Mapletree Pan Asia Commercial Trust - DBS Research 2024-10-25: A Quarter To Forget

• 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/.

Read also DBS's most recent report:
2025-04-29 Mapletree Pan Asia Commercial Trust - Gradual Rebuild From A Solid Core.

Previous report by DBS:
2025-01-23 Mapletree Pan Asia Commercial Trust - Potential De-risking Of Mapletree Business City Anchor Lease.

Price targets by 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