- Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s 1QFY25 results came in within our expectations. Gross revenue inched down 0.2% y-o-y to S$236.7m but net property income (NPI) was marginally higher by 0.1% to S$179.4m due to lower utility expenses and property taxes.
- - Read this at SGinvestors.io -
1QFY25 DPU fell 4.1% y-o-y to S$0.0209 due largely to higher finance expenses
- As net finance costs continued to climb (+9.8% y-o-y to S$59.4m), Mapletree Pan Asia Commercial Trust's DPU slipped 4.1% y-o-y to 2.09 Singapore cents and formed 24.3% of our initial FY24 forecast.
Portfolio committed occupancy dipped 2.1 ppt q-o-q and was broad-based except for its China properties
- - Read this at SGinvestors.io -
- The bigger weaknesses came from Japan (-3.7 ppt q-o-q to 94.2%) and Mapletree Business City (MBC) (-3.2 ppt q-o-q to 92.8%). For the former, this will record an even lower committed occupancy of 82.3% as a major lease for Seiko Instruments expired on 30 Jun 2024, the last day of the reporting quarter.
Singapore rental reversions the main bright spot
- Read more at SGinvestors.io.
