- Mapletree Pan Asia Commercial Trust reported DPU of S$0.0201 for 2QFY25/26, +1.5% y-o-y.
- 2QFY25/26 revenue and NPI came in at S$218.5m and S$163.9m, -3.2% and - 2.2% y-o-y, respectively. This was largely due to divestment of Japan assets and adverse FX. Lower utility expenses supported margins.
Stability from Singapore, lower interest rates.
- - Read this at SGinvestors.io -
- Occupancy was relatively stable with slippage in Japan partly offset by improvements elsewhere.
- Reversions moderated as manager prioritised occupancy.
- Gearing was stable while cost of debt was lower due to balance sheet management and lower interest rates.
Stable operating trend.
- Finance expenses fell 16.4% y-o-y due to lower HKD/S$ interest rates and reduced borrowings. Distributable income for 2QFY25/26 rose 2.1% and DPU rose 1.5%. One-off compensation from MBC also helped.
- - Read this at SGinvestors.io -
- Rental reversion was flat (-0.1%) as mid-teens positive reversion in VivoCity was offset by continued negative reversions in Greater China as well as MBC. Tenant sales for VivoCity grew +4.8% y-o-y due to better tenant mix and usage of vouchers. Tenant sales for Festival Walk slipped 2% y-o-y due to locals travelling abroad.
- Outlook is unchanged as headwinds continue for overseas assets.
Proactive capital management.
- Read more at SGinvestors.io.
