Loading…
Singapore REIT owning commercial (office/retail) properties across Singapore, Hong Kong, China, Japan and South Korea.
Singapore REIT owning commercial (office/retail) properties across Singapore, Hong Kong, China, Japan and South Korea.
Collects rent from shop and office tenants, with some mall leases adding a share of tenants' sales on top of base rent. It was formed by the 2022 merger of Mapletree Commercial Trust with the North Asia trust, which added Hong Kong, China, Japan and Korea assets. Mapletree, owned by Temasek, sponsors and manages it.
In one line: A Singaporean diversified commercial property REIT.
Moat: narrow (installed base, scale). Well-located flagship malls/offices across several Asian markets, but exposed to Hong Kong/China property weakness.
Headquarters: Singapore · Founded: 2013
Size Mapletree Pan Asia Commercial Trust (N2IU.SI) is a Singapore Real Estate company (Real Estate Investment Trusts) with a market value of $4.89B, the 24th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$1.18 on 6 Nov 2026.
Performance Over six months the shares fell 7.1%, against -3.5% for the median peer and -1.2% for the Singapore market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 4.5% over the last twelve months (peer median +4.6%); the operating margin is 64.0% (peer median 38.2%).
Valuation It trades at 0.68× book value against a peer median of 1.32× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 5.0%; Mapletree Pan Asia Commercial Trust delivers 2.8%, so the price asks more than the business earns today.
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$846M | S$869M | S$911M | S$961M | S$828M |
| Revenue growth | — | -5% | -5% | +16% | — |
| Gross profit | S$585M | S$601M | S$628M | S$679M | S$572M |
| EBITDA | S$542M | S$548M | S$614M | S$666M | S$583M |
| Net income | S$254M | S$261M | S$584M | S$578M | S$483M |
| Free cash flow | S$384M | S$401M | S$425M | S$518M | S$463M |
| Capital expenditure | S$1.25M | S$1.01M | S$1.06M | S$318,000 | S$459,000 |
| Total debt | S$5.77B | S$5.81B | S$6.25B | S$6.90B | S$7.03B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Mapletree Pan Asia Commercial Trust N2IU.SI | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% |
| CapitaLand Integrated Commercial Trust C38U.SI | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% |
| Link REIT 0823.HK | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% |
| Suntec Real Estate Investment Trust T82U.SI | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% |
| Keppel REIT K71U.SI | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% |
| Frasers Centrepoint Trust J69U.SI | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% |
| Champion Real Estate Investment Trust 2778.HK | $1.80B | -8% | -8% | -3% | 0.35× | 4.6% |
| Sunlight Real Estate Investment Trust 0435.HK | $481M | -10% | -5% | -2% | 0.31× | 4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | N2IU.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.7% | +6.2% | 2nd lowest of 21 |
| 6-month return | -7.1% | -3.5% | 7th lowest of 21 |
| Return on equity | 2.8% | 6.3% | 5th lowest of 21 |
| Price / book | 0.68× | 1.32× | 3rd cheapest of 21 |
| Trailing P/E | 24.6× | 21.1× | 7th most expensive of 20 |
| ROE the price implies | 5.0% | 9.3% | 2nd least demanding of 21 |
| ROE delivered | 2.8% | 6.0% | 5th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
| Keppel DC REIT AJBU.SI | Singapore | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% | 11.4% |
| Rithm Capital RITM | United States | $5.15B | -6% | +19% | 6% | 0.74× | 8.7% | 5.6% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |
| EPR Properties EPR | United States | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% | 12.7% |
| Chartwell Retirement Residences CSH-UN.TO | Canada | $5.25B | +3% | +24% | 1% | 3.92× | 22.6% | 0.5% |
| Mirvac MGR.AX | Australia | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% | 7.4% |
| Mapletree Logistics Trust M44U.SI | Singapore | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% | 3.3% |
| Starwood Property Trust STWD | United States | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% | 3.4% |
| Apple Hospitality REIT APLE | United States | $4.46B | +34% | +1% | 6% | 1.42× | 12.2% | 5.5% |
| Tanger SKT | United States | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% | 19.3% |
| Dexus DXS.AX | Australia | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% | 4.9% |
| RioCan Real Estate Investment Trust REI-UN.TO | Canada | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% | 6.9% |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 36% | 7.82× | 77.8% | 36.2% |
| Nippon Prologis REIT 3283.T | Japan | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% | 6.0% |
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% | 1.6% |