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

Previous report by Maybank:
2025-01-26 Mapletree Pan Asia Commercial Trust - Overseas Headwinds Linger.

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