SINGAPORE (Jan 2): Maybank KimEng is starting coverage of Mapletree Commercial Trust (MCT), the best performing REIT in 2017, with a "sell" and $1.45 target price given DPU downside risk.
Maybank says MCT has delivered an average 23% six-year rental reversions at VivoCity, S’pore’s largest mall, and 4.9% DPU CAGR from FY12-17 following its Mapletree Business City 1 (MBC1) acquisition in 2016.
However, Maybank believes these are reflected in its valuations, now at 5.8% yield.
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