Dividend Yield | 6.97% |
P/B Ratio | 0.67 |
Aggregate Leverage Ratio | 38.2 |
Occupancy Rate | 90% |
WALE | 2.2 year(s) |
Interest Coverage Ratio | 2.8 times |
Fixed Rate Debt | 81.5% |
Ex-dividend Date | 3 Feb 2025 |
Record Date | 4 Feb 2025 |
Payout Date | 7 Mar 2025 |
Type | Office & Retail |
Remarks
In 3Q FY24/25, we started to see the borrowing cost stabilize, declining to 3.52% (down from 3.56% in the previous quarter).
The debt maturity profile is relatively well-staggered, with 4% due in FY24/25 and ~15% due in FY25/26. Should the interest rate stay elevated for the next two years, MPACT may need to refinance these loans at higher rates. That said, we may have entered a new rate-cut cycle. Therefore, there is a good chance that the refinancing rates won't go higher than they are today. However, it is a potential risk that investors must be aware of.
MPACT's debt profile was relatively stable in 3Q FY24/25. The aggregate leverage ratio declined to 38.2% (from 38.4% in the previous quarter and 40.5% in the prior quarter).
The adjusted ICR was steady at 2.8x.
MPACT reported a disappointing 3Q FY24/25 result. Gross revenue declined by -7.4%, NPI by -8.5%, and DPU by -9.1%. This follows the disappointing result from 2Q FY24/25.
The lower revenue was contributed by Mapletree Anson's divestment and the lower occupancy from its Japanese property.
This REIT has a 31% exposure to the slowing China and Hong Kong markets. The property sector in those regions is under pressure, impacting MPACT's asset value. Rental reversion in those regions also stayed negative in 3Q FY24/25.
Geographical Exposure
Singapore | 60% |
Hong Kong | 22% |
China | 9% |
Japan | 8% |
South Korea | 1% |
Sectoral Exposure
Office | 54.4% |
Retail | 45.6% |
Dividend Distribution History (DPU)
Debt Maturity Profile
In $ millions
Show debt maturity profile details
Fiscal Year | Debt (in $ millions) | Percentage |
---|---|---|
FY24/25 | 244 | 4% |
FY25/26 | 920 | 15% |
FY26/27 | 740 | 12% |
FY27/28 | 1,242 | 21% |
FY28/29 | 1,421 | 23% |
FY29/30 | 1,339 | 22% |
FY33/34 | 200 | 3% |
Disclaimer: We do not guarantee the data above is accurate. The information presented here is for general information only. It is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice or recommendation of any sort. Please do your own research before investing.