Mapletree Pan Asia Commercial Trust: First Take: Watching MBC

研报英文原文证据摘录

Mapletree Pan Asia Commercial Trust: First Take: Watching MBC

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

30 July 2026

Mapletree Pan Asia Commercial

Trust Overweight

MACT.SI, MPACT SP

First Take: Watching MBC Price (30 Jul 26):S$1.36

Price Target (Jun-27):S$1.45

Our First Take: MPACT’s 1Q27 DPU fell 2.5% YoY (+3.2% QoQ), to 1.96 Scts,

and missed our estimate/Bloomberg consensus at 24.2%/24.4% of FY26E. We

attribute the miss to lower occupancies at MBC (<90% physical, -2.1pts QoQ, to

94.3% committed), with every 1pt of MBC occupancy impacting DPU by 0.4%.

We do expect recovery toward end-CY26, when MBC tenants shift in. Positives

include lower COD, at 2.94%, and higher reversions, at 4.3%, offset by lower

occupancies. Singapore/ASEAN Property and

REITs

Terence M Khi AC

Key Positives (65) 6882-1518

terence.ml.khi@jpmorgan.com

1Q27 COD fell 0.22 pts QoQ, to 2.94%, with management guiding for FY27 COD

Mervin Song, CFA

at 3.0-3.16%. VivoCity remained the main earnings driver, with NPI up 8.9% yoy, (65) 6882-7829

13.5% rental reversion, 99.7% occupancy and tenant sales growth of 4.9%. mervin.song@jpmorgan.com

Portfolio reversions improved to 4.3% (0% in FY26), supported by Singapore, J.P. Morgan Securities Singapore Private Limited/

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

while MBC achieved 0.8% despite transitional vacancies. Management expects Morgan Broking (Hong Kong) Limited

reversions to stay muted (-9%) at Festival Walk in FY27, although the cinema is

due to give up half the space in Mar-27, which we expect will be converted to

higher-rent paying space.

Key Negatives/Question Marks

MBC occupancy fell 2.1 pts QoQ, to 94.3%, with physical occupancy at <90%, due

to tenant downsizing, although MPACT has managed to retain its major tenants at

the property.