Broker: OCBC Group Research
Date of Report: 28 April 2026
Excerpt from OCBC Group Research report.
Report Summary
- Stock: Mapletree Pan Asia Commercial Trust (MPACT)
- Ticker: MPACT SP EQUITY
- Action: HOLD
- Target Price (Fair Value): SGD 1.45
- Last Close: SGD 1.40
- Key Highlights:
- 4QFY26 distribution per unit (DPU) fell 2.6% YoY to 1.90 Singapore cents, missing expectations, mainly due to a one-off tax charge.
- Portfolio occupancy rose to 89.4%, reversing eight quarters of decline, but overseas assets (especially in Greater China and Japan) remain weak with negative rental reversions.
- Aggregate leverage ratio improved to 36.5% after divestments, strengthening the balance sheet.
- FY26 DPU was 7.98 Singapore cents, with forecast yields of 5.8% in FY27E and 6.0% in FY28E.
- Singapore assets continue to outperform, but challenges persist overseas, particularly at the Festival Walk mall in Hong Kong and China properties.
- Implications:
- Maintain HOLD rating due to macro headwinds and weakness in non-Singapore assets. Investors should watch for further downside risk from China and Hong Kong, but the trust’s strong Singapore portfolio and improved balance sheet offer some support.
above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC Group Research website : https://www.ocbc.com
