Mapletree Pan Asia Commercial Trust 3QFY25 - UOB Kay Hian 2025-01-27: Strength In Singapore Overcomes Weaknesses Overseas

• Mapletree Pan Asia Commercial Trust's share price trades at FY26 distribution yield of 7.0% and P/NAV of 0.69x, which has factored in dimmer outlook for its overseas properties.
  • - Read this at SGinvestors.io -
  • NPI from Japan declined 31.6% y-o-y due to non-renewal by Seiko Instrument and weak JPY.
• The Singapore portfolio provided resiliency with strong positive rental reversion of 16.9% from VivoCity and stable occupancy at Mapletree Business City (MBC).
• Mapletree Pan Asia Commercial Trust's DPU of 2.00 cents for 3QFY25 (-9.1% y-o-y) is below our expectations.

Headwinds from overseas assets.

• - Read this at SGinvestors.io -
• Mapletree Pan Asia Commercial Trust benefitted from lower utility costs with a new electricity contract at lower tariffs kicking in starting Nov 24. NPI margin was stable q-o-q at 74.6%. Net finance costs dropped 9.7% y-o-y due to interest cost saving and debt reduction post-divestment of Mapletree Anson.

VivoCity: Upgrading at Basement 2.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-04-28 Mapletree Pan Asia Commercial Trust - Overcoming Adverse Operating Challenges Overseas.

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