Mapletree Pan Asia Commercial Trust - OCBC Investment 2023-10-30: Weaker DPU Growth But Not Unexpected

Mapletree Pan Asia Commercial Trust - Weaker DPU Growth But Not Unexpected

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Mapletree Pan Asia Commercial Trust (SGX:N2IU) | SGinvestors.ioMapletree Pan Asia Commercial Trust (SGX:N2IU)
  • Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s 2QFY24 (Jul to Sep 2023) gross revenue and net property income (NPI) rose 10.1% and 8.7% y-o-y to S$240.2m and S$183.2m due to a full quarter contribution from the assets acquired through the merger.

MPACT's 2QFY24 DPU dipped 8.2% y-o-y but met our expectations

  • - Read this at SGinvestors.io -
  • 1HFY24 showed similar trends, with NPI up 31.7% y-o-y to S$362.4m but DPU down 10.5% y-o-y to S$0.0442. This was in-line with our expectations, as 1HFY24 DPU accounted for 49.9% of our FY24 forecast. See. Mapletree Pan Asia Commercial Trust's dividend dates.

Sequentially higher portfolio committed occupancy of 96.3%

  • - Read this at SGinvestors.io -
  • We were pleasantly surprised to see its China properties record a higher committed occupancy of 88.9% (was 87.3% as at 30 Jun 2023) given the soft macroeconomic and industry conditions.

Singapore assets anchoring overall portfolio rental reversions of +3.2%

  • Read more at SGinvestors.io.




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




OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-10-30



Read also OCBC's most recent report:
2024-01-31 Mapletree Pan Asia Commercial Trust - Steady Improvement In Recovery Efforts.

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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