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 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