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Thursday, January 30, 2025

Mapletree Pan Asia Commercial Trust's 3Q FY24/25 Result Review

Thursday, January 30, 2025 Mapletree Pan Asia Commercial Trust , MPACT 0 Comments

Basic Profile & Key Statistics


Key Indicators


Performance Highlight

MPACT reported declines in gross revenue, NPI, and DPU YoY, primarily due to the divestment of Mapletree Anson in July 2024, weaker overseas contributions, and adverse currency impacts from a stronger SGD against JPY, HKD, and RMB.

Rental Reversion

Portfolio rental reversion for the year-to-date stands at 4.6%, driven solely by positive rental reversions in Singapore properties. All other regions in the portfolio experienced negative reversions, highlighting the resilience of the domestic market compared to overseas challenges.

Shopper Traffic & Tenant Sales


Shopper traffic rose 0.4% YoY, though tenant sales dipped 2.8% due to ongoing AEI disruptions. However, sales rebounded 14.4% QoQ, reflecting encouraging growth. At Festival Walk in Hong Kong, traffic increased by 3.0% YoY, but sales fell 9.3%. This decline was attributed to the impact of currency-driven outbound travel and cross-border consumption trends

Asset Enhancement Initiative

The AEI at VivoCity’s basement 2 is progressing as planned. Phase 1 has added three new food kiosks, and Phase 2 is set to expand retail space by 14,000 square feet. Completion of the entire project is targeted for the end of 2025, enhancing the mall’s offerings and long-term income potential.

Related Parties Shareholding

  • REIT Sponsor's Shareholding: Favorable
  • REIT Manager's Shareholding: Favorable
  • Directors of REIT Manager's Shareholding: Moderate

Lease Profile

  • Committed Occupancy: Less Favorable
  • Income Received in SGD/Major Currencies: Less Favorable
  • Highest Annual Lease Expiry in 4 Years: Less Favorable
  • WALE: Less Favorable
  • Weighted Average Land Lease Expiry: Moderate

Debt Profile

  • Adjusted Interest Coverage Ratio: Moderate
  • Cost of Debt: Moderate
  • Gearing Ratio: Moderate
  • Fixed Rate Debt %: Moderate
  • Unsecured Debt %: Favorable
  • Highest Annual Debt Maturity in 4 Years: Favorable
  • WADM: Moderate

Diversification Profile

  • Top Sector Contribution: Favorable
  • Top Geographical Contribution: Less Favorable
  • Top Property Contribution: Moderate
  • Top 5 Properties' Contribution: Less Favorable
  • Top Tenant Contribution: Moderate
  • Top 10 Tenants' Contribution: Favorable

Key Financial Metrics

  • Property Yield: Less Favorable
  • Management Fees over Operating Distributable Income: Favorable
  • Operating Distributable Income on Capital: Moderate
  • Operating Distributable Income Margin: Favorable
  • Operating Distribution Proportion: Moderate

DPU Breakdown

  • TTM Distribution Breakdown:
    • 95.5% from Operation
    • 4.3% from Management Fees Paid in Units
    • 0.2% being Retained

Trends (Up to 10 Years)



  • Uptrend: NAV per Unit
  • Slight Uptrend: DPU from Operations, Operating Distributable Income over Manager's Fees
  • Flat: Top 10 Tenants' Weightage, Operating Distribution Proportion
  • Slight Downtrend: Committed Occupancy
  • Downtrend: Adjusted Interest Coverage Ratio, Top 5 Properties' Weightage, Property Yield, Operating Distributable Income on Capital, Operating Distributable Income Margin

Price Range & Relative Valuation Metrics



  • Dividend Yield: Average for 1y; Above +1SD for 3y, 5y & 10y
  • P/NAV: Average for 1y; Below -1SD for 3y & 5y; Below -2SD for 10y

Author's Opinion

Despite the divestment of Mapletree Anson, MPACT’s gross revenue, NPI, and DPU remain stable, supported by Singapore’s resilient performance. On the debt front, only 4% matures this fiscal year, with 15% due in the next fiscal year.

For more information, check out:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview and details of Singapore REIT

REIT Review - List of previous REIT review posts


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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my findings and should not be considered professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.

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