Mapletree Pan Asia Commercial Trust (N2IU) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Mapletree Pan Asia Commercial Trust S$1.26, price S$1.19, upside +5.9%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range 1.03 SGD – 1.62 SGD · fair‑value band 0.6300 SGD – 1.77 SGD · the 1.19 SGD price screens below the 1.26 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Mapletree Pan Asia Commercial Trust is a real estate investment trust positioned to be the proxy to key gateway markets of Asia.
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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.
Stock analysis
Mapletree Pan Asia Commercial Trust (N2IU) currently trades at 1.19 SGD, while our model-based Fair Value estimate is 1.26 SGD, so the stock looks roughly fairly valued today (gap 5.6%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of 1.33 SGD per share, and 5 of the 13 models we run sit above the 1.19 SGD price.
Bear case: the Multiples group reads lowest at 0.8400 SGD, and 8 of the 13 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.6300 SGD (bear) to 1.77 SGD (bull), the price of 1.19 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap 6.3B SGD (≈ $4.9B) · P/E ratio 23.8 · P/S ratio 7.70 · EPS (TTM) 0.0500 SGD · Dividend yield 6.6% · Net margin 32.3% · Return on equity 2.7% · Return on assets (EBIT) 3.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −1% fair-value upside, at 6%, N2IU screens cheaper than that median.
Fair Value models
Bear 0.6300 SGDFair Value 1.26 SGDBull 1.77 SGD
Price 1.19 SGD · Upside +5.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.0%
Start year 2021 (pandemic). Over 10 years: +10.9% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+8.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.8%
Dividend (yield on the price)6.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−13.9% vs −7.8%, slowing
Profit margin 2020 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.113% → 75%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +4.0% a year for the price and +0.2% for the forecasts.
Compare Mapletree Pan Asia Commercial Trust with another stock
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Peer Groupⓘ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.REIT - Office · 71 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+5.9% · Above median
Profitability
Return on equity (TTM)2.7% · Above median
Return on assets2.4% · Above median
Net margin (TTM)29.4% · Above median
Operating margin (TTM)69.1% · Top 25%
Growth and dividend
Revenue growth−5.8% · Below median
Dividend yield (TTM)6.6% · Above median
Balance sheet
Debt / equity0.54× · Below median
Valuation Multiplesvs REIT - Office median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Mapletree Pan Asia Commercial Trust Fair Value". https://www.fairvalue-calculator.com/stock/N2IU
Frequently asked questions
Is Mapletree Pan Asia Commercial Trust (N2IU) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 1.26 SGD versus a price of 1.19 SGD, about +6% upside (fairly valued).
What is the fair value of N2IU?
Our model-based fair value for Mapletree Pan Asia Commercial Trust is 1.26 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 1.19 SGD.
What is the quality score of N2IU?
Mapletree Pan Asia Commercial Trust has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mapletree Pan Asia Commercial Trust (N2IU)?
Our model-based price target is the fair value of 1.26 SGD (as of Sep 27, 2026) from 13 valuation models. Cautious scenario 0.6300 SGD, optimistic scenario 1.77 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Mapletree Pan Asia Commercial Trust stock forecast for 2026?
Our models put fair value at 1.26 SGD, about +6% upside versus a price of 1.19 SGD (fairly valued). Cautious scenario 0.6300 SGD, optimistic scenario 1.77 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Mapletree Pan Asia Commercial Trust (N2IU)?
Mapletree Pan Asia Commercial Trust reported trailing-twelve-month revenue of about 865M SGD (latest available figure, as of Sep 27, 2026).
Does Mapletree Pan Asia Commercial Trust pay a dividend?
Mapletree Pan Asia Commercial Trust currently shows a dividend yield of about 6.64% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Mapletree Pan Asia Commercial Trust (N2IU)?
For today's price to be fair in a discounted-cash-flow model, Mapletree Pan Asia Commercial Trust would have to grow free cash flow by +6.2 % per year for five years (discount rate 8.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of N2IU use?
Our models discount Mapletree Pan Asia Commercial Trust at 8.4 %: a base by market capitalisation (mid), damped by beta 0.55, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mapletree Pan Asia Commercial Trust that is +6.2 % per year a year over ten years, using the same discount rate (8.4 %) and the same formula as our fair value.
How much growth has Mapletree Pan Asia Commercial Trust (N2IU) delivered so far?
Over the past 5 years revenue at Mapletree Pan Asia Commercial Trust grew +11.0 % a year. The price currently implies +6.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mapletree Pan Asia Commercial Trust (N2IU) growing?
The median revenue growth in the sector is +2.2 % a year. That is the yardstick for the growth priced into Mapletree Pan Asia Commercial Trust (+6.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mapletree Pan Asia Commercial Trust (N2IU)?
