Mapletree Pan Asia Commercial Trust Units Real Estate Investment Trust Reg

N2IU: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 5.73	Dnvj	Pmbdkcls

Initiating on Mapletree Pan Asia Commercial Trust With a No-Moat Rating and FVE of SGD 1.82

Xinfu Lee

Aug 8, 2022

We are initiating coverage of Mapletree Pan Asia Commercial Trust, or MPACT, with a fair value estimate of SGD 1.82, and no-moat and stable moat trend ratings. Our fair value estimate implies a forward distribution yield of 5.3% in fiscal 2023 (ending March) and price/book value of 0.9 times. We think the trust is fairly valued at current prices with near-term growth driven by the merger with Mapletree North Asia Commercial Trust, or MNACT, priced in.

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