Mapletree Pan Asia Commercial's Overseas Segment Could Need Time to Recover
Dow Jones
Aug 04
0641 GMT - Mapletree Pan Asia Commercial Trust's overseas portfolio could require several quarters before it recovers meaningfully even as the segment nears an inflection point, says DBS Group Research's Tabitha Foo in a note. The real-estate investment trust's Hong Kong asset Festival Walk's shopper traffic and tenants' sales marked the a second consecutive quarter of improvement. However, this has yet to translate into rent increases as tenant negotiations remain cautious, she notes. Meanwhile, its Japan segment's net property income margin declined more than the analyst expected, with a certain submarket still facing substantial vacancy and difficult leasing conditions, she adds. DBS trims its target price to 1.55 Singapore dollars from S$1.65 but maintains a buy rating. Units are flat at S$1.32.
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