- Mapletree Pan Asia Commercial Trust (SGX:N2IU) has deleveraged through the divestment of Mapletree Anson. It trades at FY26 distribution yield of 6.7% and P/NAV of 0.73x, which we deem attractive for a blue chip S-REIT.
- - Read this at SGinvestors.io -
Mapletree Pan Asia Commercial Trust's 1QFY25 results
- Mapletree Pan Asia Commercial Trust reported DPU of 2.09 cents for 1QFY25 (- 4.1% y-o-y), which is in line with our expectations. Portfolio NPI was stable y-o-y at S$179.4m and NPI margin was healthy at 75.8% in 1QFY25.
- - Read this at SGinvestors.io -
Resiliency from home base in Singapore.
- NPI from VivoCity grew 4.6% y-o-y in 1QFY25. VivoCity achieved a strong positive rental reversion of 19.9% and occupancy remains high at 99.8%.
- MBC saw a small positive rental reversion of 2.3% but occupancy slipped 3.2ppt q-o-q to 92.8% due to downsizing by Google Asia Pacific.
- Other Singapore properties, such as mTower and Bank of America HarbourFront, achieved positive rental reversion of 10.2% and occupancy eased slightly by 2.3ppt q-o-q to 96.0%.
Weathering overseas volatilities in Hong Kong.
- Read more at SGinvestors.io.
