MAPLETREE PAN ASIA COMMERCIAL TRUST |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 1.26 SGD | 0.00% |
|
+4.13% | -19.75% |
Valuation
| Fiscal Period: March | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 5,462 | 6,053 | 7,030 | 6,281 | 9,431 | 6,619 | - | - |
| Enterprise Value (EV) 1 | 7,763 | 8,995 | 9,867 | 9,162 | 15,998 | 6,724 | 13,239 | 13,294 |
| P/E ratio | 9.37 x | 10.3 x | 102 x | 18.1 x | 17.2 x | 11.6 x | 15.8 x | 15.1 x |
| Yield | 4.84% | 4.37% | 4.48% | 5.04% | 5.34% | 6.99% | 6.9% | 7.13% |
| Capitalization / Revenue | 12.3 x | 12.5 x | 14.7 x | 12.6 x | 11.4 x | 7.02 x | 6.79 x | 6.62 x |
| EV / Revenue | 17.5 x | 18.6 x | 20.6 x | 18.3 x | 19.4 x | 7.02 x | 13.6 x | 13.3 x |
| EV / EBITDA | 24.6 x | 27 x | 28.5 x | 26.2 x | 26.9 x | 8.11 x | 18 x | 17.9 x |
| EV / FCF | 24.6 x | 25.5 x | 27.8 x | 25.2 x | 26.5 x | 20.6 x | 18.3 x | 16.6 x |
| FCF Yield | 4.06% | 3.93% | 3.6% | 3.97% | 3.78% | 4.85% | 5.45% | 6.01% |
| Price to Book | 1.18 x | 1.05 x | 1.23 x | 1.09 x | 1.02 x | 0.72 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 | 1.260 | 1.260 | 1.260 |
| 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 | 975.4 | 999.9 |
| EBITDA 1 | 316 | 332.7 | 346.1 | 349.2 | 595.1 | 829.1 | 737.5 | 742.8 |
| EBIT 1 | 315.9 | 332.6 | 345.9 | 349 | 594.2 | 828 | 735.9 | 733.6 |
| Operating Margin | 71.17% | 68.89% | 72.22% | 69.88% | 71.93% | 86.43% | 75.45% | 73.37% |
| Earnings before Tax (EBT) 1 | 582.3 | 543.1 | 68.61 | 347 | 485 | 602.6 | 489.2 | 498.6 |
| Net income 1 | 582.3 | 543.1 | 68.61 | 347 | 482.6 | 577.9 | 477.2 | 492.6 |
| Net margin | 131.18% | 112.48% | 14.32% | 69.48% | 58.41% | 60.32% | 48.92% | 49.27% |
| EPS 2 | 0.2017 | 0.1774 | 0.0207 | 0.1045 | 0.1045 | 0.1102 | 0.0797 | 0.0835 |
| 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% | 73.97% | 79.88% |
| FCF Conversion (EBITDA) | 99.66% | 106.15% | 102.69% | 104.13% | 101.64% | 93.61% | 97.84% | 107.53% |
| FCF Conversion (Net income) | 54.08% | 65.02% | 517.96% | 104.77% | 125.33% | 150.07% | 151.21% | 162.12% |
| Dividend per Share 2 | 0.0914 | 0.0800 | 0.0949 | 0.0953 | 0.0961 | 0.0881 | 0.0869 | 0.0898 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 218.7 | 260.3 | 243.7 | 255.8 | 353.2 | - | 233.3 | 237.1 | 240.2 | 241.6 | 239.2 | 241.7 | 241.7 | 241.7 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | 170.1 | 178.9 | 263 | - | 331.2 | - | 171.3 | 169.6 | 314.8 | 172.1 | 172.1 | 172.1 |
| Operating Margin | - | - | 69.79% | 69.96% | 74.48% | - | 141.99% | - | 71.31% | 70.19% | 131.58% | 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 | 6,620 | 6,675 |
| 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 | 8.977 x | 8.987 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% | 4.74% | 4.82% |
| ROA (Net income/ Total Assets) | 3.55% | 3.87% | 2.91% | 3.87% | 3.74% | 2.75% | 2.57% | 2.65% |
| Assets 1 | 16,403 | 14,039 | 2,360 | 8,968 | 12,907 | 15,506 | 18,532 | 18,619 |
| Book Value Per Share 2 | 1.600 | 1.750 | 1.720 | 1.740 | 1.760 | 1.760 | 1.770 | 1.760 |
| 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% | 3.33% | 3.7% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
C
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
1.26
SGD
Average target price
1.572
SGD
Spread / Average Target
+24.80%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -19.75% | 4.86B | |
| -6.46% | 46.25B | |
| -8.31% | 20.33B | |
| -3.56% | 13.07B | |
| +16.05% | 11.53B | |
| -4.85% | 9.68B | |
| -0.83% | 8.48B | |
| -14.19% | 8.38B | |
| +1.38% | 7.63B | |
| -18.42% | 5.53B |
- Stock Market
- Equities
- N2IU Stock
- Financials Mapletree Pan Asia Commercial Trust
