In addition, Festival Walk’s negative rental reversion moderated to -7% in the 1QFY2023 ended June, after two consecutive years of steep declines. The mall reported a negative rental reversion of -21% in the FY2021 and -27% in the FY2022, Koh notes.
UOB Kay Hian analyst Jonathan Koh has maintained his “buy” call for Mapletree Pan Asia Commercial Trust (MPACT) with a target price (TP) of $2.22.
In his report dated Sept 6, Koh noted that the merger between Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) was executed and completed at an “opportune timing”, with MNACT’s Festival Walk property in Hong Kong benefitting from easing restrictions since April. Festival Walk could also be further strengthened if Hong Kong ends its hotel quarantine requirements as targeted by November, the analyst notes.
