Mapletree Pan Asia Commercial Trust - Maybank Research 2026-07-31: VivoCity, Capital Management Cushion Overseas Headwinds

• 1QFY27 Mapletree Pan Asia Commercial Trust's DPU of S$1.96 cents fell 2.5% y-o-y, with the annualised run rate below MIBG/consensus full-year estimates.

A Mixed Start

• - Read this at SGinvestors.io -

• Occupancy was lower, led by expected non-renewals in Japan and slippages in MBC and China assets. Mid-single-digit positive reversion was led by VivoCity. Tenant sales at Festival Walk show nascent signs of bottoming.

• Overall financing outgo was lowered by proactive capital management.

Vivo City anchors performance

• Mapletree Pan Asia Commercial Trust reported 1Q revenue and NPI of S$206.5m and S$154.8m, down 5.6% and 6.8% y-o-y, respectively. Gains in VivoCity partially offset the impact of divestments, weaker performance in other assets, and FX headwinds.

• - Read this at SGinvestors.io -

• Occupancy was 84.4% (4Q: 89.4%) due to expected non-renewals in Japan, downsizing in MBC, and slippages in China. That said, key committed leases will commence in MBC later this year.

• Reversion was 4.3%, with mid-teens reversion for VivoCity offsetting weakness in overseas assets. VivoCity tenant sales rose 4.9%, benefiting from the completion of AEI and the planned closure of HarbourFront Centre.

• Festival Walk tenant sales grew 4% y-o-y, showing a second consecutive quarter of growth. Repositioning of a few spaces may weigh on near-term performance of the mall.

Proactive capital management

• Read more at SGinvestors.io.

Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2026-07-31

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