- Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s 1HFY24 DPU fell 11% y-o-y to 4.42 cents post the merger which completed in Jul22, in line with our estimates. On q-o-q basis, 2QFY24 DPU grew 3% to 2.24 cents led by higher revenue (+1% q-o-q) and NPI (+2% q-o-q).
Singapore assets growing strong while overseas assets are stable
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- Gearing was stable at 40.7% but average cost of debt rose to 3.34% vs 3.17% in 1QFY24, within expectations.
Small interest savings from swapping HKD loan into CNH.
- During the quarter, management optimized its debt mix by swapping a portion of HKD loans into CNH (~S$440m) to
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- raise its hedged ratio to 79.9% vs 74.2%;
- benefit from interest rates savings of ~2%.
- Management may do more of such swaps if market rates are favourable.
Portfolio occupancy inched up with VivoCity and Festival Walk almost at full occupancy;
- Mapletree Pan Asia Commercial Trust's portfolio occupancy inched up by 0.6ppt to 96.3%. All assets saw better occupancy except Korea. Both VivoCity and Festival Walk saw almost 100% occupancy.
- Backfilled ~35% to 40% of Unilever’s space and in discussions with prospective tenants for another 45% to 50% of the space.
Google likely to renew lease expiring in May24 but returning some space.
- Read more at SGinvestors.io.
