- Mapletree Pan Asia Commercial Trust’s 4QFY25 results fell short of our expectations. Gross revenue and net property income (NPI) fell 6.8% and 7.4% y-o-y to S$222.9m and S$169.5m respectively. This was due to weaker contributions from its overseas properties and absence of income from the divestment of Mapletree Anson.
4QFY25 DPU fell 14.8% y-o-y to 1.95 cents and missed our expectations.
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- For FY25, MPACT’s DPU came in at 8.02 Singapore cents, representing a drop of 10.0% and accounted for 97.6% of our forecast. See Mapletree Pan Asia Commercial Trust's dividend payout dates.
Portfolio occupancy declined slightly.
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- The Pinnacle Gangnam (TPG) property in South Korea saw a huge boost in its occupancy from 89.7% in the preceding quarter to 99.9%.
- Its China properties also saw an improvement in occupancy by 1.8 ppt q-o-q to 86.1%.
- On the other hand, Festival Walk and its Japan properties’ occupancy fell 0.3 ppt and 2.8 ppt q-o-q to 96.8% and 79.8% respectively.
Rental reversion supported by Singapore and South Korea assets.
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