Mapletree Pan Asia Commercial Trust - UOB Kay Hian 2024-02-14: Singapore Leading The Charge

• Mapletree Pan Asia Commercial Trust’s Singapore portfolio, including VivoCity, MBC, mTower, Mapletree Anson and BOAHF, has grown from strength to strength. Overseas properties have not fared as well, with management cautioning weakness for business park property Sandhill Plaza in Shanghai, China.
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MPACT's 3QFY24 Results

• Mapletree Pan Asia Commercial Trust (MPACT, SGX:N2IU) reported DPU of 2.20 cents for 3QFY24 (-9.1% y-o-y), which is slightly below our expectations. See Mapletree Pan Asia Commercial Trust's distribution dates.
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Maintains stable NPI despite weakness in JPY and CNH.

• Revenue and NPI increased 0.8% and 1.7% y-o-y respectively in 3QFY24. Singapore properties generated strong performance but contributions from overseas properties were weighted down by weakness in JPY (-9.5% y-o-y) and CNH (-3.6% y-o-y) against S$.
• Mapletree Pan Asia Commercial Trust's portfolio occupancy rose 0.4ppt q-o-q to 96.7%. NPI margin improved 0.7ppt y-o-y to 75.5% despite an increase in cost of utilities by 6.8% y-o-y. Finance costs increased 14.1% y-o-y.

Singapore: Broad-based growth across retail and office properties.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-02-14 SGinvestors.io

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