Broker: DBS
Date of Report: 28 April 2026
Excerpt from DBS report.

Report Summary

• Stock: Mapletree Pan Asia Commercial Trust (MPACT)
  Ticker: MPACT_SP_Equity
• Action: BUY
• Target Price: SGD1.65
• Main Idea: MPACT is undervalued, trading at approximately 0.8x price-to-book. The Trust is transitioning to focus more on its resilient Singapore assets, with VivoCity standing out for strong rental reversions (+14%) and asset enhancement completions. Despite overseas softness and divestments (2 Japan assets, Festival Walk office), Singapore operations show strength, and stable DPU (7.97 Scts, -0.6% y/y) is ahead of estimates. Key watchpoints include interest cost savings, potential yield accretion from divestments, and upcoming anchor tenant renewals overseas.
• Implications: Investors may consider a BUY, focusing on value and resilience anchored in Singapore assets, while the Trust recycles capital from divested overseas properties.

above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com/insightsdirect/