- 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.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-08-01
Read also UOB's most recent report:
2024-10-29 Mapletree Pan Asia Commercial Trust - 2QFY25 Stung By Non-renewal & Revaluation Losses From Japan.
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
