Stock Name: MapletreeCom
Company Name: MAPLETREE COMMERCIAL TRUST
Company Name: MAPLETREE COMMERCIAL TRUST
| Research House: Deutsche Bank | Price Call: BUY | Target Price: 0.98 |
Deutsche has initiated coverage of Singapore real estate investment trust Mapletree Commercial Trust (MACT.SI) at buy and a target price of $0.98.
Deutsche said Mapletree Commercial offers exposure to Singapore’s emerging “Southern Corridor” through VivoCity, the largest mall in the city state, as well as a portfolio of high-quality office assets.
Deutsche said Mapletree Commercial offers exposure to Singapore’s emerging “Southern Corridor” through VivoCity, the largest mall in the city state, as well as a portfolio of high-quality office assets.
The Southern Corridor comprises the area around the southern coast of Singapore.
Mapletree Commercial’s sponsor, Mapletree Investments, has also granted the trust a right of first refusal for the acquisition of 10 properties including Mapletree Business City, an office precinct in the south of Singapore.
Deutsche said that given the nature of the acquisition pipeline, Mapletree Commercial is likely to evolve from a retail-centric REIT into one which focuses on office or business space.
The company’s assets also enjoy strong rental trends, Deutsche said, noting that visitor traffic at VivoCity is likely to improve and the expiry of the initial leases should narrow the rental gap with peers.
At 10:44 a.m., Mapletree Commercial shares were up 0.6% at $0.875 on a volume of 2.5 million shares.
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