Broker: Maybank Research Pte Ltd
Date of Report: April 28, 2026

Excerpt from Maybank Research Pte Ltd report

Report Summary

Stock: Mapletree Pan Asia Comm. Trust (MPACT SP)
Recommendation: BUY
Target Price: SGD 1.50 (upside of +12%)
Share Price (at report): SGD 1.40

• Key Idea: MPACT’s Singapore portfolio provides stability, offsetting continued weakness in overseas assets, particularly in Greater China and Japan.
• Actionable Insight: Retain BUY on inexpensive valuations and improved balance sheet. The DDM-based target price is trimmed by 3% to SGD 1.50 due to mild overseas weakness.
• Highlights:
  • 4Q DPU: SGD 1.90c (-2.6% YoY); FY26 DPU: SGD 7.97c (-0.6% YoY).
  • Occupancy stable at 89.4%; Singapore assets saw positive rental and NPI growth, while overseas assets continued to drag.
  • Cost of debt reduced to 3.16% with a further reduction to 3.0% guided; gearing improved to 36.5%.
  • Portfolio value fell 2.1%, mainly from overseas asset weakness; Singapore assets rose 3.1% in value.
  • FY27E/28E DPU guidance lowered by 0.2%/1.0% reflecting ongoing overseas weakness, partially offset by lower borrowing costs.
• Implications: The report highlights the defensive nature of MPACT’s Singapore assets, lower cost of debt, and reasonable valuations as reasons to maintain a BUY call despite lower visibility in overseas assets. Investors are advised to focus on the stability and income profile provided by the Singapore portfolio.

above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : www.maybank-keresearch.com