Mapletree Pan Asia Commercial Trust - CGS-CIMB Research 2024-01-29: Better Operationally; FX, Interest Costs Bite

Mapletree Pan Asia Commercial Trust - Better Operationally; FX, Interest Costs Bite

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

Rental reversions: China properties and Festival Walk not as bad

  • - Read this at SGinvestors.io -
  • Healthy 9MFY24 reversions were seen at Mapletree Business City (MBC, +6.7%), the Singapore office portfolio (+7.3%) and Pinnacle Gangnam (+39.9%), although slightly weaker versus 1HFY24 reversion numbers, weighed down by slightly weaker reversion on leases signed in 3QFY24.
  • 3QFY24 reversions at VivoCity were stable q-o-q at +14.2%.

Explained: Negative tenant sales growth at VivoCity & Festival Walk

  • - Read this at SGinvestors.io -
  • Management explained that the lower tenant sales were due to the absence of sales from tenants undergoing renovations at VivoCity, as well as higher outbound travel. The commencement of trading of these tenants and the return of tourists could restore the positive sales growth trend, in our view.

9MFY24 DPU (-10% y-o-y) in line, at 76.8% of our FY3/24F

  • Read more at SGinvestors.io.




Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.




Natalie ONG CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2024-02-05



Previous report by CGS-CIMB:
2023-10-27 Mapletree Pan Asia Commercial Trust - Valuations Turning Attractive.

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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