- 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:
2025-01-26 Mapletree Pan Asia Commercial Trust - Overseas Headwinds Linger.
Previous report by Maybank:
2024-10-28 Mapletree Pan Asia Commercial Trust - Tempered Optimism; Challenging Operating Environment.
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 Dividend Payout Dates & Corporate Actions,
Mapletree Pan Asia Commercial Trust News