Mapletree Commercial Trust is “easing into a reopening” following a weak 1Q2021, year ending Jun 2021, owing to Singapore’s eight-week circuit breaker and the subsequent phase 1 in early June, says Maybank analyst Chua Su Tye in a Jul 24 note. Maybank is recommending “buy” on the company, with a target price of $2.15.

MCT is a retail and commercial REIT operating VivoCity, Singapore's largest mall, as well as extensive commercial space in the southern corridor.

Weaker retail performance saw revenue fall 10.5% y-o-y and 21.2% q-o-q in 1Q2021, while NPI dipped 10.7% y-o-y and 20.0% q-o-q, primarily due to Covid-19 rental rebates granted to eligible retail tenants during the quarter, notes Chua.

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