Mapletree Pan Asia Commercial Trust - Maybank Research 2023-05-02: Negatives Priced In; Upgrade To BUY

• Mapletree Pan Asia Commercial Trust (SGX:N2IU) reported 4Q DPU of S$0.0225; flat y-o-y on an adjusted basis, -7% q-o-q. Occupancy was down about a single percentage point while reversion slowed y-o-y. Funding cost rose both on the year and sequentially, and is expected to rise further.
• - Read this at SGinvestors.io -

Growth led by merger

• - Read this at SGinvestors.io -
• All in, distributable income rose 58%, excluding the impact of release of retained cash a year ago. DPU was flat on a comparable basis as higher income was offset by expanded base of units.

Mixed operating trend

• 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