Mapletree Pan Asia Commercial Trust - DBS Research 2022-10-31: Awaiting More To Come

• Mapletree Pan Asia Commercial Trust (SGX:N2IU)'s 1HFY22/23 (Apr to Sep 2022) DPU grew 13% y-o-y to 4.94 cents, in line with our estimates, mainly due to the recent merger with Mapletree North Asia Commercial Trust (consolidation of approximately one quarter’s results from Mapletree North Asia Commercial Trust in 2QFY22/23). See Mapletree Pan Asia Commercial Trust's Announcement dated 27 Oct 2022.
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• In 2QFY22/23, Singapore portfolio continued to hold up well with NPI +0.4% q-o-q, led by MBC (+1.1% q-o-q), while the overseas market saw NPI decline by 24% q-o-q where all properties saw declining NPI.
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• Average cost of debt moderated by 0.1ppt q-o-q to 2.44% from 2.53% in 1Q FY22/23, post merger. Hedging ratio at 72.5% vs 78.6% in 1Q FY22/23.
• NAV post merger stood stable at S$1.81.
• Mapletree Pan Asia Commercial Trust will be adopting a quarterly reporting framework with quarterly distributions from 3Q FY22/23 onwards.

Portfolio occupancy stable q-o-q with some weakness from China properties; major leases (BOFA, BMW, Arup) renewed ahead of expiries

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Rachel TAN DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2022-10-31 SGinvestors.io

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