Mapletree Pan Asia Commercial Trust - Maybank Research 2023-02-10: Executing On Growth Plans; Downgrade To HOLD

• Transfer coverage on Mapletree Pan Asia Commercial Trust (SGX:N2IU) to Krishna Guha and downgrade to HOLD with a downside of 5% to our DDM-based S$1.65 target price.
• Mapletree Pan Asia Commercial Trust has scale and diversity and potential growth opportunities from capital recycling. That said, it ceases to be a Singapore pure play and brings along execution and FX risk. Higher income contribution from retail assets may be offset from mixed outcome from other properties.
• - Read this at SGinvestors.io -

VivoCity and Festival Walk to anchor growth

• - Read this at SGinvestors.io -
• While rental reversion for Festival Walk was negative at -11.5%, this was before China re-opened its borders. We expect Festival Walk and Vivo to benefit from the reopening.

Eye on tech and China exposure

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-10-24 Mapletree Pan Asia Commercial Trust - Stabilising Distribution.

Previous report by Maybank:
2025-04-30 Mapletree Pan Asia Commercial Trust - Finding A Floor For Falling Distribution..

Price targets by other brokers at Mapletree Pan Asia Commercial Trust Target Prices.

Listing of research reports at Mapletree Pan Asia Commercial Trust Analyst Reports.

Relevant links:
Mapletree Pan Asia Commercial Trust Share Price History,
Mapletree Pan Asia Commercial Trust Announcements,
Mapletree Pan Asia Commercial Trust Dividend Payout Dates & Corporate Actions,
Mapletree Pan Asia Commercial Trust News