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Mapletree North Asia Commercial Trust

SGX:RW0U
Snowflake Description

Proven track record second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RW0U
SGX
SGD4B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") (formerly known as Mapletree Greater China Commercial Trust) 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, Hong Kong SAR and Japan. The last earnings update was 86 days ago. More info.


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RW0U Share Price and Events
7 Day Returns
0.8%
SGX:RW0U
-1.1%
SG REITs
0.3%
SG Market
1 Year Returns
13.7%
SGX:RW0U
2.4%
SG REITs
-6.2%
SG Market
RW0U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mapletree North Asia Commercial Trust (RW0U) 0.8% 3.1% 11.8% 13.7% 35% 59.3%
SG REITs -1.1% 0.4% 4.8% 2.4% 13.4% 11.6%
SG Market 0.3% 3.1% 3.7% -6.2% 8.5% -3%
1 Year Return vs Industry and Market
  • RW0U outperformed the REITs industry which returned 2.4% over the past year.
  • RW0U outperformed the Market in Singapore which returned -6.2% over the past year.
Price Volatility
RW0U
Industry
5yr Volatility vs Market

Value

 Is Mapletree North Asia 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 North Asia 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 North Asia Commercial Trust.

SGX:RW0U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
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:RW0U
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 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.538 (1 + (1- 17%) (68.61%))
0.896
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.9
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.896 * 5.96%)
7.64%

Discounted Cash Flow Calculation for SGX:RW0U using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Mapletree North Asia 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.

SGX:RW0U DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 7.64%)
2019 289.98 Analyst x1 269.39
2020 266.67 Analyst x2 230.15
2021 273.44 Analyst x2 219.24
2022 268.32 Est @ -1.87% 199.86
2023 266.66 Est @ -0.62% 184.52
2024 267.34 Est @ 0.26% 171.86
2025 269.67 Est @ 0.87% 161.04
2026 273.18 Est @ 1.3% 151.56
2027 277.55 Est @ 1.6% 143.05
2028 282.58 Est @ 1.81% 135.30
Present value of next 10 years cash flows SGD1,865.96
SGX:RW0U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD282.58 × (1 + 2.3%) ÷ (7.64% – 2.3%)
SGD5,414.07
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD5,414.07 ÷ (1 + 7.64%)10
SGD2,592.28
SGX:RW0U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD1,865.96 + SGD2,592.28
SGD4,458.24
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD4,458.24 / 3,173.89
SGD1.4
SGX:RW0U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD1.40
Current discount Discount to share price of SGD1.33
= -1 x (SGD1.33 - SGD1.40) / SGD1.40
5.3%

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

Current Discount
Amount off the current price Mapletree North Asia Commercial Trust is available for.
Intrinsic value
5%
Share price is SGD1.33 vs Future cash flow value of SGD1.4
Current Discount Checks
For Mapletree North Asia Commercial Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Mapletree North Asia Commercial Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Mapletree North Asia Commercial Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 North Asia Commercial Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mapletree North Asia Commercial Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:RW0U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.19
SGX:RW0U Share Price ** SGX (2019-04-18) in SGD SGD1.33
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.18x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.23x

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

** Primary Listing of Mapletree North Asia Commercial Trust.

SGX:RW0U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:RW0U Share Price ÷ EPS (both in SGD)

= 1.33 ÷ 0.19

6.83x

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

  • Mapletree North Asia Commercial Trust is good value based on earnings compared to the SG REITs industry average.
  • Mapletree North Asia Commercial Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Mapletree North Asia Commercial Trust's expected growth come at a high price?
Raw Data
SGX:RW0U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-15.5%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

SGX:RW0U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.83x ÷ -15.5%

-0.44x

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

  • Mapletree North Asia 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 North Asia Commercial Trust's assets?
Raw Data
SGX:RW0U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD1.32
SGX:RW0U Share Price * SGX (2019-04-18) in SGD SGD1.33
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:RW0U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:RW0U Share Price ÷ Book Value per Share (both in SGD)

= 1.33 ÷ 1.32

1.01x

* Primary Listing of Mapletree North Asia Commercial Trust.

