Broker Name: CGS International
Date of Report: October 1, 2025
Excerpt from CGS International report.
Report Summary

• Mapletree Pan Asia Commercial Trust (MPACT) is expected to see its dividend per unit (DPU) bottom out in FY26-27, stabilising amid Japan asset sales and tenant changes, before recovering in FY28. Singapore assets remain the core strength, with property enhancements and interest cost savings supporting future growth.
• Despite recent share price gains, MPACT’s valuation is still attractive compared to its historical averages, offering a resilient portfolio and potential upside from overseas portfolio improvements, asset divestments, and lower interest rates. ESG scores are average, with ongoing efforts to improve sustainability.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com/en/home