Broker: Maybank Research Pte Ltd
Date of Report: April 28, 2026
Excerpt from Maybank Research report.
Report Summary: Mapletree Pan Asia Comm. Trust (MPACT SP)
- Action: BUY (Maintain)
- Target Price: SGD 1.50 (12% upside from current price SGD 1.40)
- Main Ideas:
- MPACT reported FY26 DPU of 7.97 cents, slightly below estimates due to a one-off tax charge from the divestment of Festival Walk Tower.
- Singapore operations are stable and show positive rental growth, especially at VivoCity, offsetting weakness in Greater China and Japan.
- Cost of debt improved to 3.16% with further reductions guided, supporting lower gearing and a healthier balance sheet.
- Portfolio occupancy remains high at 89.4%, with gains in Singapore properties partly offsetting overseas drag.
- Valuation remains attractive with a 5.8% yield and 0.8x P/B, compared to peers (5% yield, 1x book).
- Key risks: further weakness in overseas markets, non-renewal of anchor leases, and higher interest costs.
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: https://www.maybank.com/investment-banking
