The higher utilities expense mainly attributed to VivoCity, for instance, eroded the top line growth for the Singapore portfolio, resulting in muted 0.2% y-o-y growth in net property income (NPI).
CGS-CIMB Research analysts Natalie Ong and Lock Mun Yee have kept “hold” on Mapletree Pan Asia Commercial Trust (MPACT) (SGX:N2IU
) with a lower target price of $1.76 from $.190 previously following the trust’s 1QFY2024 ended June results announcement.
In their report, Ong and Lock note that although MPACT’s 1QFY2024 DPU was in line with their expectations, the trust’s top line growth was dragged by foreign exchange impact, higher utilities as well as interest expense.
