Mapletree Pan Asia Commercial Trust's 4Q FY23/24 Result Review

Basic Profile & Key Statistics

Key Indicators

Performance Highlight

Gross revenue and NPI improved YoY due to better performance from Singapore properties. The amount available for distribution and DPU have improved YoY due to improved NPI, higher forex gain and lower tax expenses.

Rental Reversion

Portfolio rental reversion is at 2.9%. 

Shopper Traffic & Tenant Sales

In the latest quarter, both shopper traffic and tenant sales have seen improvement for VivoCity. However, Festival Walk experienced a decline in both shopper traffic and tenant sales. 

Related Parties Shareholding

The sponsor and manager hold a relatively high number of shares.

Lease Profile

WALE is short and the income in SGD/major currencies is relatively low.

Debt Profile

The cost of debt is relatively low, accompanied by a well-spread debt maturity profile.

Diversification Profile

The diversification is strong in sectors and tenants but concentrated in geography and property contributions.

Key Financial Metrics

The operating distributable income margin is high, but the property yield is low. Management fees are competitive when compared to operating distributable income.

DPU Breakdown

• TTM Distributable Income Breakdown:
• 95.7% from Operation
• 4.3% from Management Fees Paid in Units
• TTM Distribution = 99.8% of Distributable Income

Trends

• Flat: DPU from Operation, NAV per Unit, Property Yield
• Slight Downtrend: Committed Occupancy
• Downtrend: Adjusted Interest Coverage Ratio, Operating Distributable Income on Capital, Operating Distributable Income Margin

Relative Valuation

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

Author's Opinion

Overall, the performance remains similar as compared to the previous quarter. For debt, there is a 15% debt expiring this 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.