SG Property Intelligence MPACT – Perception gap an opportunity; HK marketing feedback

Research evidence excerpt

SG Property Intelligence MPACT – Perception gap an opportunity; HK marketing feedback

J P M O R G A N Asia Pacific Equity Research

21 May 2026

SG Property Intelligence

MPACT – Perception gap an opportunity; HK marketing

feedback

Singapore/ASEAN Property and

REITs

Mapletree Pan Asia Commercial Trust – Perception gap an opportunity. We see AC Terence M Khi

a buying opportunity in MPACT as there is a disconnect between a growing DPU and

(65) 6882-1518

attractive valuations versus weak investor sentiment and worries of a falling DPU terence.ml.khi@jpmorgan.com

owing to headwinds from Festival Walk (FW), China and Fujitsu lease expiry in AC Mervin Song, CFA

Japan. This perception gap has contributed to MPACT underperforming over the past (65) 6882-7829

month, falling 11.2% vs. FSSTI (+0.5%) and S-REITs (-4.3%). While we mervin.song@jpmorgan.com

acknowledge that overseas headwinds are likely to persist, we project a 3-year DPU J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

CAGR of 1.8% p.a. driven by improved contributions from VivoCity and MBC in Morgan Broking (Hong Kong) Limited

Singapore, alongside lower interest costs. MPACT is also trading at an attractive

6.5/6.6% yield for FY27/28, 1.3/0.9 s.d. above the mean yield of 5.7/5.9%.

Benchmarking MPACT’s Singapore portfolio to S-REIT yields of 5.6% and 1.0x P/B

implies MPACT’s overseas portfolio is trading at a 7.9-8.1% yield and P/B of 0.3x,

which offers an attractive risk-reward, in our view. Link (Source: J.P. Morgan)

Singapore Property and REITs – HK marketing feedback. Key highlights from

our recent Hong Kong marketing meetings include: (1) discussions on the earlier

jump in the overnight SORA and the impact of a steeper yield curve; (2) DPU