Mapletree Pan Asia Commercial Trust (MPACT.SI): What‘s New From Citi‘s 2026 Property & Financials Conf.: FW Far From 2018

Research evidence excerpt

Mapletree Pan Asia Commercial Trust (MPACT.SI): What‘s New From Citi‘s 2026 Property & Financials Conf.: FW Far From 2018

Flash |

25 Jun 2026 05:25:40 ET │ 10 pages

Mapletree Pan Asia Commercial Trust (MACT.SI)

What’s New From Citi’s 2026 Property & Financials Conf.: FW Far From

CITI’S TAKE Buy

We hosted Mapletree Pan Asia Commercial Trust (MPACT) at Citi’s 2026 Price (24 Jun 26 17:06) S$1.30

Property & Financials Conference. Key takeaways include: (1) divestment Target price S$1.49

remains part and parcel of its business, but it doesn’t see the need for

Expected share price return 14.6% more debt reduction; (2) it’s considering Singapore for potential

acquisitions; and (3) Festival Walk’s performance is far from 2018, with Expected dividend yield 6.1%

FY27E likely to see -10% (plus/minus) reversion. MPACT (-12%) has Expected total return 20.7%

underperformed S-REITs (-5%) YTD, but we maintain our Buy rating Market Cap S$6,870M

largely on valuations (6.1% FY27E yield; 0.76x P/B), with faster-than- US$5,319M

expected recovery in HK retail rent reversion and DPU-accretive

acquisitions/divestments as key share price catalysts, in our view.

Brandon LeeAC • Divestment is part and parcel of business, hence MPACT will look at decent

offers. It’s comfortable on gearing (36.5%) and doesn’t think there’s need for +65-6657-1118

further debt reduction. In China, MPACT would sell assets but there are no brandon2.lee@citi.com

buyers. Pressure on rents will continue and macro conditions are not in its favor,

though MPACT’s goal is to maintain occupancy (currently 83.9%), which is

better than peers. Despite mid-teens rental reduction of BMW’s lease renewal,

the reduced rent is better than passing and spot rents. In Hong Kong (HK),