- Mapletree Pan Asia Commercial Trust's share price trades at an FY26 distribution yield of 6.7% and P/NAV of 0.74x, which has factored in a dimmer outlook in China and Japan.
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- Mapletree Pan Asia Commercial Trust could pursue acquisitions in Singapore, South Korea and Japan as aggregate leverage is low at 37.9%.
1QFY26 Results
- Mapletree Pan Asia Commercial Trust reported DPU of 2.01 cents for 1QFY26 (- 3.8% y-o-y), which is in line with our expectations.
Singapore: Resilience supported by VivoCity.
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- Mapletree Business City (MBC) saw early renewal by a key tenant ahead of expiry. The business park property saw small negative rental reversion at 2.7% but preserved occupancy at 92.6%. NPI from MBC declined 0.9% y-o-y. Management is in active discussion with a prospective new tenant, relocating from the CBD, for 1.5 floors of space vacated by Google.
- Other SG properties saw positive rental reversion of 4.8% contributed largely by mTower. Excluding Mapletree Anson (completion: 31 Jul 24), NPI from Singapore grew organically by 2.9% y-o-y.
Continual enhancement at VivoCity.
- Read more at SGinvestors.io.
