Mapletree Pan Asia Commercial Trust - Maybank Research 2023-10-30: Weak Performance; Downgrade To HOLD

Mapletree Pan Asia Commercial Trust - Weak Performance; Downgrade To HOLD

Published:
Mapletree Pan Asia Commercial Trust (SGX:N2IU) | SGinvestors.ioMapletree Pan Asia Commercial Trust (SGX:N2IU)

Headwinds from overseas assets & debt cost

Steady performance of local assets

  • Mapletree Pan Asia Commercial Trust's 2QFY24 gross revenue of S$240.2m was up 1.3% q-o-q, 10.1% y-o-y. NPI of S$183.2m was +2.2% q-o-q, +8.7% y-o-y. Excluding contribution of overseas properties (acquired in 2Q last year), gross revenue and NPI rose 5.3% y-o-y and 4.5% y-o-y respectively.
  • Contribution from China and Japan declined q-o-q and y-o-y due to negative reversions and adverse FX impact.
  • Festival Walk revenue and NPI for 2QFY24 grew 3.4% and 2.1%, respectively, due to higher ancillary income.
  • Higher borrowing cost through the year and increased number of units lowered 2QFY24 DPU y-o-y.

Debt and FX headwinds

  • Read more at SGinvestors.io.




Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.




Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2023-10-30



Read also Maybank's most recent report:
2024-08-05 Mapletree Pan Asia Commercial Trust - Driving Resilience; 1QFY25 In Line.

Previous report by Maybank:
2024-06-03 Mapletree Pan Asia Commercial Trust - Divesting Singapore Office To De-gear.

Price targets by 3 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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