# Mapletree Pan Asia C.Regs (BI0.F)

Canonical: https://gigainvestors.com/s/BI0.F

Analysis as of: 2026-10-16T07:33:38.198Z. Financial observations: FY2020–FY2026.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 0.76 per share; close as of 2026-10-15.

Estimated value: low EUR 0.77 per share, central EUR 0.87 per share, high EUR 1.01 per share. Buy at or below the central value EUR 0.87 per share. Valuation as of 2026-10-16T07:33:38.198Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- Financial history: 7 years

- Years with a net loss: 0

- Operating margin variation: 0.01×

Chart: Operating margin; fiscal year observations.

- FY2022: 0.73×

- FY2023: 0.75×

- FY2024: 0.75×

- FY2025: 0.75×

- FY2026: 0.75×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.1%

- ROIC, second-lowest year: 3.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 3.2%

- FY2023: 3.6%

- FY2024: 4.1%

- FY2025: 4.1%

- FY2026: 4.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 2.3B

- Net income, five-year total: SGD 2.3B

- Working capital / revenue, annual change: -0.0 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 1.00×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 0.10 to 0.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 9.8%

- Diluted shares, 5-year annual growth: 9.8%

- Per-share value growth: 1.3%

- Per-share value change: SGD 0.01

- Per-share value, starting three-year median: SGD 0.10

- Per-share value, ending three-year median: SGD 0.11

- Buyback history: 0 years

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2020: SGD 0.18

- FY2021: SGD 0.02

- FY2022: SGD 0.10

- FY2023: SGD 0.10

- FY2024: SGD 0.11

- FY2025: SGD 0.11

- FY2026: SGD 0.05

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 2.68×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.24×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2022: -0.2%

- FY2023: -0.7%

- FY2024: -0.9%

- FY2025: -0.3%

- FY2026: -2.1%

## Holders

## Price story

Down 41% since Jul 2022 · sales -4.4%

Story as of 2026-10-16T09:59:56.322Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.8% a year for ten years

### Sales · FY2025–2026

sales -4.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: SGD 475M 

- FY2023: SGD 776M 

- FY2024: SGD 896M 

- FY2025: SGD 845M 

- FY2026: SGD 808M 

### Gross margin · FY2026

gross margin 67.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: 68.5% 

- FY2023: 68.5% 

- FY2024: 68.5% 

- FY2025: 67.8% 

- FY2026: 67.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are SGD 807.7 million.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2026-03-31 (filed 2026-10-16T07:33:38.198Z); FY2026: revenue 807706000; grossProfit 548287000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 67.8% to 68.5% during 2024–26; it earns 4.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2024-03-31 (filed 2026-10-16T07:33:38.198Z); FY2024: grossProfit / revenue = 68.5%.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2025-03-31 (filed 2026-10-16T07:33:38.198Z); FY2025: grossProfit / revenue = 67.8%.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2026-03-31 (filed 2026-10-16T07:33:38.198Z); FY2026: grossProfit / revenue = 67.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.198Z); 7-year return on capital observations [[2022,0.03174035051473414],[2023,0.03609310251316825],[2024,0.04078523750677127],[2025,0.040999399508945863],[2026,0.040889337420202655]]; median 0.04078523750677127. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 5 years.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2022-03-31 (filed 2026-10-16T07:33:38.198Z); FY2022: growth capex 0; upkeep 44000; cash acquisitions 453000; owner earnings 347123000. Growth capex plus acquisitions / owner earnings = 0.0013050129204921599.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2023-03-31 (filed 2026-10-16T07:33:38.198Z); FY2023: growth capex 0; upkeep 459000; cash acquisitions 0; owner earnings 482939600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2024-03-31 (filed 2026-10-16T07:33:38.198Z); FY2024: growth capex 0; upkeep 318000; owner earnings 578679000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2025-03-31 (filed 2026-10-16T07:33:38.198Z); FY2025: growth capex 0; upkeep 1059000; owner earnings 583791600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/BI0.F.json#2026-03-31 (filed 2026-10-16T07:33:38.198Z); FY2026: growth capex 0; upkeep 1014000; owner earnings 260965400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.198Z); Dividend observations: [[2022,322226000],[2023,568461000],[2024,470161000],[2025,444268000],[2026,427424000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BI0.F SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.198Z); Ten-year compound average after fade. Initial solved rate -0.024391174847550212. Price 0.7602; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2022-07: EUR 1.28 per share

- 2022-08: EUR 1.27 per share

- 2022-09: EUR 1.19 per share

- 2022-10: EUR 1.11 per share

- 2022-11: EUR 1.17 per share

- 2022-12: EUR 1.14 per share

- 2023-01: EUR 1.24 per share

- 2023-02: EUR 1.16 per share

- 2023-03: EUR 1.21 per share

- 2023-04: EUR 1.16 per share

- 2023-05: EUR 1.11 per share

- 2023-06: EUR 1.06 per share

- 2023-07: EUR 1.10 per share

- 2023-08: EUR 1.01 per share

- 2023-09: EUR 0.97 per share

- 2023-10: EUR 0.88 per share

- 2023-11: EUR 0.90 per share

- 2023-12: EUR 1.04 per share

- 2024-01: EUR 0.98 per share

- 2024-02: EUR 0.90 per share

- 2024-03: EUR 0.85 per share

- 2024-04: EUR 0.84 per share

- 2024-05: EUR 0.81 per share

- 2024-06: EUR 0.82 per share

- 2024-07: EUR 0.80 per share

- 2024-08: EUR 0.87 per share

- 2024-09: EUR 1.04 per share

- 2024-10: EUR 0.91 per share

- 2024-11: EUR 0.78 per share

- 2024-12: EUR 0.84 per share

- 2025-01: EUR 0.81 per share

- 2025-02: EUR 0.79 per share

- 2025-03: EUR 0.82 per share

- 2025-04: EUR 0.78 per share

- 2025-05: EUR 0.73 per share

- 2025-06: EUR 0.76 per share

- 2025-07: EUR 0.79 per share

- 2025-08: EUR 0.83 per share

- 2025-09: EUR 0.84 per share

- 2025-10: EUR 0.87 per share

- 2025-11: EUR 0.94 per share

- 2025-12: EUR 0.95 per share

- 2026-01: EUR 0.95 per share

- 2026-02: EUR 0.90 per share

- 2026-03: EUR 0.85 per share

- 2026-04: EUR 0.82 per share

- 2026-05: EUR 0.81 per share

- 2026-06: EUR 0.84 per share

- 2026-07: EUR 0.84 per share

- 2026-08: EUR 0.84 per share

- 2026-09: EUR 0.79 per share

- 2026-10: EUR 0.76 per share

## Annual estimated value (EUR per share)

- FY2026: low EUR 0.77 per share, central EUR 0.87 per share, high EUR 1.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:23.157Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.