Broker: CGS International
Date of Report: April 28, 2026
Excerpt from CGS International report.
Report Summary
Stock: Mapletree Pan Asia Commercial Trust (MPACT SP)
Action: Maintain Add (Buy) rating
Target Price: S\$1.52
Current Price: S\$1.40
Implied Upside: 8.6%
Dividend Yield Forecast (FY27F): ~5.7%
- Key Idea: MPACT’s resilient Singapore portfolio, particularly VivoCity’s strong performance (+14.1% rent reversion, 99.7% occupancy), supports the investment thesis, despite ongoing overseas portfolio challenges (notably negative rental reversions in Hong Kong, China, Japan).
- Highlights: 4Q/FY26 DPU of 1.90 Scts and FY26 DPU of 7.97 Scts were in line with expectations. Portfolio value declined 2.1% year-on-year due to lower overseas asset values and weaker forex. Gearing improved slightly to 36.5%.
- Actionable Insight: MPACT is trading at an attractive ~5.7% forward yield and offers a potential total return of about 14%. Key catalysts for a re-rating include improved overseas performance and divestment of weaker assets. Risks include continued weakness in overseas performance and slower-than-expected rate cuts.
- ESG: LSEG ESG Score: B. 100% of the portfolio is green-certified, but emission and shareholder rights scores remain low. No ESG premium/discount applied to valuation.
Recommendation: Investors seeking yield and stability can consider accumulating MPACT at current levels for a potential upside to S\$1.52.
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/
