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

• 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

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• 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.

Rental reversions were strong in Singapore but weak for its overseas assets.

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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/.

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