Mapletree Pan Asia Commercial Trust - CGS-CIMB Research 2023-10-27: Valuations Turning Attractive

Mapletree Pan Asia Commercial Trust - Valuations Turning Attractive

Published:
Mapletree Pan Asia Commercial Trust (SGX:N2IU) | SGinvestors.ioMapletree Pan Asia Commercial Trust (SGX:N2IU)
  • Mapletree Pan Asia Commercial Trust (SGX:N2IU)'s 2QFY24 NPI grew 8.7% y-o-y to S$183.2m, with a healthy 76.3% NPI margin, driven by higher NPI from the Singapore portfolio (+4.5% y-o-y, offsetting increase in utility costs) and full quarter contributions from the overseas properties acquired through the merger (vs 71 days in 2QFY23).
  • - Read this at SGinvestors.io -

Singapore portfolio offsetting weaker overseas contribution

  • 1HFY24 reversions averaged 3.2%, with VivoCity achieving reversions of +14.2%, mainly due to leases signed during the pandemic, while Mapletree Business City (MBC) and the Singapore office assets posted +7.1% and +9.0% reversions, respectively.
  • - Read this at SGinvestors.io -
  • Given the weaker Shanghai and Beijing office markets, the management’s leasing strategy favours occupancy over rents. Meanwhile, reversions at Pinnacle Gangnam came in at +45.5%.

5- to 7-month runway to re-lease non-renewals/downsizing

  • Read more at SGinvestors.io.




Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.




Natalie ONG CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2023-10-27



Read also CGS-CIMB's most recent report:
2024-01-29 Mapletree Pan Asia Commercial Trust - Better Operationally; FX, Interest Costs Bite.

Price targets by 2 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 Dividends & Corporate Actions,
Mapletree Pan Asia Commercial Trust News Articles





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