{"id":18546,"date":"2025-03-14T07:00:22","date_gmt":"2025-03-13T23:00:22","guid":{"rendered":"https:\/\/www.smallcapasia.com\/?p=18546"},"modified":"2026-06-06T00:45:20","modified_gmt":"2026-06-05T16:45:20","slug":"mapletree-pan-asia-commercial-trust-4","status":"publish","type":"post","link":"https:\/\/www.smallcapasia.com\/zh-hant\/mapletree-pan-asia-commercial-trust-4\/","title":{"rendered":"Mapletree Pan Asia Commercial Trust"},"content":{"rendered":"<p><em>Excerpts from\u00a0 Maybank report<\/em><\/p>\n<h2>Mapletree Pan Asia Commercial Trust (SGX: N2IU)<\/h2>\n<ul>\n<li>Flagship commercial REIT that provides stability and scale across key gateway markets in Asia with SGD16.9b AUM.<\/li>\n<li>Foothold in 5 markets (52% in SG, 26% HK) and balanced across sub sectors (Retail 44%, Office 35%, Business Park 21%).<\/li>\n<li>One of three S-REITs sponsored by Mapletree Investments, wholly-owned by Temasek Holdings<\/li>\n<li>While it is no longer a Singapore pure play, merger with MNACT provides scale and diversification to engage in active capital recycling and accretive acquisitions<\/li>\n<\/ul>\n<h2>Vivo City, accretive divestment stabilise distribution<\/h2>\n<p>Mapletree Pan Asia Commercial Trust reported 3Q DPU of SGD2.0c, +1% QoQ\/-9.1% YoY. Flagship asset, Vivo City, and relatively steady Singapore portfolio mitigated headwinds from overseas portfolio.<\/p>\n<p>Portfolio occupancy was stable, though vacancy is proving to be sticky. Local assets supported mid-single digit positive reversion. Debt metrics were stable. While the c.7% yield is attractive, downside persists from lower overseas occupancy and debt repricing.<\/p>\n<h2>Steady Singapore<\/h2>\n<p>Revenue and NPI for 3Q was SGD223.7m and SGD166.9m, -7.4% YoY and 8.5% YoY respectively. On a same-store basis (excluding Mapletree Anson), revenue and NPI was down an estimated 3.8% and 5.0% YoY, respectively.<\/p>\n<p>The decline was mainly due to weaker performance of overseas assets and FX. Portfolio occupancy was relatively stable at 90% (2Q 90.3%) with further slippage in China offset by other assets.<\/p>\n<p>Mgmt. has been able to backfill the Korean asset after the result announcement. However, backfilling of vacancy is taking longer than expected due to sluggish demand and\/or micro market issues.<\/p>\n<p>Rent reversion was +4.6% (+4.1% for 1H) driven by Singapore (Vivo City +16.9%, MBC +2.0%, Other SG assets +8.3%) while overseas assets saw median negative reversion of c.10%.<\/p>\n<p>Festival Walk reversions likely to stabilise at current level.<\/p>\n<h2>Stable debt metrics<\/h2>\n<p>Gearing was stable at 38.2% (2Q 38.3%). Cost of debt was 3.52% (2Q 3.56%) and guide is unchanged at \u201cmid 3%\u201d. Coverage ratio is unchanged at 2.8x. Focus is on tenant retention.<\/p>\n<p>On asset value, management expects downside from Greater China and flat-to-up for Singapore and Japan.<\/p>\n<h2>Valuation<\/h2>\n<p>We value Mapletree Pan Asia Commercial Trust using a 3-stage dividend discount model using a discount rate of 7.2%. While 9MFY25 DPU is tracking 1% below our full year estimate, we leave our estimates unchanged.<\/p>\n<p>We lower our FY26 DPU estimate by 2.9% on the back of weaker revenue from Greater China, Japan and MBC in Singapore. We also factor in higher borrowing costs on back of our house view of gradual rate cuts.<\/p>\n<p>Including these changes, we lower our TP to SGD1.22 and maintain our HOLD rating. While 6.9% FY25E DPU yield is attractive, uncertainty around overseas portfolio results in our unchanged rating.<\/p>\n<figure id=\"attachment_18550\" aria-describedby=\"caption-attachment-18550\" style=\"width: 1552px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/www.smallcapasia.com\/wp-content\/uploads\/2025\/03\/MPACT-share-price-chart.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-18550 size-full\" src=\"https:\/\/www.smallcapasia.com\/wp-content\/uploads\/2025\/03\/MPACT-share-price-chart.jpg\" alt=\"Mapletree Pan Asia Commercial Trust share price chart\" width=\"1552\" height=\"452\" \/><\/a><figcaption id=\"caption-attachment-18550\" class=\"wp-caption-text\">Mapletree Pan Asia Commercial Trust share price chart<\/figcaption><\/figure>\n<p>You can find the full report <a href=\"https:\/\/www.smallcapasia.com\/wp-content\/uploads\/2025\/03\/MPACT.pdf\"><em>here<\/em><\/a> and the company website <em><a href=\"https:\/\/www.mapletreepact.com\/Investor-Relations\/Financial-Information\/Financial-Results.aspx\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Excerpts from\u00a0 Maybank report Mapletree Pan Asia Commercial Trust (SGX: N2IU) Flagship commercial REIT that provides stability and scale across key gateway markets in Asia with SGD16.9b AUM. Foothold in 5 markets (52% in SG, 26% HK) and balanced across sub sectors (Retail 44%, Office 35%, Business Park 21%). One of three S-REITs sponsored by [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":18552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[3124,3123],"tags":[144,1899,1953,2157,2240,2816,2872],"class_list":["post-18546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-exchange-listed-companies-global-opportunities","category-global-opportunities","tag-reits","tag-commercial-reits","tag-office-reits","tag-retail-reits","tag-mapletree-pan-asia-commercial-trust","tag-business-park-reits","tag-mapletree-pan-asia-commercial-trust-share-price-chart"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/posts\/18546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=18546"}],"version-history":[{"count":5,"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/posts\/18546\/revisions"}],"predecessor-version":[{"id":18555,"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/posts\/18546\/revisions\/18555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/media\/18552"}],"wp:attachment":[{"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=18546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=18546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smallcapasia.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=18546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}