SGX:RW0U

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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. More Details


Snowflake Analysis

Fair value second-rate dividend payer.

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

Stable Share Price: RW0U has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.1%

RW0U

-0.9%

SG REITs

-0.4%

SG Market


1 Year Return

-29.4%

RW0U

-9.1%

SG REITs

-21.3%

SG Market

Return vs Industry: RW0U underperformed the SG REITs industry which returned -9.1% over the past year.

Return vs Market: RW0U underperformed the SG Market which returned -21.3% over the past year.


Shareholder returns

RW0UIndustryMarket
7 Day1.1%-0.9%-0.4%
30 Day-2.1%2.0%-2.7%
90 Day0.5%3.5%-3.8%
1 Year-26.2%-29.4%-4.8%-9.1%-17.1%-21.3%
3 Year-4.2%-20.3%22.5%3.3%-18.9%-28.7%
5 Year35.1%-2.6%57.9%16.1%-2.0%-19.9%

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?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: RW0U (SGD0.93) is trading below our estimate of fair value (SGD1.99)

Significantly Below Fair Value: RW0U is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: RW0U is poor value based on its PE Ratio (24x) compared to the SG REITs industry average (16.4x).

PE vs Market: RW0U is poor value based on its PE Ratio (24x) compared to the SG market (12.7x).


Price to Earnings Growth Ratio

PEG Ratio: RW0U is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: RW0U is good value based on its PB Ratio (0.7x) compared to the SG REITs industry average (0.8x).


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 6 analysts?

11.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: RW0U's forecast earnings growth (11.6% per year) is above the savings rate (2.2%).

Earnings vs Market: RW0U's earnings (11.6% per year) are forecast to grow slower than the SG market (20.6% per year).

High Growth Earnings: RW0U's earnings are forecast to grow, but not significantly.

Revenue vs Market: RW0U's revenue (6.3% per year) is forecast to grow slower than the SG market (6.5% per year).

High Growth Revenue: RW0U's revenue (6.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: RW0U's Return on Equity is forecast to be low in 3 years time (4%).


Next Steps

Past Performance

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

9.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: RW0U has high quality earnings.

Growing Profit Margin: RW0U's current net profit margins (34.9%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: RW0U's earnings have grown by 9.5% per year over the past 5 years.

Accelerating Growth: RW0U's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: RW0U had negative earnings growth (-80.5%) over the past year, making it difficult to compare to the REITs industry average (-6.7%).


Return on Equity

High ROE: RW0U's Return on Equity (2.6%) is considered low.


Next Steps

Financial Health

How is Mapletree North Asia Commercial Trust's financial position?


Financial Position Analysis

Short Term Liabilities: RW0U's short term assets (SGD228.1M) do not cover its short term liabilities (SGD541.9M).

Long Term Liabilities: RW0U's short term assets (SGD228.1M) do not cover its long term liabilities (SGD3.3B).


Debt to Equity History and Analysis

Debt Level: RW0U's debt to equity ratio (72.4%) is considered high.

Reducing Debt: RW0U's debt to equity ratio has increased from 61.8% to 72.4% over the past 5 years.

Debt Coverage: RW0U's debt is not well covered by operating cash flow (7.8%).

Interest Coverage: RW0U's interest payments on its debt are well covered by EBIT (3.2x coverage).


Balance Sheet


Next Steps

Dividend

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

7.70%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: RW0U's dividend (7.7%) is higher than the bottom 25% of dividend payers in the SG market (2.57%).

High Dividend: RW0U's dividend (7.7%) is in the top 25% of dividend payers in the SG market (5.62%)


Stability and Growth of Payments

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 7 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (81.3%), RW0U's 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 (120.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.1yrs

Average board tenure


CEO

Cindy Chow (50 yo)

no data

Tenure

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 Members

NamePositionTenureCompensationOwnership
Pei Pei Chow
CEO & Executive Director of Mapletree North Asia Commercial Trust Management Ltdno datano data0.023%
SGD 703.5k
Pak Kuan Kok
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd7.5yrsS$94.50k0.016%
SGD 499.5k
Kah Woh Ma
Non-Executive Chairman of Mapletree North Asia Commercial Trust Management Ltd4.08yrsS$139.50kno data
Tiow Chye Chua
Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd7.83yrsno data0.063%
SGD 2.0m
Vi Ming Lok
Lead Independent Director of Mapletree North Asia Commercial Trust Management Ltd4.08yrsS$99.50k0.0056%
SGD 175.7k
Kevin Khien Kwok
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd7.5yrsS$109.50k0.022%
SGD 693.9k
Su Shan Tan
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd3.83yrsS$83.00kno data
Liang Wong
Independent Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd1.92yrsS$94.50kno data
Mui Ai Koh
Non-Executive Director of Mapletree North Asia Commercial Trust Management Ltd0.75yrno data0.012%
SGD 384.9k

4.1yrs

Average Tenure

62.5yo

Average Age

Experienced Board: RW0U's board of directors are considered experienced (4.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.6%.


Top Shareholders

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
MTGC.FOTCPK (Pink Sheets LLC)YesUnitsUSUSDMar 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 Analysis2020/09/29 13:03
End of Day Share Price2020/09/29 00:00
Earnings2020/03/31
Annual Earnings2020/03/31


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.