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

  • Mapletree North Asia Commercial Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess Mapletree North Asia 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 North Asia 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 North Asia Commercial Trust expected to perform in the next 1 to 3 years based on estimates from 7 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
-15.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Mapletree North Asia Commercial Trust expected to grow at an attractive rate?
  • Mapletree North Asia 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 North Asia Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Mapletree North Asia Commercial Trust's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:RW0U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:RW0U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -15.5%
SGX:RW0U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 3.8%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:RW0U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:RW0U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 436 218 190 5
2020-03-31 424 258 188 7
2019-03-31 407 170 178 6
SGX:RW0U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 394 295 591
2018-09-30 377 289 583
2018-06-30 361 247 578
2018-03-31 355 306 574
2017-12-31 360 300 380
2017-09-30 360 291 378
2017-06-30 355 276 375
2017-03-31 351 227 372
2016-12-31 344 244 393
2016-09-30 344 250 396
2016-06-30 346 267 396
2016-03-31 337 265 428

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Mapletree North Asia Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Mapletree North Asia Commercial Trust's revenue is expected to grow by 3.8% 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:RW0U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Mapletree North Asia Commercial Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:RW0U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 0.06 0.06 0.06 4.00
2020-03-31 0.06 0.06 0.05 4.00
2019-03-31 0.06 0.06 0.05 4.00
SGX:RW0U Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.19
2018-09-30 0.20
2018-06-30 0.20
2018-03-31 0.20
2017-12-31 0.14
2017-09-30 0.14
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
2016-03-31 0.16

*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 North Asia 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 North Asia 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 North Asia 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 North Asia 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 North Asia 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 North Asia Commercial Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Mapletree North Asia Commercial Trust's 1-year earnings growth exceeds its 5-year average (55.7% vs 11%)
  • Mapletree North Asia Commercial Trust's earnings growth has exceeded the SG REITs industry average in the past year (55.7% vs 5.9%).
Earnings and Revenue History
Mapletree North Asia 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 North Asia Commercial Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:RW0U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 394.20 591.20 7.12
2018-09-30 377.04 583.47 7.23
2018-06-30 360.55 578.43 7.17
2018-03-31 355.03 574.34 7.05
2017-12-31 360.26 379.82 6.73
2017-09-30 359.63 377.85 6.55
2017-06-30 354.56 375.41 6.52
2017-03-31 350.63 372.50 6.78
2016-12-31 343.69 393.02 7.20
2016-09-30 344.09 395.78 7.44
2016-06-30 345.66 395.97 7.72
2016-03-31 336.64 428.10 7.82
2015-12-31 325.04 374.82 7.67
2015-09-30 310.44 364.30 7.75
2015-06-30 293.30 358.72 7.78
2015-03-31 281.14 319.40 7.85
2014-12-31 249.26 359.02 6.77
2014-09-30 241.34 363.09 6.69
2014-06-30 237.00 353.51 6.57
2014-03-31 247.00 356.93 6.90

*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 North Asia Commercial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Mapletree North Asia Commercial Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Mapletree North Asia Commercial Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mapletree North Asia 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 North Asia Commercial Trust has a total score of 4/6, 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 North Asia 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 North Asia Commercial Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mapletree North Asia Commercial Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Mapletree North Asia 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 North Asia 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 0.1x 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 North Asia Commercial Trust Company Filings, last reported 3 months ago.

SGX:RW0U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 4,170.97 2,896.17 167.52
2018-09-30 4,191.78 2,910.60 184.64
2018-06-30 4,161.39 2,865.78 154.39
2018-03-31 3,888.75 2,363.78 178.38
2017-12-31 3,460.99 2,416.28 117.30
2017-09-30 3,505.03 2,393.96 195.32
2017-06-30 3,490.16 2,499.49 202.61
2017-03-31 3,636.32 2,569.93 234.86
2016-12-31 3,381.16 2,539.64 140.48
2016-09-30 3,306.83 2,412.68 176.06
2016-06-30 3,279.38 2,414.47 142.04
2016-03-31 3,416.19 2,438.59 206.11
2015-12-31 3,208.24 2,494.10 101.65
2015-09-30 3,265.26 2,486.34 146.76
2015-06-30 3,128.66 2,374.94 90.36
2015-03-31 3,260.18 2,003.74 125.11
2014-12-31 2,874.85 1,883.67 40.72
2014-09-30 2,820.53 1,822.18 103.83
2014-06-30 2,745.75 1,833.07 77.44
2014-03-31 2,839.70 1,852.79 133.21
  • Mapletree North Asia Commercial Trust's level of debt (69.4%) compared to net worth is high (greater than 40%).
  • Unable to establish if Mapletree North Asia Commercial Trust's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (10.2%, 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 North Asia 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 North Asia 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 North Asia 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
5.8%
Current annual income from Mapletree North Asia Commercial Trust dividends. Estimated to be 5.82% next year.
If you bought SGD2,000 of Mapletree North Asia Commercial Trust shares you are expected to receive SGD116 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 North Asia Commercial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Mapletree North Asia Commercial Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.46%).
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:RW0U 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 7 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

