Mapletree Pan Asia Commercial Trust 2QFY26 - UOB Kay Hian 2025-10-23: Singapore Outshines Overseas Assets

• Mapletree Pan Asia Commercial Trust (MPACT) reported DPU of 2.01 cents for 2QFY26 (+1.5% y-o-y), which is in line with our expectation.

Growth anchored in Singapore.

• - Read this at SGinvestors.io -
• Tenant sales grew 4.8% y-o-y in 2QFY26 due to positive impact from Phase 1 of AEI, disbursement of consumption vouchers by the government, and a recovery in tourist arrivals. VivoCity was fully occupied at 100.0% as of Sep 25.

MBC registered NPI growth of 4.2% y-o-y in 2QFY26.

• MBC incurred a small negative rental reversion of 2.9% due to the renewal of leases at a higher rent of S$7psf/month signed before the COVID-19 pandemic. The current signing rent at MBC is about S$6.15psf/month. Occupancy was stable at 93%.

Continual enhancement at VivoCity.

• - Read this at SGinvestors.io -
• The majority of retail units have opened since Aug 25. The revitalised precinct with a curated mix of F&B offerings and improved circulation is expected to deliver ROI of above 10%.

Festival Walk weathering the slowdown.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-08-04 Mapletree Pan Asia Commercial Trust 1QFY26 - Lower Operating And Interest Expenses Offset Overseas Headwinds.

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