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.

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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:
2025-01-23 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