Mapletree Pan Asia Commercial Trust - Maybank Research 2024-08-05: Driving Resilience; 1QFY25 In Line

Mapletree Pan Asia Commercial Trust - Driving Resilience; 1QFY25 In Line

Published:
Mapletree Pan Asia Commercial Trust (SGX:N2IU) | SGinvestors.ioMapletree Pan Asia Commercial Trust (SGX:N2IU)
  • Mapletree Pan Asia Commercial Trust (SGX:N2IU)’s 1Q25 DPU of S$2.09 cents fell 8.7% q-o-q and -4.1% y-o-y, in line with our est. Forex headwinds and pockets of weakness in overseas markets offset growing contribution from Singapore assets.
  • - Read this at SGinvestors.io -
  • As the divestment of Anson is close to completion, gearing will be reduced to ~37.6% (from 40.5%) on a pro-forma basis. Mapletree Pan Asia Commercial Trust could benefit from lower interest rates due to its floating rate exposure.

Stable fundamentals of Singapore portfolio

  • - Read this at SGinvestors.io -
  • Management announced an AEI at VivoCity, with a 10% target ROI and estimated capex of S$42m.
  • Performance at MBC was largely stable with positive reversions (+2.3%), notwithstanding a slower leasing market and rising competition. We observe tenants are more conscious about capex for renovations and incentives, which may mean leasing decisions may take longer.
  • Management expects slight movements in reversions as the spread between new signings over expiring rents narrowed.

Revitalizing Festival Walk mall

  • 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/.




Li Jialin Maybank Research | https://www.maybank-ke.com.sg/ 2024-08-05



Read also Maybank's most recent report:
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 Dividends & Corporate Actions,
Mapletree Pan Asia Commercial Trust News Articles





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