$Mapletree PanAsia Com Tr(N2IU.SI)$
Basic Profile & Key Statistics
Key Indicators
Performance Highlight
Gross revenue and NPI improved YoY due to better performance from Singapore properties. The amount available for distribution and DPU have improved YoY due to improved NPI, higher forex gain and lower tax expenses.
Rental Reversion
Portfolio rental reversion is at 2.9%.
Shopper Traffic & Tenant Sales
In the latest quarter, both shopper traffic and tenant sales have seen improvement for VivoCity. However, Festival Walk experienced a decline in both shopper traffic and tenant sales.
Related Parties Shareholding
The sponsor and manager hold a relatively high number of shares.
Lease Profile
WALE is short and the income in SGD/major currencies is relatively low.
Debt Profile
The cost of debt is relatively low, accompanied by a well-spread debt maturity profile.
Diversification Profile
The diversification is strong in sectors and tenants but concentrated in geography and property contributions.
Key Financial Metrics
The operating distributable income margin is high, but the property yield is low. Management fees are competitive when compared to operating distributable income.
DPU Breakdown
TTM Distributable Income Breakdown:95.7% from Operation4.3% from Management Fees Paid in Units
TTM Distribution = 99.8% of Distributable Income
Trends
Flat: DPU from Operation, NAV per Unit, Property Yield
Slight Downtrend: Committed Occupancy
Downtrend: Adjusted Interest Coverage Ratio, Operating Distributable Income on Capital, Operating Distributable Income Margin
Relative Valuation
Dividend Yield - Above +1SD for 1y; Above +2SD for 3y & 5y
P/NAV - Below -1SD for 1y & 3y; Below -2SD for 5y
Author's Opinion
Overall, the performance remains similar as compared to the previous quarter. For debt, there is a 15% debt expiring this fiscal year.
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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decision
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