- 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 4 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
