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

0%

RW0U

0.9%

SG REITs

-1.2%

SG Market


1 Year Return

20.7%

RW0U

14.6%

SG REITs

-2.4%

SG Market

RW0U outperformed the REITs industry which returned 14.5% over the past year.

RW0U outperformed the Market in Singapore which returned -2.5% over the past year.


Share holder returns

RW0UIndustryMarket
7 Day0%0.9%-1.2%
30 Day0%2.1%0.5%
90 Day-6.9%1.9%-4.5%
1 Year28.3%20.7%22.1%14.6%1.5%-2.4%
3 Year51.0%22.4%42.7%17.9%16.1%3.6%
5 Year104.4%44.1%62.4%16.9%9.2%-8.9%

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 based on future cash flows and its price relative to the stock market?

21%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Mapletree North Asia Commercial Trust's share price is below the future cash flow value, and 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 Based on Earnings

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

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

Mapletree North Asia Commercial Trust is good value based on assets compared to the SG REITs industry average.


Next Steps

Future Growth

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

-19.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Mapletree North Asia Commercial Trust's revenue is expected to grow by 2.4% yearly, however this is not considered high growth (20% yearly).

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 growth is positive but not above the Singapore market average.

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 earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.


Earnings per Share Growth Estimates


Future Return on Equity

Mapletree North Asia Commercial Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


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

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 is less than its 5-year average (10% vs 13.2%)

Mapletree North Asia Commercial Trust's earnings growth has exceeded the SG REITs industry average in the past year (10% vs -1.8%).


Return on Equity

Mapletree North Asia Commercial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Mapletree North Asia Commercial Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.


Return on Capital Employed

Mapletree North Asia Commercial Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

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


Financial Position Analysis

Mapletree North Asia Commercial Trust's short term (1 year) commitments are greater than 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.


Debt to Equity History and Analysis

Mapletree North Asia Commercial Trust's level of debt (63.4%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has been reduced over the past 5 years (66.7% vs 63.4% today).

Debt is not well covered by operating cash flow (11.9%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 4.1x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.1x debt.


Next Steps

Dividend

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

6.03%

Expected Dividend Yield


Dividend Yield and Payments Analysis

Mapletree North Asia Commercial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.52%).

Mapletree North Asia Commercial Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.66%).

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 6 years.


Current Payout to Shareholders

Dividends paid are covered by earnings (1.6x coverage).


Future Payout to Shareholders

Dividends after 3 years are not well covered by earnings (0.8x coverage).


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?

6.6yrs

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

6.6yrs

Average Tenure

60yo

Average Age

The tenure for the Mapletree North Asia Commercial Trust board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

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: 2.9yrs
  • 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: 6.6yrs
    • Compensation: S$88.50k
  • Yoon Khong Hiew (58yo)

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

    • Tenure: 6.8yrs
  • Paul Ma (72yo)

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

    • Tenure: 3.1yrs
    • Compensation: S$121.00k
  • Tiow Chye Chua (60yo)

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

    • Tenure: 6.8yrs
  • Vi Ming Lok (58yo)

    Lead Independent Director of Mapletree North Asia Commercial Trust Management Ltd

    • Tenure: 3.1yrs
    • Compensation: S$112.73k
  • Kevin Khien Kwok (63yo)

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

    • Tenure: 6.6yrs
    • Compensation: S$101.00k
  • Carrie Tan (51yo)

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

    • Tenure: 2.8yrs
    • 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: 0.9yrs
    • Compensation: S$39.27k

Company Information

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


Key Information

  • Name: Mapletree North Asia Commercial Trust
  • Ticker: RW0U
  • Exchange: SGX
  • Founded:
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: S$4.272b
  • Shares outstanding: 3.19b
  • Website: https://www.mapletreenorthasiacommercialtrust.com

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 Analysis2019/09/21 12:54
End of Day Share Price2019/09/20 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.