Mapletree Pan Asia Commercial Trust - OCBC Investment 2023-08-02: Softer Than Expected Start To FY24

• Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s 1QFY24 gross revenue jumped 75.6% y-o-y to S$237.1m due to contribution from overseas properties acquired through the merger.
• Net property income (NPI) grew at a smaller magnitude of 68.0% y-o-y to S$179.2m given a significant jump in utility expenses.
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Portfolio committed occupancy increased to 95.7% with overall portfolio rental reversions of +2.4%in 1QFY24

• Mapletree Pan Asia Commercial Trust’s overall portfolio committed occupancy inched up 0.3 ppt q-o-q to 95.7%, with improvements recorded across its Singapore and China properties, but partially offset by slight 0.2 ppt q-o-q declines in Japan and South Korea.
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• Negative rental reversions were also registered at Mapletree Pan Asia Commercial Trust’s China assets (-3.6%), but were positive across its other assets. Overall rental reversions were +2.4% for its portfolio in 1QFY24.
• In Singapore, VivoCity continued its solid performance. Shopper traffic jumped 20.9% y-o-y to 11.0m, while tenants’ sales grew 3.7% y-o-y to S$257.7m and exceeded pre-COVID levels impressively by more than 20%.

Aggregate leverage ratio declined slightly to 40.7% with 74.2% of borrowings hedged

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OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-08-02 SGinvestors.io

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