Financials Mapletree Pan Asia Commercial Trust

Equities

Market Closed - Singapore S.E. Other stock markets 05:04:30 2025-06-20 am EDT			5-day change	1st Jan Change
1.220 ^SGD	-0.81%		+1.67%	+0.83%

May. 23	Mapletree Pan Asia Commercial Trust Enters Into Facility Agreement With Unit For S$150 Million	RE
May. 19	Macquarie Downgrades Mapletree Pan Asia Commercial Trust to Neutral From Outperform; Price Target is SG$1.10	MT

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	479	499.5	826.2	958.1	908.8	892.5	912.3	925.1
Change	-	4.28%	65.41%	15.97%	-5.14%	-1.8%	2.22%	1.4%
EBITDA ¹	346.1	349.2	595.1	829.1	633.9	654.2	664.5	682.3
Change	-	0.9%	70.42%	39.33%	-23.54%	3.19%	1.59%	2.67%
EBIT ¹	345.9	349	594.2	828	633.3	648.9	656.9	664.8
Change	-	0.9%	70.26%	39.34%	-23.52%	2.46%	1.24%	1.2%
Interest Paid ¹	-76.09	-72.29	-163.7	-228	-220.4	-214.6	-213	-211
Earnings before Tax (EBT) ¹	68.61	347	485	602.6	581.2	425.1	434.4	451.7
Change	-	405.8%	39.77%	24.23%	-3.55%	-26.85%	2.17%	3.98%
Net income ¹	68.61	347	482.6	577.9	584.2	415.8	427.4	450.5
Change	-	405.81%	39.07%	19.76%	1.08%	-28.83%	2.79%	5.41%
Announcement Date	4/27/21	4/20/22	4/27/23	4/23/24	4/25/25	-	-	-

¹SGD in Million

Estimates

Fiscal Period: March	2021 Q1	2023 Q3	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	100.3	-	237.1	240.2	241.6	239.2	236.7	225.6	223.7	222.9	224.2	224.2	224.2	224.2
Change	-	-	-	1.28%	0.59%	-0.98%	-1.07%	-4.66%	-0.86%	-0.35%	0.58%	0%	0%	0%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	171.3	169.6	314.8	166	155.2	154.9	157.2	156.7	156.7	156.7	156.7
Change	-	-	-	-	-0.98%	85.62%	-47.27%	-6.48%	-0.22%	1.48%	-0.33%	0%	0%	0%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	110.9	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	7/27/20	1/31/23	7/31/23	10/26/23	1/29/24	4/23/24	7/30/24	10/24/24	1/23/25	4/25/25	-	-	-	-

¹SGD in Million

Estimates

Fiscal Period: March	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2
Net sales ¹	260.3	243.7	255.8	353.2	233.3
Change	-	-6.38%	4.94%	38.09%	-33.95%
EBITDA	-	-	-	-	-
Change	-	-	-	-	-
EBIT ¹	-	170.1	178.9	263	331.2
Change	-	-	5.19%	47%	25.92%
Charge d'intérêts	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Change	-	-	-	-	-
Net income	-	-	-	-	-
Change	-	-	-	-	-
Announcement Date	4/27/21	10/27/21	4/20/22	10/27/22	4/27/23

¹SGD in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	2,837	2,880	6,568	6,493	5,826	5,873	5,934	5,965
Change	-	1.52%	128.06%	-1.14%	-10.27%	0.81%	1.04%	0.52%
Announcement Date	4/27/21	4/20/22	4/27/23	4/23/24	4/25/25	-	-	-

¹SGD in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	14.42	18.73	43.58	65.12	57.8	33.66	36	32.89
Change	-	29.89%	132.73%	49.41%	-11.23%	-41.77%	6.96%	-8.66%
Free Cash Flow (FCF) ¹	355.4	363.6	604.8	724.7	576.2	645.5	700	735.6
Change	-	2.32%	66.36%	19.82%	-20.49%	12.01%	8.45%	5.09%
Announcement Date	4/27/21	4/20/22	4/27/23	4/23/24	4/25/25	-	-	-

¹SGD in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	72.25%	69.91%	72.03%	86.54%	69.75%	73.3%	72.84%	73.75%
EBIT Margin (%)	72.22%	69.88%	71.93%	86.43%	69.68%	72.7%	72.01%	71.86%
EBT Margin (%)	14.32%	69.48%	58.71%	62.89%	63.95%	47.64%	47.61%	48.82%
Net margin (%)	14.32%	69.48%	58.41%	60.32%	64.28%	46.59%	46.85%	48.7%
FCF margin (%)	74.19%	72.79%	73.21%	75.64%	63.4%	72.32%	76.73%	79.51%
FCF / Net Income (%)	517.96%	104.77%	125.33%	125.4%	98.64%	155.24%	163.79%	163.28%
Profitability
ROA	2.91%	3.87%	3.74%	3.45%	3.56%	2.64%	2.7%	2.86%
ROE	4.54%	6.03%	6.32%	6.11%	6.13%	4.38%	4.49%	4.63%
Financial Health
Leverage (Debt/EBITDA)	8.2x	8.25x	11.04x	7.83x	9.19x	8.98x	8.93x	8.74x
Debt / Free cash flow	7.98x	7.92x	10.86x	8.96x	10.11x	9.1x	8.48x	8.11x
Capital Intensity
CAPEX / Current Assets (%)	3.01%	3.75%	5.27%	6.8%	6.36%	3.77%	3.95%	3.56%
CAPEX / EBITDA (%)	4.17%	5.36%	7.32%	7.85%	9.12%	5.15%	5.42%	4.82%
CAPEX / FCF (%)	4.06%	5.15%	7.21%	8.99%	10.03%	5.22%	5.14%	4.47%
Items per share
Cash flow per share ¹	0.1073	0.1095	0.1311	0.1382	0.1205	0.1178	0.1194	0.1226
Change	-	2.04%	19.76%	5.39%	-12.81%	-2.23%	1.37%	2.65%
Dividend per Share ¹	0.0949	0.0953	0.0961	0.0891	0.0802	0.0791	0.0818	0.0836
Change	-	0.42%	0.84%	-7.28%	-9.99%	-1.35%	3.41%	2.2%
Book Value Per Share ¹	1.72	1.74	1.76	1.75	1.78	1.797	1.787	1.788
Change	-	1.16%	1.15%	-0.57%	1.71%	0.96%	-0.55%	0.05%
EPS ¹	0.0207	0.1045	0.1045	0.1102	0.111	0.0772	0.0759	0.0807
Change	-	404.83%	0%	5.45%	0.73%	-30.44%	-1.71%	6.31%
Nbr of stocks (in thousands)	3,316,204	3,323,514	5,239,332	5,252,985	5,267,580	5,271,107	5,271,107	5,271,107
Announcement Date	4/27/21	4/20/22	4/27/23	4/23/24	4/25/25	-	-	-