The free-cash-flow yield on the price is 9.31 %: that much free cash flow Mapletree Pan Asia Commercial Trust produces per unit of market value. When it exceeds the discount rate of our models (8.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mapletree Pan Asia Commercial Trust (N2IU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mapletree Pan Asia Commercial Trust it is 1.26 SGD per share (as of Sep 27, 2026), against a price of 1.19 SGD. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Mapletree Pan Asia Commercial Trust stock overvalued or undervalued in 2026?
As of Sep 27, 2026, N2IU trades below its calculated fair value: price 1.19 SGD, fair value 1.26 SGD, a gap of about +6% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of N2IU?
No. The price is what the market pays today (1.19 SGD); the fair value is what the company's own numbers justify (1.26 SGD). For Mapletree Pan Asia Commercial Trust the two are 0.0700 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Mapletree Pan Asia Commercial Trust worth?
The market values Mapletree Pan Asia Commercial Trust at about 6.3B SGD (market capitalisation, as of Sep 27, 2026). Per share that is 1.19 SGD; our models calculate a fair value of 1.26 SGD per share.
What do the bullish and bearish scenarios say about N2IU?
Our models span a range for Mapletree Pan Asia Commercial Trust: cautious scenario 0.6300 SGD, base 1.26 SGD, optimistic 1.77 SGD per share (as of Sep 27, 2026, price 1.19 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of N2IU?
Mapletree Pan Asia Commercial Trust trades at a price-to-earnings ratio of 23.8 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.26 SGD is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings: 12.2. Other multiples: PEG 3.1, P/B 0.7, P/S 7.3, EV/EBITDA 18.4.
What is the PEG ratio of N2IU?
The PEG ratio of Mapletree Pan Asia Commercial Trust is 3.11 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Mapletree Pan Asia Commercial Trust (N2IU)?
Balance-sheet figures for Mapletree Pan Asia Commercial Trust (as of Sep 27, 2026): return on equity 2.7%, debt of 0.54 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is N2IU from its 52-week high?
Mapletree Pan Asia Commercial Trust trades at 1.19 SGD, about 16% below its 52-week high of 1.42 SGD and at the low of 1.19 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 1.26 SGD is for.
Which stocks are comparable to Mapletree Pan Asia Commercial Trust?
From the same area (Real Estate) we also value BXP, Inc, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, MERLIN Properties SOCIMI, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mapletree Pan Asia Commercial Trust stock attractive at the current price?
The data as of Sep 27, 2026: price 1.19 SGD, calculated fair value 1.26 SGD (+6%), Quality Score 69/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of N2IU calculated?
We run Mapletree Pan Asia Commercial Trust through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1.26 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Mapletree Pan Asia Commercial Trust currently trades 6 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mapletree Pan Asia Commercial Trust (N2IU)?
The closing price on Oct 2, 2026 was 1.19 SGD. Our model-based fair value is 1.26 SGD, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mapletree Pan Asia Commercial Trust right now?
The model range is unusually wide (0.6300 SGD to 1.77 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Mapletree Pan Asia Commercial Trust
How large is the market capitalisation of Mapletree Pan Asia Commercial Trust (N2IU)?
The market capitalisation of Mapletree Pan Asia Commercial Trust is 6.3B SGD (≈ $4.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mapletree Pan Asia Commercial Trust (N2IU)?
The price-to-sales ratio of Mapletree Pan Asia Commercial Trust is 7.70 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mapletree Pan Asia Commercial Trust (N2IU)?
Earnings per share at Mapletree Pan Asia Commercial Trust are 0.0500 SGD (price ÷ EPS = P/E 23.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mapletree Pan Asia Commercial Trust (N2IU)?
The dividend yield of Mapletree Pan Asia Commercial Trust is 6.6% (payout 158%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mapletree Pan Asia Commercial Trust (N2IU)?
The net margin of Mapletree Pan Asia Commercial Trust is 32.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mapletree Pan Asia Commercial Trust (N2IU)?
The return on equity (ROE) of Mapletree Pan Asia Commercial Trust is 2.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mapletree Pan Asia Commercial Trust (N2IU)?
On an EBIT basis the return on assets of Mapletree Pan Asia Commercial Trust is 3.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mapletree Pan Asia Commercial Trust (N2IU)?
The operating margin of Mapletree Pan Asia Commercial Trust is 69.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mapletree Pan Asia Commercial Trust (N2IU)?
Revenue at Mapletree Pan Asia Commercial Trust is growing −5.8% versus a year earlier (3y avg +1.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mapletree Pan Asia Commercial Trust (N2IU)?
Earnings per share at Mapletree Pan Asia Commercial Trust are growing −11.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mapletree Pan Asia Commercial Trust (N2IU) carry?
The net debt of Mapletree Pan Asia Commercial Trust is 5.4B SGD (fiscal year 2026, ≈ 9.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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