Mapletree Pan Asia Commercial Trust (N2IU) Stock Price, Fundamentals & Analysis

What N2IU does

Mapletree Pan Asia Commercial Trust (N2IU) is a real estate investment trust (REIT) listed on the Singapore Exchange that invests in income-producing office and retail properties across key gateway markets in Asia. The portfolio spans 15 commercial properties in Singapore, Hong Kong, China, Japan, and South Korea, with a total lettable area of 10.2 million square feet independently valued at S$15.2 billion. Incorporated in 2005 in Singapore, the trust was originally listed as Mapletree Commercial Trust and was renamed following a merger with Mapletree North Asia Commercial Trust on 3 August 2022. As a Singapore-domiciled REIT, N2IU is a peer to CapitaLand Integrated Commercial Trust (C38U) and CapitaLand Ascendas REIT (A17U), and it trades alongside other major Singapore property names such as City Developments Limited (C09) and UOL Group (U14).

Key numbers explained

• Price (1.22 SGD): the most recent trading price on the Singapore Exchange.
• Trailing P/E ratio (24.4): a P/E ratio that compares the current share price to the last 12 months of earnings; a higher number can indicate the market expects future growth.
• Forward P/E ratio (15.5): uses expected earnings rather than past earnings, which can make the valuation look lower if earnings are forecast to rise.
• Dividend yield (6.49%): a dividend yield showing the annual dividend as a percentage of the current share price; higher yields can reflect a mature, income-focused business.
• Share of earnings paid out as dividends (166%): the trust distributes more than it earns in the period, often funded by reserves or other sources.
• Beta (0.55): a measure of volatility relative to the market; a beta below 1 suggests the stock tends to move less than the broader market.
• Price-to-book (0.7): compares the share price to the trust's net asset value per share; a figure below 1 can indicate the market values the assets below their book value.
• Operating margin (69.1%): shows how much of each dollar of revenue remains after operating expenses, reflecting the trust's core operating efficiency.

What to watch

• Interest rates: REITs like N2IU can be sensitive to interest rate changes because borrowing costs affect property valuations and distributions.
• Occupancy and rental rates: the trust's income depends on leasing activity across its 15 properties in five Asian gateway markets.
• Currency movements: since the portfolio spans multiple countries, foreign exchange fluctuations can affect reported earnings and distributions.
• Regulatory environment: changes in property-related tax or REIT regulations in Singapore or the other markets can influence the trust's structure and returns.
• Earnings releases: the next scheduled report is on 22 oct. 2026, which can provide updated insight into the portfolio's performance.