Mapletree Pan Asia Commercial Trust - Maybank Research 2024-04-24: Stabilizing Distribution Despite Higher Funding Cost

• Mapletree Pan Asia Commercial Trust (SGX:N2IU) reported 4Q DPU of S$2.29 cents, +4.1% q-o-q/+1.8% y-o-y. Full year DPU of S$8.91 cents, -7.3% y-o-y.
• Top-line growth was led by better Singapore performance and margins. This was partly offset by higher borrowing cost and continued weakness in overseas portfolio.
• - Read this at SGinvestors.io -

Resilient operations

• Mapletree Pan Asia Commercial Trust's revenue and NPI for 4QFY24 rose 2.6% and 3.2% y-o-y, respectively. Growth was led by Singapore portfolio. This, along with FX gains and contribution from Korean asset, more than offset higher borrowing cost, resulting in 1.8% growth in distribution.
• - Read this at SGinvestors.io -
• Portfolio reversion was +2.9%, led by Singapore (VivoCity +14%, MBC +6.7%). Most overseas assets saw negative reversion (Festival Walk -8.7%) while progressing towards stabilization. Supporting VivoCity’s strong reversion was 6.4% y-o-y tenant sales growth in 4Q. Management indicated the impact of higher tourism arrivals was limited.
• Festival Walk tenant sales fell ~10% y-o-y in 4Q due to surge in cross-border consumption.

Revenue growth offset by higher funding cost

• Read more at SGinvestors.io.

Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-04-24 SGinvestors.io

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