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Mapletree Pan Asia Commercial Trust (MPACT)

SGX:N2IU
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).
David Ang - 23 Jan 2025
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.
David Ang - 23 Jan 2025
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.
David Ang - 23 Jan 2025
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.
David Ang - 23 Jan 2025
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.
David Ang - 23 Jan 2025

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.