Stock N2IU MAPLETREE PAN ASIA COMMERCIAL TRUST
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Financials Mapletree Pan Asia Commercial Trust

Equities

N2IU

SG2D18969584

Commercial REITs

Market Closed - Singapore S.E.
Other stock markets
 05:12:38 2024-05-21 am EDT 		5-day change 1st Jan Change
1.25 SGD -0.79% Intraday chart for Mapletree Pan Asia Commercial Trust +1.63% -20.38%
May. 15 Mapletree Pan Asia Commercial Trust Announces Appointment of Wu Long Peng as Chairman of the Audit and Risk Committee CI
May. 15 Mapletree Pan Asia Commercial Trust Appoints Mak Keat Meng as Member of the Audit and Risk Committee of MPACT Management Ltd, effective June 15, 2024 CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,462 6,053 7,030 6,281 9,431 6,566 - -
Enterprise Value (EV) 1 7,763 8,995 9,867 9,162 15,998 6,724 13,158 13,214
P/E ratio 9.37 x 10.3 x 102 x 18.1 x 17.2 x 11.6 x 14.9 x 14.2 x
Yield 4.84% 4.37% 4.48% 5.04% 5.34% 7.05% 6.89% 7.14%
Capitalization / Revenue 12.3 x 12.5 x 14.7 x 12.6 x 11.4 x 7.02 x 6.75 x 6.58 x
EV / Revenue 17.5 x 18.6 x 20.6 x 18.3 x 19.4 x 7.02 x 13.5 x 13.2 x
EV / EBITDA 24.6 x 27 x 28.5 x 26.2 x 26.9 x 8.11 x 18.7 x 18.3 x
EV / FCF 24.6 x 25.5 x 27.8 x 25.2 x 26.5 x 20.5 x 18.2 x 16.5 x
FCF Yield 4.06% 3.93% 3.6% 3.97% 3.78% 4.87% 5.48% 6.04%
Price to Book 1.18 x 1.05 x 1.23 x 1.09 x 1.02 x 0.71 x 0.71 x 0.71 x
Nbr of stocks (in thousands) 2,889,691 3,307,511 3,316,204 3,323,514 5,239,332 5,252,985 - -
Reference price 2 1.890 1.830 2.120 1.890 1.800 1.250 1.250 1.250
Announcement Date 4/23/19 4/22/20 4/27/21 4/20/22 4/27/23 4/23/24 - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 443.9 482.8 479 499.5 826.2 958.1 973.3 997.6
EBITDA 1 316 332.7 346.1 349.2 595.1 829.1 703 722.8
EBIT 1 315.9 332.6 345.9 349 594.2 828 698.7 716.6
Operating Margin 71.17% 68.89% 72.22% 69.88% 71.93% 86.43% 71.79% 71.83%
Earnings before Tax (EBT) 1 582.3 543.1 68.61 347 485 602.6 459 470.3
Net income 1 582.3 543.1 68.61 347 482.6 577.9 474.1 490.5
Net margin 131.18% 112.48% 14.32% 69.48% 58.41% 60.32% 48.71% 49.17%
EPS 2 0.2017 0.1774 0.0207 0.1045 0.1045 0.1102 0.0840 0.0878
Free Cash Flow 1 314.9 353.1 355.4 363.6 604.8 640.9 721.5 798.7
FCF margin 70.95% 73.14% 74.19% 72.79% 73.21% 66.67% 74.13% 80.06%
FCF Conversion (EBITDA) 99.66% 106.15% 102.69% 104.13% 101.64% 93.61% 102.63% 110.49%
FCF Conversion (Net income) 54.08% 65.02% 517.96% 104.77% 125.33% 150.07% 152.17% 162.84%
Dividend per Share 2 0.0914 0.0800 0.0949 0.0953 0.0961 0.0881 0.0861 0.0893
Announcement Date 4/23/19 4/22/20 4/27/21 4/20/22 4/27/23 4/23/24 - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 Q3 2023 S2 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 218.7 260.3 243.7 255.8 353.2 - 233.3 237.1 240.2 241.6 239.2 240.5 240.5 240.5 240.5
EBITDA - - - - - - - - - - - - - - -
EBIT 1 - - 170.1 178.9 263 - 331.2 - 171.3 169.6 314.8 171.3 171.3 171.3 171.3
Operating Margin - - 69.79% 69.96% 74.48% - 141.99% - 71.31% 70.19% 131.58% 71.22% 71.22% 71.22% 71.22%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income - - - - - 110.9 - - - - - - - - -
Net margin - - - - - - - - - - - - - - -
EPS - - - - - 0.0209 - - - - - - - - -
Dividend per Share - 0.0483 0.0439 0.0514 0.0494 - - 0.0218 0.0224 - - - - - -
Announcement Date - 4/27/21 10/27/21 4/20/22 10/27/22 1/31/23 4/27/23 7/31/23 10/26/23 1/29/24 4/23/24 - - - -
1SGD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,301 2,942 2,837 2,880 6,568 6,585 6,592 6,647
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 7.282 x 8.844 x 8.198 x 8.249 x 11.04 x 9.619 x 9.377 x 9.196 x
Free Cash Flow 1 315 353 355 364 605 641 722 799
ROE (net income / shareholders' equity) 5.52% 5.07% 4.54% 6.03% 6.32% 4.59% 4.62% 4.77%
ROA (Net income/ Total Assets) 3.55% 3.87% 2.91% 3.87% 3.74% 2.75% 2.55% 2.63%
Assets 1 16,403 14,039 2,360 8,968 12,907 15,506 18,613 18,629
Book Value Per Share 2 1.600 1.750 1.720 1.740 1.760 1.760 1.760 1.770
Cash Flow per Share 2 0.1200 0.1200 0.1100 0.1100 0.1300 0.1300 0.1300 0.1400
Capex 1 22.1 17.3 14.4 18.7 43.6 32.2 32.5 37
Capex / Sales 4.98% 3.58% 3.01% 3.75% 5.27% 3.35% 3.34% 3.71%
Announcement Date 4/23/19 4/22/20 4/27/21 4/20/22 4/27/23 4/23/24 - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mapletree Pan Asia Commercial Trust

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
1.25 SGD
Average target price
1.541 SGD
Spread / Average Target
+23.27%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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