SINGAPORE (July 17): Maybank’s Kim Eng Research has kept its “buy” call for Mapletree Commercial Trust (MCT) with an unchanged target price of $2.15.

In a Thursday report, analyst Chua Su Tye noted that the REIT’s AUM has risen on the back of three acquisitions post-IPO, while its earnings profile has improved with its higher technology sector tenancies. The analyst also likes MCT for its diversified portfolio as it owns two best-in-class assets: Mapletree Business City (MBC) and VivoCity, which together contributes 79% of its NLA and 80% of FY21 NPI estimates.

VivoCity is Singapore’s largest destination mall at 1.1 million sq ft of NLA and shopper traffic of 51.5 million in FY20. Value-accretive asset enhancement initiatives (AEIs) at VivoCity, have also continued to strengthen the mall’s relevance in Singapore’s retail landscape, and place it at the centre stage of management’s social and environmentally-led initiatives.

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