Mapletree Pan Asia Commercial Trust - Maybank Research 2025-01-26: Overseas Headwinds Linger

• Mapletree Pan Asia Commercial Trust reported distribution of S$0.02 for 3QFY25, +1% q-o-q/-9.1% y-o-y. While the ~7% yield is attractive, downside persists from lower overseas occupancy and debt repricing.

Vivo City, accretive divestment stabilise distribution

• - Read this at SGinvestors.io -
• Local assets supported mid-single digit positive reversion.

Steady Singapore

• Revenue and NPI for 3Q was S$223.7m and S$166.9m, -7.4% y-o-y and - 8.5% y-o-y respectively. On a same-store basis (excluding Mapletree Anson), revenue and NPI was down an estimated 3.8% and 5.0% y-o-y, respectively. The decline was mainly due to weaker performance of overseas assets and FX.
• - Read this at SGinvestors.io -
• Management has been able to backfill the Korean asset after the result announcement. However, backfilling of vacancy is taking longer than expected due to sluggish demand and/or micro market issues.
• Rent reversion was +4.6% (+4.1% for 1H) driven by Singapore (Vivo City +16.9%, MBC +2.0%, Other SG assets +8.3%) while overseas assets saw median negative reversion of ~10%. Festival Walk reversions likely to stabilise at current level.

Stable debt metrics

• Read more at SGinvestors.io.

Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2025-01-26 SGinvestors.io

---