Mapletree Pan Asia Commercial Trust (N2IU) Fair Value & Analysis
Real Estate · SG · Market cap 6.8B SGD
Fair value as of: Aug 13, 2026
From 13 valuation models · updated yesterday
Share price −4.5% over the past month.
A solid business, but screening 11% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (1.14 SGD). The favourable scenario is already priced in.
- A fairly wide model range (0.6300 SGD to 1.14 SGD) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 1.05 SGD – 1.64 SGD · fair‑value band 0.6300 SGD – 1.14 SGD · the 1.28 SGD price screens above the 1.14 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Mapletree Pan Asia Commercial Trust (N2IU) currently trades at 1.28 SGD, while our model-based Fair Value estimate is 1.14 SGD, implying the stock looks roughly 10.9% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Mapletree Pan Asia Commercial Trust generated revenue of 878M SGD at a net margin of 30.3%. Revenue declined 5.9% year over year. It earns a return on equity of 2.8%. Net debt stands at 5.4B SGD. Fundamentals as of Aug 13, 2026
Our scenario range runs from 0.6300 SGD (bear case) to 1.14 SGD (bull case); at 1.28 SGD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -24% fair-value upside, at -11%, N2IU screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: Economic Profit (1.21 SGD) versus Multiples (0.8400 SGD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 65 · Market factors (momentum, volatility) 56
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Mapletree Pan Asia Commercial Trust is a real estate investment trust positioned to be the proxy to key gateway markets of Asia.
Full company description
Mapletree Pan Asia Commercial Trust is a real estate investment trust positioned to be the proxy to key gateway markets of Asia. Listed on the Singapore Exchange Securities Limited on 27 April 2011, it made its public market debut as Mapletree Commercial Trust and was subsequently renamed MPACT on 3 August 2022 following the merger with Mapletree North Asia Commercial Trust. Its principal investment objective is to invest on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, as well as real estate-related assets, in the key gateway markets of Asia (including but not limited to Singapore, Hong Kong, China, Japan and South Korea). Mapletree Pan Asia Commercial Trust was incorporated in 2005 in Singapore.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Mapletree Pan Asia Commercial Trust reported revenue of 808M SGD in FY2026 versus 475M SGD in FY2022, a compound +14.2%/yr. Reported net income was 261M SGD in FY2026, compounding −6.8%/yr from FY2022.
N2IU screens 11% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Peer Group
REIT - Office · 71 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Office median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €5.66 | -63% |
| BXP, Inc BXP | $67.95 | $53.27 | -22% |
| Vornado Realty Trust VNORP | $51.75 | $41.59 | -20% |
| Alexandria Real Estate Equities, Inc ARE | $48.06 | $58.69 | +22% |
| Hudson Pacific Properties, Inc HPP | $14.31 | $4.28 | -70% |
| Cousins Properties Incorporated CUZ | $29.49 | $17.46 | -41% |
| Kilroy Realty Corporation KRC | $36.24 | $40.37 | +11% |
| Keppel DC REIT AJBU | 2.21 SGD | 1.68 SGD | -24% |
| DEXUS DXS | A$5.96 | A$4.49 | -25% |
| COPT Defense Properties, an S&P MidCap 400 Company CDP | $36.98 | $22.54 | -39% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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