Stock Name: MapletreeCom
Company Name: MAPLETREE COMMERCIAL TRUST
DBS Vickers Securities in an Apr 27 research report says: "4Q12 gross revenues and NPI was c.10.9% and 16.1% y-o-y higher respectively, largely due to Vivocity's strong positive rental reversions, as well as the progressive opening of Alexandra Retail Centre (ARC).
"On a q-o-q basis, NPI also rose by a healthy 6% despite a seasonally-weak quarter on the back of lower property and maintenance expenses. Consequently, 4Q DPU came in at 1.554 cents. Full year DPU beat our forecast by c.5%. Gearing dipped marginally to 37.6% with no major refinancing in FY2012. Average cost of borrowings remains low at 1.96%.
"We have nudged target price up by 1.8% to $1.11 to account for its better-than-expected performance at VivoCity. FY2013/2014 yields are at 6.8/7.2 % and our revised target price of S$1.11 offers a total upside of close to 30%. MAINTAIN BUY."
Company Name: MAPLETREE COMMERCIAL TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.11 |
DBS Vickers Securities in an Apr 27 research report says: "4Q12 gross revenues and NPI was c.10.9% and 16.1% y-o-y higher respectively, largely due to Vivocity's strong positive rental reversions, as well as the progressive opening of Alexandra Retail Centre (ARC).
"On a q-o-q basis, NPI also rose by a healthy 6% despite a seasonally-weak quarter on the back of lower property and maintenance expenses. Consequently, 4Q DPU came in at 1.554 cents. Full year DPU beat our forecast by c.5%. Gearing dipped marginally to 37.6% with no major refinancing in FY2012. Average cost of borrowings remains low at 1.96%.
"We have nudged target price up by 1.8% to $1.11 to account for its better-than-expected performance at VivoCity. FY2013/2014 yields are at 6.8/7.2 % and our revised target price of S$1.11 offers a total upside of close to 30%. MAINTAIN BUY."
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