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

• Mapletree Pan Asia Commercial Trust (SGX:N2IU)'s FY24 DPU fell 7% y-o-y to 8.91 cents, in line with our estimates, mainly due to higher interest cost.

4QFY24 DPU saw growth despite higher interest rates

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• 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%.

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• 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:

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

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