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Analysts lower MNACT’s TP on 'challenging quarter' despite 1Q results being in line with expectations

Felicia Tan
Felicia Tan8/2/2021 09:39 PM GMT+08  • 2 min read
Analysts lower MNACT’s TP on 'challenging quarter' despite 1Q results being in line with expectations
Despite the lower target prices, analysts from CGS-CIMB and OCBC Investment Research have kept their "add" or "buy" calls.
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Analysts from CGS-CIMB Research and OCBC Investment Research (OIR) has kept their “add” and “buy” calls on Mapletree North Asia Commercial Trust (MNACT) albeit with lower target prices of $1.12 and $1.15 from $1.15 and $1.18 respectively.

That said, MNACT’s gross revenue and net property income (NPI) of $103 million and $78.3 million stood broadly in line with expectations from both brokerages.

To CGS-CIMB analysts Lock Mun Yee and Eing Kar Mei, the quarter was a “challenging” one for the REIT as its stable performance from its Japan and Seoul portfolios were dragged by weaker figures from Festival Walk and Gateway Plaza.

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