| CGS CIMB |
MAYBANK KIM ENG |
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Mapletree Industrial Trust Trading rents for improving occupancy
■ 3QFY3/19 DPU of 3.07 Scts was in line with our and consensus forecasts, driven by earnings from 30A Kallang Place and Mapletree Sunview 1. ■ Thanks to attractive rental rates for tenants, MINT’s 3QFY19 occupancy growth reversed downtrend in 1QFY18-2QFY19. ■ Maintain Add call with a TP of S$2.13.
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Mapletree Commercial Trust (MCT SP)
In line, maintain forecasts and TP; Prefer FCT
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| DBS VICKERS | PHILLIP SECURITIES |
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Keppel DC REIT Up and away!
BUY, TP of S$1.60 Trading at a yield of c.5.5% and low gearing of c.31%, Keppel DC REIT (KDC REIT) remains one of the few REITs in Singapore capable of making accretive acquisitions, supported by low cost of capital. The REIT is projected to deliver a solid 3%-5% growth in distributions, with upside from acquisitions.
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CapitaLand Mall Trust Still-weak reversions despite underlying recovery in tenant sales
SINGAPORE | REAL ESTATE (REIT) | FY18 RESULTS FY18 NPI and DPU in line with our forecast. Higher revenue in 4Q18 4Q18 from remaining 70% stake of Westgate acquired on 1 Nov 2018. Slight recovery in tenant sales, with recovery in key trade categories. Stable portfolio occupancy amidst AEI works at Westgate and Tampines Mall. Still-weak rental reversions. Higher gearing and shorter term to maturity now with debt consolidated from Infinity Mall Trust (which holds Westgate). Maintain Neutral with unchanged TP of S$2.09.
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Check out our compilation of Target Prices
