- 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
Previous report by OCBC:
2024-07-31 Mapletree Pan Asia Commercial Trust - Pressure On Multiple Fronts But Singapore Rental Reversions A Bright Spot.
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 Dividends & Corporate Actions,
Mapletree Pan Asia Commercial Trust News Articles
