Mapletree Pan Asia Commercial Trust - OCBC Investment Research 2025-01-24: Singapore Resilience Yet To Offset Overseas Weakness

Mapletree Pan Asia Commercial Trust - Singapore Resilience Yet To Offset Overseas Weakness

Published:
Mapletree Pan Asia Commercial Trust (SGX:N2IU) | SGinvestors.io
  • Mapletree Pan Asia Commercial Trust’s 3QFY25 results came in within our expectations. Gross revenue and net property income (NPI) fell 7.4% and 8.5% y-o-y to S$223.7m and S$166.9m, respectively.

3QFY25 DPU met our expectations

  • - Read this at SGinvestors.io -
  • Cumulatively, 9MFY25 NPI slipped 5.7% y-o-y to S$514.0m, while DPU decreased by 8.3% to 6.07 Singapore cents. This accounted for 73.9% of our FY25 forecast.

Slight sequential decline in portfolio occupancy

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  • Japan also saw a slight uptick in occupancy by 0.3 ppt q-o-q to 82.6%, but China and The Pinnacle Gangnam (TPG) in Korea recorded sequential dips of 2.8 ppt and 3.0 ppt to 84.3% and 82.6%, respectively.
  • The outlook for Mapletree Pan Asia Commercial Trust’s Japanese properties in the Makuhari region remains subdued, while there are some downside risks in China due to the likelihood of non-renewals by 1-2 tenants.
  • There was better news from Korea, as Mapletree Pan Asia Commercial Trust managed to secure a major lease in TPG after the quarter end, and this will bump up the property’s occupancy to 100% and overall portfolio occupancy to 90.4%.
  • Rental reversions were strong in Singapore but weak for its overseas assets.

    • Read more at SGinvestors.io.



    Above is an excerpt from a report by OCBC Investment Research.
    Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.



    OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2025-01-24



    Read also OCBC's most recent report:
    2025-04-25 Mapletree Pan Asia Commercial Trust - Buttressed By Its Singapore Portfolio.

    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






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