MAPLETREE PAN ASIA COMMERCIAL TRUST Financials Mapletree Pan Asia Commercial Trust Deutsche Boerse AG
Equities
BI0
SG2D18969584
Commercial REITs
|
Delayed
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.8132 EUR | -0.11% |
|
-0.36% | -21.91% |
Valuation
| Fiscal Period: March | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 6,053 | 7,030 | 6,281 | 9,431 | 6,724 | 6,414 | - | - |
| Enterprise Value (EV) 1 | 8,995 | 9,867 | 9,162 | 15,998 | 6,724 | 12,864 | 12,880 | 12,874 |
| P/E ratio | 10.3 x | 102 x | 18.1 x | 17.2 x | 11.6 x | 15 x | 13.9 x | 12.6 x |
| Yield | 4.37% | 4.48% | 5.04% | 5.34% | - | 7.03% | 7.32% | 7.53% |
| Capitalization / Revenue | 12.5 x | 14.7 x | 12.6 x | 11.4 x | 7.02 x | 6.7 x | 6.58 x | 6.41 x |
| EV / Revenue | 18.6 x | 20.6 x | 18.3 x | 19.4 x | 7.02 x | 13.4 x | 13.2 x | 12.9 x |
| EV / EBITDA | 27 x | 28.5 x | 26.2 x | 26.9 x | 8.11 x | 18.7 x | 18.3 x | 17.8 x |
| EV / FCF | 25.5 x | 27.8 x | 25.2 x | 26.5 x | - | 17.1 x | 17 x | 15.8 x |
| FCF Yield | 3.93% | 3.6% | 3.97% | 3.78% | - | 5.84% | 5.9% | 6.33% |
| Price to Book | 1.05 x | 1.23 x | 1.09 x | 1.02 x | - | 0.69 x | 0.69 x | 0.69 x |
| Nbr of stocks (in thousands) | 3,307,511 | 3,316,204 | 3,323,514 | 5,239,332 | 5,252,985 | 5,257,046 | - | - |
| Reference price 2 | 1.830 | 2.120 | 1.890 | 1.800 | 1.280 | 1.220 | 1.220 | 1.220 |
| Announcement Date | 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 482.8 | 479 | 499.5 | 826.2 | 958.1 | 956.6 | 975.1 | 1,001 |
| EBITDA 1 | 332.7 | 346.1 | 349.2 | 595.1 | 829.1 | 688.3 | 701.9 | 722.5 |
| EBIT 1 | 332.6 | 345.9 | 349 | 594.2 | 828 | 683.9 | 696.4 | 715.7 |
| Operating Margin | 68.89% | 72.22% | 69.88% | 71.93% | 86.43% | 71.5% | 71.42% | 71.5% |
| Earnings before Tax (EBT) 1 | 543.1 | 68.61 | 347 | 485 | 602.6 | 438.3 | 471.6 | 494 |
| Net income 1 | 543.1 | 68.61 | 347 | 482.6 | 577.9 | 433.5 | 448.5 | 478.3 |
| Net margin | 112.48% | 14.32% | 69.48% | 58.41% | 60.32% | 45.32% | 46% | 47.78% |
| EPS 2 | 0.1774 | 0.0207 | 0.1045 | 0.1045 | 0.1102 | 0.0816 | 0.0877 | 0.0966 |
| Free Cash Flow 1 | 353.1 | 355.4 | 363.6 | 604.8 | - | 750.7 | 759.8 | 815 |
| FCF margin | 73.14% | 74.19% | 72.79% | 73.21% | - | 78.47% | 77.92% | 81.42% |
| FCF Conversion (EBITDA) | 106.15% | 102.69% | 104.13% | 101.64% | - | 109.06% | 108.24% | 112.8% |
| FCF Conversion (Net income) | 65.02% | 517.96% | 104.77% | 125.33% | - | 173.15% | 169.4% | 170.4% |
| Dividend per Share 2 | 0.0800 | 0.0949 | 0.0953 | 0.0961 | - | 0.0857 | 0.0894 | 0.0918 |
| Announcement Date | 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,942 | 2,837 | 2,880 | 6,568 | - | 6,451 | 6,466 | 6,460 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 8.844 x | 8.198 x | 8.249 x | 11.04 x | - | 9.371 x | 9.212 x | 8.942 x |
| Free Cash Flow 1 | 353 | 355 | 364 | 605 | - | 751 | 760 | 815 |
| ROE (net income / shareholders' equity) | 5.07% | 4.54% | 6.03% | 6.32% | - | 4.67% | 4.8% | 4.97% |
| ROA (Net income/ Total Assets) | 3.87% | 2.91% | 3.87% | 3.74% | - | 2.61% | 2.67% | 2.84% |
| Assets 1 | 14,039 | 2,360 | 8,968 | 12,907 | - | 16,627 | 16,780 | 16,855 |
| Book Value Per Share 2 | 1.750 | 1.720 | 1.740 | 1.760 | - | 1.760 | 1.770 | 1.780 |
| Cash Flow per Share 2 | 0.1200 | 0.1100 | 0.1100 | 0.1300 | - | 0.1300 | 0.1300 | 0.1400 |
| Capex 1 | 17.3 | 14.4 | 18.7 | 43.6 | - | 31.2 | 34.2 | 37.5 |
| Capex / Sales | 3.58% | 3.01% | 3.75% | 5.27% | - | 3.26% | 3.5% | 3.74% |
| Announcement Date | 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
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
1.22
SGD
Average target price
1.507
SGD
Spread / Average Target
+23.50%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -7.42% | 46.29B | |
| -7.98% | 20.4B | |
| +1.58% | 15.6B | |
| +13.39% | 11.46B | |
| -3.88% | 9.93B | |
| -2.39% | 8.34B | |
| -15.84% | 8.31B | |
| +3.89% | 7.94B | |
| -7.23% | 5.41B |
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