- Mapletree Pan Asia Commercial Trust (SGX:N2IU) reported 3QFY24 DPU of S$2.2 cents, -1.8% q-o-q/-9.1% y-o-y. 9-month DPU of S$6.62 cents came in at 76.5% of our full year estimate.
Steady operations offset by financing challenges
- - Read this at SGinvestors.io -
- Currency swaps capped funding cost. We raise our estimates factoring in lower funding cost and a lower discount rate.
Steady operational performance
- Mapletree Pan Asia Commercial Trust's 3QFY24 revenue and NPI of S$241.6m and S$182.4m rose 0.8% and 1.7% y-o-y, respectively. Sequentially, revenue and NPI was up 0.6% and down 0.4%, respectively.
- - Read this at SGinvestors.io -
- Portfolio occupancy rose 40bps q-o-q to 96.7% with higher committed occupancy across all assets. Portfolio rent reversion was +4.1% led by Singapore (MBC +6.7%, Vivo +14.2%) while Greater China (Festival Walk -8.1%) and Japan (-0.4%) partially mitigated the rise.
- Rents are stabilizing for Festival Walk with lower negative reversions. Tenant sales in 3Q in VivoCity and Festival Walk declined y-o-y. Mgmt. attributed this to overseas travel by shoppers.
Strategic currency swaps cap funding cost
- 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://maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-01-30
Read also Maybank's most recent report:
2024-04-24 Mapletree Pan Asia Commercial Trust - Stabilizing Distribution Despite Higher Funding Cost.
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
