Singapore · Delayed Price · Currency is SGD Mapletree Pan Asia Commercial Trust Earnings Call Transcripts
Fiscal Year 2026
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Portfolio reshaping and divestments improved leverage and liquidity, with Singapore assets driving growth amid FX and overseas headwinds. Negative rental reversions persist in China and Festival Walk, while AEI and tenant remixing continue to support performance.
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Q2 saw higher distributable income and DPU year-on-year, driven by Singapore's strong performance and cost savings, while overseas assets faced headwinds from weak markets and FX. Leverage and cost of debt improved, with proactive capital management and asset enhancements supporting resilience.
Fiscal Year 2025
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Q4 and FY gross revenue and NPI declined year-on-year due to asset divestment and weaker overseas performance, but Singapore assets showed resilience and operational-led valuation gains. Leverage improved to 37.7%, with a stable debt profile and ongoing asset enhancements supporting future growth.
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Singapore assets delivered resilient results, offsetting overseas weakness and the impact of Mapletree Anson's divestment. Leverage improved to 38.4% and AEI at VivoCity and Festival Walk continues, while Japan and China remain challenging due to market softness.