Mapletree Pan Asia Commercial Trust - OCBC Investment 2022-10-31: Some Encouraging Signs Post-Merger

• Mapletree Pan Asia Commercial Trust's 1HFY23 (Apr to Sep 2022) distribution per unit (DPU) rose 12.5% y-o-y to S$0.0494.
• Portfolio committed occupancy of 96.9%; slight positive portfolio rental reversions of 1.1%.
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MPACT's 1HFY23 results in-line with our expectations

• Mapletree Pan Asia Commercial Trust (SGX:N2IU) reported its maiden results following its merger with Mapletree North Asia Commercial Trust which was completed on 21 Jul 2022. 1HFY23 gross revenue and net property income (NPI) both jumped 44.9% y-o-y to S$353.2m and S$275.2m, respectively. This was driven largely by the consolidation of income from Mapletree North Asia Commercial Trust’s properties, coupled with improved contribution from VivoCity and Mapletree Business City.
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• Mapletree Pan Asia Commercial Trust said that it will revert back to quarterly distributions (currently semi-annual) with effect from 3QFY23.

Portfolio committed occupancy declined slightly to 96.9%; positive rental reversions of 1.1%

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OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2022-10-31 SGinvestors.io

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