丰树泛亚商业信托：香港/中国运营挑战或已被过度定价

Citi expects Mapletree Pan Asia Commercial Trust's (MPACT) overseas performance (31%/39% of NPI/AUM) to remain challenging through FY28E, especially in China and Festival Walk (FW) amid major AEIs, partly mitigated by MBC and VivoCity. Current P/B of 0.67x is at 2 S.D. below mean and implies roughly 70% devaluation of HK/CN assets, which the analyst views as overly pessimistic. Key takeaways from the 2QFY27 results briefing: green shoots in HK retail are flowing through to FW, with F&B, wellness and select luxury performing well while cinema, fashion, cosmetics and one athleisure grocer need to be addressed; MPACT is in advanced planning for two large AEIs at FW lasting two years with positive ROI and expected 3.3-3.6% NPI yield; leasing challenges persist in China with market rents still declining; Makuhari leasing enquiries have picked up; MBC physical occupancy should reach 92-93% by end-FY27E;