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

Mapletree Pan Asia Commercial Trust - Stabilizing Distribution Despite Higher Funding Cost

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




Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.




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



Read also Maybank's most recent report:
2024-06-03 Mapletree Pan Asia Commercial Trust - Divesting Singapore Office To De-gear.

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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