Mapletree Pan Asia Commercial Trust - UOB Kay Hian 2023-11-29: A Tale Of Two Malls

• VivoCity and Festival Walk are Mapletree Pan Asia Commercial Trust (MPACT, SGX:N2IU)’s core retail assets. While VivoCity has benefitted from the return of tourists, Festival Walk has not.
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• Mapletree Pan Asia Commercial Trust provides stability from geographical diversification. MPACT's share price trades at FY25 distribution yield of 6.3% and P/NAV of 0.79x.

VivoCity: Gaining from strength to strength with continual enhancements.

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• VivoCity is the gateway to Sentosa and shopper traffic has increased 14.4% y-o-y, supported by the return of tourists, which accounted for 25% of pre-pandemic footfall.
• Tenant sales increased 4.3% y-o-y in 2QFY24 and was 13% above pre-pandemic levels. Tenant retention is healthy at 81.4%.
• Mapletree Pan Asia Commercial Trust has completed reconfiguration for 80,000sf of retail space at VivoCity’s level 1, including a new 56,000sf retail zone with an enhanced beauty and fragrance cluster and a rejuvenated TANGS store, in May 23. It has initiated reconfiguration of the food & beverage cluster at level 1 from three to four units, and added an indoor refreshment area. This latest enhancement is expected to be completed by Dec 23.

Festival Walk: Muted recovery.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-11-29 SGinvestors.io

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