SINGAPORE (May 4): DBS Group Research and CGS-CIMB are keeping their “buy” calls on Mapletree North Asia Commercial Trust (MNACT) despite its 19.9% y-o-y drop in distribution per unit (DPU) to 1.566 cents for its most recent 4QFY19/20 ended March 31 2020.

The Trust’s DPU was affected by the social unrests and subsequent Covid-19 outbreak in Hong Kong, that led to the closure of the REIT’s anchor asset, Festival Walk. Rental reliefs of some $17.8 million further lowered the DPU.

DBS has maintained its target price of $1.05, while CGS-CIMB has reduced its target price to $1.26 from its previous $1.30.

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