Shares & Derivatives
Mapletree Pan Asia Commercial Trust (SGX: N2IU): 2023 Third Quarter Result
By ViresInSolitudine  •  February 13, 2023
On 31 January 2023, Mapletree Pan Asia Commercial Trust (“MPACT”) have announced their 2023 third quarter result. The financials are stable but there are a few things to take note of. One key thing on my mind is that their percentage of fixed rate debt as at 31 December 2022 have increased to 78.3% from 72.5% in the previous quarter. This was not done through taking on excessive debt, as noted that the total gross debt as of 31 December 2022 stands at SGD6,865 million, down from SGD6,946 million as at 30 September 2022. This means to say that MPACT has renewed at the current interest rate climate. This also explains why their interest coverage has dropped significantly, as they have cancelled the old loans and borrowings which were signed at lower interest rates, and taking on new current loans at higher interest rates. Whether it pays off we will know in the next few quarters, as currently management forecasts that...
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By ViresInSolitudine
I am an ex-auditor. I tend to adopt a more skeptical view and downplay what Companies like to project themselves as.
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