Mapletree Pan Asia Commercial Trust - Maybank Research 2026-04-28: Stability From Singapore; Lower Cost Of Debt Cushions Overseas Weakness

• 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

• Read more at SGinvestors.io.

Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2026-04-28

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