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

SGX:RW0U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 0.08 6.00
2020-03-31 0.08 8.00
2019-03-31 0.08 8.00
SGX:RW0U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-25 0.077 6.003
2018-10-26 0.077 6.761
2018-07-30 0.075 6.619
2018-06-28 0.075 6.493
2018-04-25 0.075 6.477
2017-10-20 0.074 6.230
2017-04-26 0.073 6.636
2016-10-27 0.074 7.538
2016-04-27 0.075 7.228
2016-01-29 0.070 7.581
2015-10-27 0.070 7.675
2015-04-23 0.066 6.608
2014-10-27 0.063 6.277
2014-07-01 0.062 6.757
2014-04-21 0.062 7.115
2014-01-23 0.064 7.719

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

  • Whilst dividend payments have been stable, Mapletree North Asia Commercial Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Mapletree North Asia Commercial Trust only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Mapletree North Asia 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 not well covered by earnings (0.8x coverage).
X
Income/ dividend checks
We assess Mapletree North Asia Commercial Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - 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 North Asia Commercial Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mapletree North Asia 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 North Asia 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
Cindy Chow
COMPENSATION SGD0
AGE 48
CEO Bio

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.), the manager at Mapletree North Asia Commercial Trust (formerly, Mapletree Greater China Commercial Trust) and has been its Executive Director since November 30, 2012. Ms. Chow served as Chief Executive Officer of India at Mapletree Investments Pte Ltd. She has several years of investment experience in the region, including Singapore, China, Hong Kong, India, Vietnam and Thailand. Ms. Chow served as Senior Vice President of Investments (India) of Mapletree Investments Pte Ltd. She served as Vice President of Investments of Mapletree Logistics Trust Management Ltd., manager of Mapletree Logistics Trust. Ms. Chow is in charge of the Investment Team, which is responsible for identifying, researching and evaluating potential acquisitions and related investments with a view to enhancing MapletreeLog’s portfolio or divestments where a property is no longer strategic, fails to enhance the value of MapletreeLog’s portfolio or fails to be yield accretive. She is also responsible for ensuring that all MapletreeLog’s cross-border acquisitions conducted by MLTM’s overseas offices are in line with the trust’s requirements and interests of unitholders. She was an Investment Manager with the Logistics Investments division of Mapletree Investments Pte Ltd. Prior to joining Mapletree Investments Pte Ltd. in 2002, she was based in Hong Kong as a Senior Manager of Business Development with Vision Century Corporation Ltd. from 2001 to 2002 where she was responsible for initiating business park activities and negotiating and structuring joint venture agreements and land development contracts. Ms. Chow was then the Head of Investment of MLTM (the manager of MLT). Ms. Chow first worked as a Centre Manager with Pidemco Land Limited from 1992 to 1993 and its Marketing Executive involved in marketing and investment work from 1994 to 1996 and then as an Investment Analyst with Peregrine Securities (Singapore) Pte Ltd from 1996 to 1997. She served at Ascendas Pte Ltd. (previously JTC International Pte Ltd) as a Senior Manager of Business Development from 1997 to 2001 where she conducted financial and project appraisals of investment and development opportunities for industrial and business parks in the region. She was also instrumental in revamping and jump-starting the marketing department at the International Tech Park in Bangalore, India, during the period she was based there. Ms. Chow is also a Licensed Appraiser of lands and buildings. Ms. Chow holds a Master of Science in Real Estate and a Bachelor of Science (Estate Management) (Second Upper Class Honours) from the National University of Singapore.

