Mapletree Pan Asia Commercial Trust - OCBC Investment 2024-10-28: Drag From Overseas Operations

Mapletree Pan Asia Commercial Trust - Drag From Overseas Operations

Published:
Mapletree Pan Asia Commercial Trust (SGX:N2IU) | SGinvestors.io
  • Mapletree Pan Asia Commercial Trust’s 2QFY25 results fell short of our expectations. Gross revenue and net property income (NPI) dipped 6.1% and 8.5% y-o-y to S$225.6m and S$167.7m, respectively. This was attributed to the loss of income from the divestment of Mapletree Anson on 31 Jul 2024 and higher property operating expenses.

2QFY25 DPU slipped 11.6% y-o-y to 1.98 Singapore cents and was below our expectations

  • - Read this at SGinvestors.io -
  • - Read this at SGinvestors.io -

Mostly lower portfolio committed occupancy

  • Mapletree Pan Asia Commercial Trust’s overall portfolio committed occupancy dipped 3.7 ppt q-o-q to 90.3% and this was the third consecutive quarter of decline. All assets except its Other Singapore Properties classification registered lower occupancy rates, with the largest fall coming from Japan (-11.9 ppt q-o-q to 82.3%). This was due largely to the lease expiry of a former top ten tenant within its portfolio.

Bifurcation in rental reversions with Singapore assets the bright spot

  • Read more at SGinvestors.io.




Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.




OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-10-28



Read also OCBC's most recent report:
2025-01-24 Mapletree Pan Asia Commercial Trust - Singapore Resilience Yet To Offset Overseas Weakness.

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





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