Broker Name: CGS International
Date of Report: February 2, 2026
Excerpt from CGS International report.
- Mapletree Pan Asia Commercial Trust (MPACT) reported resilient 3Q/9MFY26 results, with Singapore assets (especially VivoCity) showing strong performance through positive rental reversions, full occupancy, and rising traffic and sales, while overseas assets continue to face challenges such as negative rent reversions and lower occupancy.
- MPACT is proactively managing overseas risks through lease renewals, asset divestments, and tenant mix diversification, maintaining its DPU guidance and a positive outlook, supported by robust Singapore operations, a stable dividend yield, and ongoing sustainability initiatives, despite headwinds from its China and Japan properties.
Report Summary
- 3Q/9MFY26 DPU in line with forecasts; Singapore retail portfolio continued to outperform with strong occupancy and rental reversions, particularly at VivoCity.
- Overseas markets, especially China and Japan, face rental and occupancy pressure; MPACT is actively derisking overseas exposure via lease renewals and asset divestments.
- Maintains Add rating and target price of S\$1.52; MPACT’s stable Singapore portfolio, cost management, and sustainability actions underpin its positive outlook, though overseas recovery is a key risk and catalyst.
- Dividend yield guided at around 5.5%, with total returns estimated near 10%; ESG efforts ongoing but current scores lag sector peers.
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
