Mapletree North Asia Commercial Trust
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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
1 Year Returns
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.
Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Mapletree North Asia Commercial Trust.
| 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.
| 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.
| 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 | ||
| 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 |
| 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 |
| 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
Current Discount Checks
- 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?
| 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.
| 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?
| 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 .
| 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?
| 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 |
| 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.
Value checks
We assess Mapletree North Asia Commercial Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) 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
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!
Earnings growth vs Low Risk Savings
- 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
| 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
| 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 |
| 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 |
| 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.
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.
| 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 |
| 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%).
Future performance checks
We assess Mapletree North Asia Commercial Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
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
Past Earnings growth analysis
- 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
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.
| 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).
Past performance checks
We assess Mapletree North Asia Commercial Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Mapletree North Asia Commercial Trust Company Filings, last reported 3 months ago.
| 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).
Financial health checks
We assess Mapletree North Asia Commercial Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Mapletree North Asia Commercial Trust has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
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
- 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.
| 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.
| 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 |
| 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.
Income/ dividend checks
We assess Mapletree North Asia Commercial Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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
CEO
| 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
CEO & Executive Director of Mapletree North Asia Commercial Trust Management Ltd
48
Wah Ng
Chief Financial Officer of Mapletree North Asia Commercial Trust Management Ltd
2.5 yrs
Chern Shiong Ng
General Manager - Invest. & Asset Management of Mapletree North Asia Commercial Trust Management Ltd
Elizabeth Loo
Vice President of Investor Relations of Mapletree North Asia Commercial Trust Management Ltd
Kwong Weng Wan
Joint Company Secretary of Mapletree North Asia Commercial Trust Management Ltd
Hui Hui See
Joint Company Secretary of Mapletree North Asia Commercial Trust Management Ltd
Lawrence Ng
Director of Finance of Mapletree North Asia Commercial Trust Management Ltd
Eharn Ng
Vice President of Portfolio & Asset Mgmt. of Mapletree North Asia Commercial Trust Management Ltd
Matthew Wong
Vice President of Invest. & Asset Management of Mapletree North Asia Commercial Trust Management Ltd
Miguel Su
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:
- The tenure for the Mapletree North Asia Commercial Trust board of directors is about average.
Board of Directors
Paul Ma
Non-Executive Chairman of Mapletree North Asia Commercial Trust Management Ltd
SGD124K
71
2.7 yrs
Cindy Chow
CEO & Executive Director of Mapletree North Asia Commercial Trust Management Ltd
48
6.4 yrs
Vi Ming Lok
Lead Independent Director of Mapletree North Asia Commercial Trust Management Ltd
SGD122K
57
2.7 yrs
Kevin Khien Kwok
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
SGD104K
62
6.2 yrs
Michael Kok
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
SGD90K
66
6.2 yrs
Yoon Khong Hiew
Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
57
6.4 yrs
Tiow Chye Chua
Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
59
6.4 yrs
Carrie Tan
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
SGD82K
50
2.4 yrs
Lawrence Wong
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd
63
Who owns this company?
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 | ||
Management checks
We assess Mapletree North Asia Commercial Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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 - – Full articleDid 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 - – Full articleIs 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 - – Full articleYou 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 - – Full articleDid 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 - – Full articleIs 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 - – Full articleWhat 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 - – Full articleShould 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 - – Full articleShould 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 - – Full articleShould 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 - – Full articleCompany 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
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.
