Mapletree Pan Asia Commercial Trust - OCBC Investment 2024-01-31: Steady Improvement In Recovery Efforts

• Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s 3QFY24 gross revenue and net property income (NPI) rose 0.8% and 1.7% y-o-y to S$241.6m and S$182.4m despite an increase in utility expenses by 6.8%.
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3QFY24 DPU fell 9.1% y-o-y but was within our expectations

• See Mapletree Pan Asia Commercial Trust's distributions. DPU for the quarter fell 9.1% y-o-y to S$0.022. Besides higher finance costs, there was a boost in 3QFY23 by the release of a one-off cross currency interest rate swap gain. Excluding this, the DPU decline in 3QFY24 would have been smaller at -1.8%.
• For 9MFY24, Mapletree Pan Asia Commercial Trust’s DPU dipped 10.1% to S$0.0662 and formed 74.8% of our FY24 forecast, in line with our expectations.

Sequentially higher portfolio committed occupancy of 96.7%

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Negative rental reversions narrowed in China & Hong Kong

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

Read also OCBC's most recent report:
2026-01-30 Mapletree Pan Asia Commercial Trust - Singapore Still Holding The Fort.

Previous report by OCBC:
2025-10-23 Mapletree Pan Asia Commercial Trust - Slight Recovery In Distributions.

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 Dividend Payout Dates & Corporate Actions,
Mapletree Pan Asia Commercial Trust News