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ARA LOGOS Logistics Trust (ALLT SP)

2H20: An Epic And Transformational Year


2H20 DPU was 15% above our expectations due to positive rental reversion of 9.8% driven by Singapore and improvement in occupancy of 3.6ppt qoq to 98.3% for Australia. Year 2020 was transformational with LOGOS installed as the new sponsor and ALOG embarking on its first acquisition post-reorganisation. We expect continued transformation and expansion as ALOG taps on its sponsor pipeline. Distribution yield is attractive at 7.1% for FY21. Re-iterate BUY. Target price: S$0.89.


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Mapletree Commercial Trust (MCT SP)

9MFY21: Resiliency From Office/Business Park


3QFY21 business update shows that MCT has maintained high committed occupancy of 99.5% at VivoCity. VivoCity has been enhanced with a promenade-facing F&B cluster on Level 1 and more Adidas flagship stores. VivoCity is affected by the absence of tourist spending, but MBC I and MBC II will benefit from demand from technology and pharmaceutical companies. Maintain BUY. Target price: S$2.35.


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Ascott Residence Trust (ART SP)

Recycling Capital


DPU in line, undemanding valuations ART’s FY20 DPU at SGD3.03cts (-60% YoY) was in line with our estimate and at the higher-end of its profit guidance. The performance was on the back of softer RevPAU (-61% YoY), and lower gross profit (-41% YoY), which were cushioned by long-stays in China and Vietnam. With progress on vaccine rollouts uneven, RevPAU recovery in FY21 will be slow. We continue to like ART for its diversified portfolio, concentrated long-stay assets, strong balance sheet, and SGD200m in residual divestment gains which may lift capital distributions amid slower DPU growth. Valuations are undemanding at 0.8x FY21E P/B. Our DDM-based TP stays at SGD1.25 (COE 5.5%, LTG 2.0%).


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Mapletree Commercial Trust (MCT SP)

Recovery Underway


In line, maintain BUY

MCT’s revenue and NPI recovered further in 3Q21, led by a stronger QoQ performance at VivoCity, amid a rebound in shopper traffic and tenant sales. Contributions from its office and business park assets have risen and should continue to support DPU visibility. Fundamentals are intact, with its AUM now more resilient and backed by improving domestic demand-led drivers. We maintain our forecasts, but raise our DDM-based TP to SGD2.30 (with lower COE from 6.0% to 5.7%). Its balance sheet remains strong with an estimated SGD1.8-5-3.0b debt headroom. Valuations are undemanding at 4.5% FY22E yield on the back of recovering DPU. BUY.


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LionelLim8.16Check out our compilation of Target Prices

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