.8% | 11.8% | S$1.90 | S$1.30 | n/a | 12 |
| Jun ’25 | S$1.22 | S$1.54 +26.3% | 12.0% | S$1.89 | S$1.30 | n/a | 12 |
| May ’25 | S$1.26 | S$1.56 +23.7% | 11.4% | S$1.89 | S$1.30 | n/a | 12 |
| Apr ’25 | S$1.31 | S$1.63 +24.1% | 10.3% | S$2.00 | S$1.35 | n/a | 13 |
| Mar ’25 | S$1.32 | S$1.63 +23.2% | 10.3% | S$2.00 | S$1.35 | n/a | 13 |
| Feb ’25 | S$1.43 | S$1.63 +14.1% | 10.0% | S$2.00 | S$1.35 | n/a | 14 |
| Jan ’25 | S$1.57 | S$1.59 +1.4% | 11.0% | S$2.00 | S$1.25 | n/a | 14 |
| Dec ’24 | S$1.38 | S$1.58 +14.3% | 11.8% | S$2.00 | S$1.25 | n/a | 14 |
| Nov ’24 | S$1.32 | S$1.60 +21.5% | 12.2% | S$2.00 | S$1.25 | S$1.29 | 14 |
| Oct ’24 | S$1.43 | S$1.76 +23.2% | 6.3% | S$2.00 | S$1.55 | S$1.52 | 14 |
| Sep ’24 | S$1.52 | S$1.82 +19.8% | 6.8% | S$2.05 | S$1.60 | S$1.37 | 15 |
| Aug ’24 | S$1.66 | S$1.86 +12.0% | 6.0% | S$2.05 | S$1.70 | S$1.30 | 15 |
| Jul ’24 | S$1.62 | S$1.90 +17.4% | 5.1% | S$2.05 | S$1.70 | S$1.24 | 15 |
| Jun ’24 | S$1.65 | S$1.90 +15.3% | 5.1% | S$2.05 | S$1.70 | S$1.22 | 15 |
| May ’24 | S$1.76 | S$1.88 +6.6% | 6.8% | S$2.05 | S$1.57 | S$1.26 | 15 |
| Apr ’24 | S$1.80 | S$1.87 +3.8% | 7.9% | S$2.08 | S$1.57 | S$1.31 | 15 |
| Mar ’24 | S$1.72 | S$1.85 +7.3% | 9.1% | S$2.08 | S$1.50 | S$1.32 | 16 |
| Feb ’24 | S$1.80 | S$1.86 +3.4% | 10.2% | S$2.25 | S$1.50 | S$1.43 | 16 |
| Jan ’24 | S$1.67 | S$1.86 +11.3% | 9.8% | S$2.25 | S$1.50 | S$1.57 | 16 |
| Dec ’23 | S$1.70 | S$1.85 +8.8% | 8.3% | S$2.05 | S$1.50 | S$1.38 | 14 |
| Nov ’23 | S$1.62 | S$1.90 +17.0% | 9.7% | S$2.30 | S$1.50 | S$1.32 | 13 |
Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.
Discover undervalued companies
Cromwell European Real Estate Investment Trust
€911.1m
Cromwell European Real Estate Investment Trust (“Cromwell European REIT” or “CEREIT”) has a principal mandate to invest, directly or indirectly, in income-producing commercial real estate assets across Europe with a minimum portfolio weighting of at least 75% to Western Europe and at least 75% to the light industrial / logistics and office sectors.
CWBU
€1.63
7D
1.9%
1Y
23.5%
Paragon REIT
S$2.5b
PARAGON REIT is a Singapore-based real estate investment trust established principally to invest in a portfolio of income-producing real estate primarily for retail purposes in AsiaPacific, as well as real estate-related assets.
SK6U
S$0.87
7D
0.6%
1Y
3.6%
Acrophyte Hospitality Trust
US$107.9m
Listed on the Singapore Exchange on 9 May 2019, ARA US Hospitality Trust is a hospitality stapled group comprising ARA US Hospitality Property Trust (“ARA H-REIT”) and ARA US Hospitality Management Trust (“ARA H-BT”).
XZL
US$0.18
7D
-1.6%
1Y
-35.1%