Mapletree Pan Asia Commercial Trust - DBS Research 2025-01-23: Potential De-risking Of Mapletree Business City Anchor Lease

• Watch for valuations ahead of full year results including potential cap rate expansion in HK (transaction led) and cash flow-led devaluation in China.
• Mapletree Pan Asia Commercial Trust's 3QFY24 gross revenue at S$223.7m (-7.4% y-o-y, -0.9% q-o-q), DPU declined -9.1% y-o-y to 2.00 cents; 9MFY25 DPU makes up ~76% of our full year estimates.

MPACT's 3QFY25 Results.

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

DPU in line

• DPU for the quarter declined 9.1% y-o-y to 2.00 cents, with 9M FY24/25 DPU of 6.1 cents in line with our full year estimates (~76% of full year DPU estimates of 8.0 cents).
• Portfolio occupancy ended the quarter at 90% (-0.3ppt q-o-q and -6.7ppt y-o-y) on non-renewals in China, while other markets remained largely stable / flat. Income from Singapore assets continue to deliver decent growth of 1.3% y-o-y (9M24), led by strong reversions at VivoCity and stable asset occupancy. The mall saw a 2.8% decline in tenant sales as basement asset enhancement works commence, while shopper traffic has maintained flat y-o-y this quarter.

VivoCity continues to deliver strong reversions of +17%

• Read more at SGinvestors.io.

Geraldine WONG DBS Group Research | Derek TAN DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-01-23 SGinvestors.io

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