Mapletree Pan Asia Commercial Trust - Maybank Research 2024-10-28: Tempered Optimism; Challenging Operating Environment

• Mapletree Pan Asia Commercial Trust reported 2QFY25 DPU of S$1.98 cents, -5.3% q-o-q/-11.6% y-o-y, in the absence of a one-off property tax refund recorded in 2QFY24.
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Soft trends across overseas assets

• Occupancy at MBC largely held stable, as tech tenants continue to backfill space vacated by Unilever, Google and Julius Baer.
• Ongoing AEI and tenant fit-outs led to a 50bps movement in vacancy at VivoCity. While shopper traffic is sequentially higher in 2Q, shopper traffic and tenant sales in 1H25 were 2.0%/4.1% y-o-y lower.
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• Japan portfolio saw a large drop in occupancy after Seiko vacated most of MBT.
• An office tenant accounted for a 4.1% dip in occupancy at TPG Korea. We expect positive reversions from re-letting this space at market rents.
• Lingering supply headwinds in Shanghai continued to pressure occupancy and rental reversions in its China portfolio.

Challenges ahead

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Krishna Guha Maybank Research | https://www.maybank.com/ 2024-10-28 SGinvestors.io

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