Stock Name: MapletreeCom
Company Name: MAPLETREE COMMERCIAL TRUST
Company Name: MAPLETREE COMMERCIAL TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.09 |
DBS Vickers has raised its target price for Singapore’s Mapletree Commercial Trust (MACT.SI), which owns mall and office assets, to $1.09 from $1.05 and maintained its buy rating.
DBS said Mapletree Commercial Trust’s (MCT) maiden earnings were better than expected, with the 0.96 cents distribution per unit (DPU) for the first quarter coming in 8.7% above forecast.
DBS said Mapletree Commercial Trust’s (MCT) maiden earnings were better than expected, with the 0.96 cents distribution per unit (DPU) for the first quarter coming in 8.7% above forecast.
“We continue to like MCT for its visible earnings growth and strong acquisition pipeline (Mapletree Business City). We have revised up our FY11 and FY12 DPU by 5-6% to 5.3 cents and 5.95 cents,” DBS said in a statement.
The completion of Alexandra retail centre at the end of December and step-up rents from Merrill Lynch Harbour Front, an office complex, should underpin earnings growth.
At the midday break, Mapletree Commercial units were down 0.56% at $0.88. The units have traded in a narrow range of 85 to 90 cents since their listing in late April.
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