- Mapletree Pan Asia Commercial Trust reported 2Q FY25 revenue of S$255.6m (-6.1% y-o-y) and net property income of S$167.7m (-8.5%).
- The lower topline revenue and NPI was due to divestment of Mapletree Anson in Jul-24, absence of refund of property tax from a year ago, and forex impact (-0.6% y-o-y at NPI level), offset by stronger performance at VivoCity, alongside lower utility expenses and 2.6% lower net financing costs through debt reduction post divestment.
1H FY25 NPI fell 4.2% y-o-y while DPU trails behind our estimate
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Our view
Retail continues to anchor growth / recovery.
- Read more at SGinvestors.io.
Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
Geraldine WONG DBS Group Research | Derek TAN DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-10-25
Read also DBS's most recent report:
2025-01-23 Mapletree Pan Asia Commercial Trust - Potential De-risking Of Mapletree Business City Anchor Lease.
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 Dividend Payout Dates & Corporate Actions,
Mapletree Pan Asia Commercial Trust News
