Both gross revenue and net property income (NPI) grew 44.9% y-o-y, driven by growth from VivoCity and Mapletree Business City (MBC) as well as the merger with Mapletree North Asia Commercial Trust (MNACT) which was completed on July 21. The merger resulted in MPACT doubling in size and becoming more geographically diversified, says Koh.
UOB Kay Hian analyst Jonathan Koh has maintained his “buy” call on Mapletree Pan Asia Commercial Trust (MPACT) with a lower target price of $2 from $2.07 previously following the announcement of the trust’s 1HFY2023 earnings result ended September.
In his Nov 1 report, Koh says that MPACT’s 1HFY2023 DPU of 4.94 cents — which represents a growth of 12.5% y-o-y — is in line with UOBKH’s expectations.
