- 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.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-07-31
Read also OCBC's most recent report:
2024-10-28 Mapletree Pan Asia Commercial Trust - Drag From Overseas Operations.
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 Dividends & Corporate Actions,
Mapletree Pan Asia Commercial Trust News Articles
