Tuesday 16 July 2013

Mapletree Commercial Trust

Macquarie Equities Research, July 12
WE initiate coverage of Mapletree Commercial Trust (MCT) with an "outperform" recommendation and discounted cash flow-backed target price of S$1.37, implying potential total shareholder return of 26.2 per cent. Key asset, VivoCity, is Singapore's largest super-regional mall, which is strategically located at the epicentre of HarbourFront Precinct, an area with a growing residential community, office crowd and tourist arrivals. This ensures steady growth in tenant sales and traffic footfall. We expect positive rent reversions over the next two years given that the current passing rent is about 15 per cent below market rates.
OUTPERFORM

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