- Mapletree Pan Asia Commercial Trust’s 4QFY26 gross revenue and net property income (NPI) dipped 5.5% and 5.9% y-o-y to S$210.7m and S$159.6m respectively, as stronger contributions from its Singapore assets were offset by weaker performance from its overseas assets.
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4QFY26 DPU fell 2.6% y-o-y due to a one-off tax charge and led to results missing our expectations.
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- Overall 4QFY26 DPU fell 2.6% y-o-y to 1.90 Singapore cents, as Mapletree Pan Asia Commercial Trust recorded a one-off tax charge of S$8.3m in relation to the divestment of Festival Walk Tower. Excluding this, underlying DPU would instead have increased by 4.6% y-o-y.
- Cumulatively, FY26 Mapletree Pan Asia Commercial Trust's DPU was slightly lower by 0.6% to 7.97 Singapore cents, missing our forecast by 2.0%. Excluding the tax charge as highlighted earlier, underlying FY26 DPU would have been 1.1% higher.
Operating metrics of Singapore assets continued to outshine its overseas portfolio
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