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Mapletree Pan Asia Commercial Trust (MPACT)

SGX:N2IU
Dividend Yield 6.7%
P/B Ratio 0.74
Aggregate Leverage Ratio 40.5
Occupancy Rate 96.1%
WALE 2.4 year(s)
Interest Coverage Ratio 2.9 times
Fixed Rate Debt 77.1%
Ex-dividend Date 2 May 2024
Record Date 3 May 2024
Payout Date 6 Jun 2024
Type Office & Retail

Remarks

MPACT's debt profile was relatively stable last quarter. The aggregate leverage ratio strengthened from 40.8% to 40.5%. However, the adjusted ICR declined slightly from 3x to 2.9x.
David Ang - 24 Apr 2024
The debt maturity profile is relatively well-staggered. However, 15% is due for FY24/25 and ~21% is due in FY25/26. Should the interest rate stay elevated for the next two years (or even higher), MPACT may need to refinance these loans at higher rates. That said, we do not think the rates will go much higher from here, but it is a potential risk that investors need to be aware of, given the rising leverage ratio in the past several quarters.
David Ang - 24 Apr 2024
MPACT valuation is starting to get attractive, with a dividend yield of >7% and a relatively low P/B ratio of 0.7. However, a Greater China/HK regional risk seems to be baked into the REIT as around 36% of its AUM is based in the region.
David Ang - 24 Apr 2024
This REIT has a 36% exposure to the China and Hong Kong markets, which are currently experiencing a slowdown. The property sector in that region is currently under pressure, which is impacting the asset value of MPACT.
David Ang - 29 Jan 2024

Geographical Exposure

Singapore 55%
Hong Kong 26%
China 10%
Japan 8%
South Korea 2%

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 1,028 15%
FY25/26 1,439 21%
FY26/27 1,426 21%
FY27/28 781 12%
FY28/29 1,151 17%
FY29/30 779 11%
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.