Full Year 2026 Mapletree Pan Asia Commercial Trust Earnings Call Transcript
Key Points
- Mapletree Pan Asia Commercial Trust (MPCMF) successfully divested three non-core assets, including two in Japan and the office component of Festival Walk, using proceeds to reduce debt and strengthen financial stability.
- Singapore's gross revenue and net property income (NPI) grew by 2.3% and 4.1% year-on-year, respectively, driven by strong performance from VivoCity and other properties.
- Interest expenses decreased by 15.3% due to lower interest rates on Singapore and Hong Kong dollar borrowings and loans repaid using divestment proceeds.
- The Singapore portfolio now accounts for more than 60% of the group's gross revenue and NPI, with VivoCity recording a 7.6% growth in two-year NPI.
- MPCMF maintained a strong capital management position with a gearing ratio of 36.5% and a weighted average cost of debt at 3.16% per annum, supported by proactive debt management.
- Overall gross revenue and NPI for the year were down 4.6% and 4.3% year-on-year, respectively, due to lower overseas contributions and unfavorable foreign exchange impacts.
- The overseas portfolio experienced a valuation decline of $301.7 million, further impacted by a $301 million foreign exchange effect, primarily due to a stronger Singapore dollar against the Japanese yen and Korean won.
- Occupancy rates in China and Japan have declined, with Japan's portfolio occupancy dropping to 57.1% following the termination of Fujitsu's master lease.
- Festival Walk's tenant sales remain weak despite an increase in shopper traffic, as the mall is not tourist-centric and improvements in Hong Kong retail sales have been driven by tourism.
- The Japan portfolio faces challenges with tenant retention, largely due to non-renewals of master leases, impacting overall occupancy and retention rates.
Good morning, everybody and members of the public. Welcome to MapleTree 10 Asia Commercial Trust, or MPact's analyst briefing and live webcast for our results for the fourth quarter and financial year ending 31st March 2026.
I'm Li Ying, and I have the pleasure of hosting today's results briefing. Allow me to introduce our speakers for today. They are Ms. Sharon Lin, Chief Executive Officer of MPact. This is Jenica Tan, Chief Financial Officer and Mr. Koh Wee Leong, our Head of Investment and Asset Management. We will be presenting our financial results, providing business development and updates and sharing market insights.
Following the presentation, we will open the floor for a Q&A session, where we invite you to ask questions or seek further clarification on our results.
Without further ado, I will hand the floor over to our CMO, Jenica.
A very good
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