- Mapletree Pan Asia Commercial Trust reported 4Q DPU of 1.90 cents, -2.6% y-o-y. FY25/26 Mapletree Pan Asia Commercial Trust's DPU of 7.97 cents, -0.6% y-o-y, slightly below MIBG’s 7.98 cents. Decline attributed to one-off tax charge resulting from divestment of Festival Walk Tower.
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- Debt metrics improved with lower gearing and cost of debt. Overall, an unchanged operating trend marred by one-off adjustment. Trim our DDM-based target price by 3% to S$1.50 on mild overseas weakness.
Overseas drag continues but positive data point in HK
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- On same-store basis, 4QFY25/26 revenue and NPI fell 3.7% and 4% y-o-y, respectively. For the full year, same-store revenue and NPI eased ~2.0-2.5%, however, Singapore revenue and NPI gained 2.3% and 4.1%, respectively.
- Portfolio occupancy was 89.4% (3QFY25/26 88.1%), helped by higher occupancy at MBC from an undisclosed IT tenant taking up 3 floors (~100K sq. ft. space). Rent reversion was flat with mid-teens gains at Vivo City offset by negative reversion overseas. Tenant sales grew 3.6% y-o-y in 4QFY25/26.
- Notably, tenant sales in Festival Walk rose 6% y-o-y in 4QFY25/26 from sale of luxury items. That said, negative reversion is likely to continue from repositioning of anchor cinema spaces and 4Q’s data point may not be a trend.
Improved balance sheet
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