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

Cindy Chow

TITLE
CEO & Executive Director of Mapletree North Asia Commercial Trust Management Ltd
AGE
48

Wah Ng

TITLE
Chief Financial Officer of Mapletree North Asia Commercial Trust Management Ltd
TENURE
2.5 yrs

Chern Shiong Ng

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

Elizabeth Loo

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

Kwong Weng Wan

TITLE
Joint Company Secretary of Mapletree North Asia Commercial Trust Management Ltd

Hui Hui See

TITLE
Joint Company Secretary of Mapletree North Asia Commercial Trust Management Ltd

Lawrence Ng

TITLE
Director of Finance of Mapletree North Asia Commercial Trust Management Ltd

Eharn Ng

TITLE
Vice President of Portfolio & Asset Mgmt. of Mapletree North Asia Commercial Trust Management Ltd

Matthew Wong

TITLE
Vice President of Invest. & Asset Management of Mapletree North Asia Commercial Trust Management Ltd

Miguel Su

TITLE
Manager of Investment & Asset Management of Mapletree North Asia Commercial Trust Management Ltd
Board of Directors Tenure

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

6.2
Average Tenure
59
Average Age
  • The tenure for the Mapletree North Asia Commercial Trust board of directors is about average.
Board of Directors

Paul Ma

TITLE
Non-Executive Chairman of Mapletree North Asia Commercial Trust Management Ltd
COMPENSATION
SGD124K
AGE
71
TENURE
2.7 yrs

Cindy Chow

TITLE
CEO & Executive Director of Mapletree North Asia Commercial Trust Management Ltd
AGE
48
TENURE
6.4 yrs

Vi Ming Lok

TITLE
Lead Independent Director of Mapletree North Asia Commercial Trust Management Ltd
COMPENSATION
SGD122K
AGE
57
TENURE
2.7 yrs

Kevin Khien Kwok

TITLE
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
COMPENSATION
SGD104K
AGE
62
TENURE
6.2 yrs

Michael Kok

TITLE
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
COMPENSATION
SGD90K
AGE
66
TENURE
6.2 yrs

Yoon Khong Hiew

TITLE
Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
AGE
57
TENURE
6.4 yrs

Tiow Chye Chua

TITLE
Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
AGE
59
TENURE
6.4 yrs

Carrie Tan

TITLE
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
COMPENSATION
SGD82K
AGE
50
TENURE
2.4 yrs

Lawrence Wong

TITLE
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
AGE
63
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
24. Sep 18 Buy Ma Kah Woh Individual 21. Sep 18 21. Sep 18 200,000 SGD1.12 SGD224,000
14. Aug 18 Buy Kevin Khien Kwok Individual 10. Aug 18 10. Aug 18 210,000 SGD1.14 SGD239,400
27. Apr 18 Buy Tiow Chye Chua Individual 26. Apr 18 26. Apr 18 250,000 SGD1.14 SGD285,000
27. Apr 18 Buy Pei Pei Chow Individual 27. Apr 18 27. Apr 18 100,000 SGD1.15 SGD115,000
27. Apr 18 Buy Yoon Khong Hiew Individual 26. Apr 18 26. Apr 18 800,000 SGD1.15 SGD920,000
X
Management checks
We assess Mapletree North Asia 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 North Asia 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

Have Insiders Been Buying Mapletree North Asia Commercial Trust (SGX:RW0U) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Mapletree North Asia Commercial Trust (SGX:RW0U). … The Last 12 Months Of Insider Transactions At Mapletree North Asia Commercial Trust. … Over the last year, we can see that the biggest insider purchase was by Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd Yoon Khong Hiew for S$920k worth of shares, at about S$1.15 per share.

Simply Wall St -

Did Changing Sentiment Drive Mapletree North Asia Commercial Trust's (SGX:RW0U) Share Price Down By -59%?

