Mapletree Commercial Trust downgraded to "hold" by DBS Vickers

Stock Name: Mapletree Com Tr
Company Name: MAPLETREE COMMERCIAL TRUST

Research House: DBS Vickers

Price Call: HOLD

Target Price: 1.63

SINGAPORE (April 23): DBS Vickers has downgraded Mapletree Commercial Trust (MCT) to "hold" from "buy", citing limited upside to its price target of $1.63.

MCT's fundamentals remain resilient, though, as reflected by its latest results, according to DBS Vickers analysts Rachael Tan and Derek Tan.

Revenue for the fourth quarter ended March 31 rose 3.5% y-o-y to $71 million while net property income grew 4.6% to $53 million, driven by rental increases at its Vivocity mall and office buildings.