Mapletree Pan Asia Commercial Trust - DBS Research 2024-04-25: Singapore, My Superstar!

Mapletree Pan Asia Commercial Trust - Singapore, My Superstar!

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

4QFY24 DPU saw growth despite higher interest rates

  • - Read this at SGinvestors.io -
  • Operationally, Mapletree Pan Asia Commercial Trust's Singapore assets delivered stronger growth y-o-y (4Q24 NPI +6% y-o-y; +1% q-o-q) while overseas assets were partially impacted by weaker forex (4Q24 NPI - 1% y-o-y; -1% q-o-q). Overseas assets’ NPI was flattish (despite weaker forex), mainly held up by Festival Walk.
  • 4QFY24 EBIT grew 3% y-o-y (flat q-o-q) and EBIT ICR has been relatively stable q-o-q at 3x.

Asset values stable, held up by Singapore assets; gearing stable at 40.5%.

  • - Read this at SGinvestors.io -
  • Debt ratio (D+P/A) has been stable q-o-q at 41.4%.
  • Given the delay in interest rate cuts, average cost of debt is expected to increase by 60bps in FY25, close to 4%.

Key operational highlights:

  • Read more at SGinvestors.io.




Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.




Rachel TAN DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-04-25



Read also DBS's most recent report:
2024-10-25 Mapletree Pan Asia Commercial Trust - A Quarter To Forget.

Previous report by DBS:
2024-09-10 Mapletree Pan Asia Commercial Trust - Belle Of The Ball; Time To Shine.

Price targets by 3 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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