For example, the Mapletree North Asia Commercial Trust (SGX:RW0U) share price is up 59% in the last 5 years, clearly besting than the market return of around -2.6% (ignoring dividends). … During five years of share price growth, Mapletree North Asia Commercial Trust achieved compound earnings per share (EPS) growth of 7.8% per year. … Dive deeper into the earnings by checking this interactive graph of Mapletree North Asia Commercial Trust's earnings, revenue and cash flow.

Simply Wall St -

Is Mapletree North Asia Commercial Trust's (SGX:RW0U) 14% Better Than Average?

To keep the lesson grounded in practicality, we'll use ROE to better understand Mapletree North Asia Commercial Trust (SGX:RW0U). … Our data shows Mapletree North Asia Commercial Trust has a return on equity of 14% for the last year. … See our latest analysis for Mapletree North Asia Commercial Trust?

Simply Wall St -

You May Have Been Looking At Mapletree North Asia Commercial Trust (SGX:RW0U) All Wrong

Mapletree North Asia Commercial Trust is a S$3.6b. … real estate investment trust (REIT) based in Singapore, Singapore. … Check out our latest analysis for Mapletree North Asia Commercial Trust.

Simply Wall St -

Did Mapletree North Asia Commercial Trust (SGX:RW0U) Insiders Buy Up More Shares?

So we'll take a look at whether insiders have been buying or selling shares in Mapletree North Asia Commercial Trust (SGX:RW0U). … In the last twelve months, the biggest single purchase by an insider was when Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd Yoon Khong Hiew bought S$920k worth of shares at a price of S$1.15 per share. … Overall, Mapletree North Asia Commercial Trust insiders were net buyers last year

Simply Wall St -

Is Mapletree North Asia Commercial Trust (SGX:RW0U) A High Quality Stock To Own?

By way of learning-by-doing, we'll look at ROE to gain a better understanding Mapletree North Asia Commercial Trust (SGX:RW0U). … Over the last twelve months Mapletree North Asia Commercial Trust has recorded a ROE of 14%. … View our latest analysis for Mapletree North Asia Commercial Trust?

Simply Wall St -

What Kind Of Investor Owns Most Of Mapletree North Asia Commercial Trust (SGX:RW0U)?

If you want to know who really controls Mapletree North Asia Commercial Trust (SGX:RW0U), then you'll have to look at the makeup of its share registry. … Generally speaking, as a company grows, institutions will increase their ownership. … With a market capitalization of S$3.5b, Mapletree North Asia Commercial Trust is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

Should You Buy Mapletree North Asia Commercial Trust (SGX:RW0U) When Insiders Do?

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") (formerly known as Mapletree Greater China Commercial Trust) 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, Hong Kong SAR and Japan. … Mapletree North Asia Commercial Trust's insiders have invested. … It is widely considered that insider buying stock in their own companies is potentially a bullish signal

Simply Wall St -

Should You Invest In Mapletree North Asia Commercial Trust (SGX:RW0U)?

Mapletree North Asia Commercial Trust is a S$3.62b. … real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for Mapletree North Asia Commercial Trust

Simply Wall St -

Should You Be Concerned About Mapletree North Asia Commercial Trust's (SGX:RW0U) Investors?

Today, I will be analyzing Mapletree North Asia Commercial Trust’s (SGX:RW0U) recent ownership structure, an important but not-so-popular subject among individual investors. … The impact of a company's ownership structure affects both its short- and long-term performance. … See our latest analysis for Mapletree North Asia Commercial Trust

Simply Wall St -

Company Info

Description

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") (formerly known as Mapletree Greater China Commercial Trust) 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, Hong Kong SAR and Japan. MNACT is managed by Mapletree North Asia Commercial Trust Management Ltd., a wholly owned subsidiary of Mapletree Investments Pte Ltd.

Details
Name: Mapletree North Asia Commercial Trust
RW0U
Exchange: SGX
Founded:
SGD4,221,276,313
3,173,891,965
Website: http://www.mapletreenorthasiacommercialtrust.com
Address: Mapletree North Asia 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 RW0U Units Singapore Exchange SG SGD 07. Mar 2013
DB 7MGC Units Deutsche Boerse AG DE EUR 07. Mar 2013
Number of employees
Current staff
Staff numbers
0
Mapletree North Asia Commercial Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 12:58
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/01/25
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


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.