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CGS-CIMB ups MNACT's TP to $1.13 as REIT reaches an agreement on insurance settlement

Felicia Tan
Felicia Tan11/25/2021 05:40 PM GMT+08  • 2 min read
CGS-CIMB ups MNACT's TP to $1.13 as REIT reaches an agreement on insurance settlement
An interim payment of HK$263 million has been received from the insurers to date.
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As Mapletree North Asia Commercial Trust (MNACT) enters into a settlement agreement with its insurers for Festival Walk, CGS-CIMB Research analysts Lock Mun Yee and Eing Kar Mei have kept “add” with a slightly higher target price of $1.13 from $1.12.

On Nov 24, the manager of MNACT announced that it has settled on an amount of HK$334.3 million ($58.3 million), which comprises HK$84.3 million for property damage and HK$250 million for revenue loss due to business interruption.

See: Mapletree North Asia Commercial Trust to receive insurance settlement of $58.3 million and Broker's Digest: CICT, KORE, SPH, MNACT, Japfa, Far East Hospitality Trust

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