SGX:RW0U

Stock Analysis Report

Mapletree North Asia Commercial Trust

Executive Summary

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") is the first real estate investment trust (“REIT”) that offers investors the opportunity to invest in best-in-class commercial properties situated in prime locations in China, in Hong Kong SAR and in Japan.

Snowflake

Fundamentals

Good value with acceptable track record.

Share Price & News

How has Mapletree North Asia Commercial Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-2.4%

RW0U

-0.2%

SG REITs

-0.002%

SG Market


1 Year Return

10.7%

RW0U

18.0%

SG REITs

0.7%

SG Market

Return vs Industry: RW0U underperformed the SG REITs industry which returned 18% over the past year.

Return vs Market: RW0U exceeded the SG Market which returned 0.7% over the past year.


Shareholder returns

RW0UIndustryMarket
7 Day-2.4%-0.2%-0.002%
30 Day-5.3%0.6%-1.4%
90 Day-13.9%0.7%-7.3%
1 Year17.7%10.7%25.2%18.0%4.7%0.7%
3 Year43.0%15.9%44.3%19.1%15.1%2.8%
5 Year85.1%30.5%60.5%15.7%10.1%-8.2%

Price Volatility Vs. Market

How volatile is Mapletree North Asia Commercial Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

26.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: RW0U (SGD1.24) is trading below our estimate of fair value (SGD1.68)

Significantly Undervalued: RW0U is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: RW0U is good value based on its PE Ratio (6.2x) compared to the REITs industry average (15.7x).

PE vs Market: RW0U is good value based on its PE Ratio (6.2x) compared to the SG market (13.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: RW0U's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: RW0U is good value based on its PB Ratio (0.9x) compared to the SG REITs industry average (1x).


Next Steps

Future Growth

How is Mapletree North Asia Commercial Trust forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

-19.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: RW0U's earnings are forecast to decline over the next 3 years (-19.4% per year).

Earnings vs Market: RW0U's earnings are forecast to decline over the next 3 years (-19.4% per year).

High Growth Earnings: RW0U's earnings are forecast to decline over the next 3 years.

Revenue vs Market: RW0U's revenue (2.3% per year) is forecast to grow slower than the SG market (5.4% per year).

High Growth Revenue: RW0U's revenue (2.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: RW0U's Return on Equity is forecast to be low in 3 years time (4.4%).


Next Steps

Past Performance

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

13.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: RW0U's earnings have grown by 13.2% per year over the past 5 years.

Accelerating Growth: RW0U's earnings growth over the past year (10%) is below its 5-year average (13.2% per year).

Earnings vs Industry: RW0U earnings growth over the past year (10%) exceeded the REITs industry 0.3%.


Return on Equity

High ROE: RW0U's Return on Equity (13.9%) is considered low.


Return on Assets

ROA vs Industry: RW0U has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: RW0U's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Mapletree North Asia Commercial Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: RW0U has a high level of physical assets or inventory.

Debt Coverage by Assets: RW0U's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: RW0U's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if RW0U has a sufficient allowance for bad loans.

Low Risk Liabilities: RW0U reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if RW0U has an acceptable proportion of non-loan assets held.

Low Risk Deposits: RW0U has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if RW0U has an appropriate level of bad loans.


Next Steps

Dividend

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

6.31%

Current Dividend Yield


Dividend Yield vs Market

company6.3%marketbottom25%2.6%markettop25%5.7%industryaverage5.3%forecastin3Years6.5%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: RW0U's dividend (6.31%) is higher than the bottom 25% of dividend payers in the SG market (2.55%).

High Dividend: RW0U's dividend (6.31%) is in the top 25% of dividend payers in the SG market (5.71%)

Stable Dividend: Whilst dividend payments have been stable, RW0U has been paying a dividend for less than 10 years.

Growing Dividend: RW0U's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (63.5%), RW0U's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: RW0U's dividends in 3 years are not forecast to be well covered by earnings (122.4% payout ratio).


Next Steps

Management

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

6.7yrs

Average board tenure


CEO

Cindy Chow (49yo)

0yrs

Tenure

0

Ms. Pei Pei Chow, also known as Cindy, serves as the Chief Executive Officer at Mapletree North Asia Commercial Trust Management Ltd. (formerly Mapletree Greater China Commercial Trust Management Ltd.), th ...


Board Age and Tenure

6.7yrs

Average Tenure

60yo

Average Age

Experienced Board: RW0U's board of directors are considered experienced (6.7 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyS$3,280,00024 Sep 19
Temasek Holdings (Private) Limited
EntityCompany
Shares2,500,000
Max PriceS$1.31
BuyS$767,77519 Jul 19
Temasek Holdings (Private) Limited
EntityCompany
Shares529,500
Max PriceS$1.45
BuyS$29,71808 Jul 19
Temasek Holdings (Private) Limited
EntityCompany
Shares26,000
Max PriceS$1.14
SellS$29,71808 Jul 19
Temasek Holdings (Private) Limited
EntityCompany
Shares26,000
Max PriceS$1.14
SellS$2,117,23001 Jul 19
Temasek Holdings (Private) Limited
EntityCompany
Shares1,470,300
Max PriceS$1.44

Ownership Breakdown


Management Team

  • Cindy Chow (49yo)

    CEO & Executive Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 0yrs
  • Kwong Weng Wan

    Joint Company Secretary of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 0yrs
  • Hui Hui See

    Joint Company Secretary of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 0yrs
  • Elizabeth Loo

    Vice President of Investor Relations of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 0yrs
  • Chern Shiong Ng

    General Manager - Invest. & Asset Management of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 0yrs
  • Wah Ng

    Chief Financial Officer of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 3yrs
  • Simon Smith

    Senior Dir. and Head of Res. & Consul. - Asia Pac of Mapletree North Asia Commercial Trust Mgmnt Ltd

    • Tenure: 0yrs
  • Hideaki Suzuki

    Director and Head of Research & Consulting Japan of Mapletree North Asia Commercial Trust Mgmnt Ltd

    • Tenure: 0yrs

Board Members

  • Michael Kok (67yo)

    Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 6.7yrs
    • Compensation: S$88.50k
  • Yoon Khong Hiew (58yo)

    Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 6.9yrs
  • Paul Ma (72yo)

    Non-Executive Chairman of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 3.2yrs
    • Compensation: S$121.00k
  • Tiow Chye Chua (60yo)

    Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 6.9yrs
  • Vi Ming Lok (58yo)

    Lead Independent Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 3.2yrs
    • Compensation: S$112.73k
  • Kevin Khien Kwok (63yo)

    Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 6.7yrs
    • Compensation: S$101.00k
  • Carrie Tan (51yo)

    Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 2.9yrs
    • Compensation: S$78.50k
  • Cindy Chow (49yo)

    CEO & Executive Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 0yrs
  • Lawrence Wong (64yo)

    Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 1yrs
    • Compensation: S$39.27k

Company Information

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


Key Information


Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
RW0USGX (Singapore Exchange)YesUnitsSGSGDMar 2013
7MGCDB (Deutsche Boerse AG)YesUnitsDEEURMar 2013

Biography

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") is the first real estate investment trust (“REIT”) that offers invest ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/19 12:53
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2019/03/31


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.