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/.

Previous report by OCBC:
2024-10-28 Mapletree Pan Asia Commercial Trust - Drag From Overseas Operations.

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