SINGAPORE (Oct 30): OCBC Investment Research is keeping Mapletree North Asia Commercial Trust (MNACT) at “buy” after 2Q18 results came in within its expectations.

DPU rose 3.1% y-o-y to 1.926 cents. Gross revenue and NPI jumped 18.7% and 18.0% y-o-y to $104.6 million and $83.6 million, respectively driven by a full quarter contribution from its Japan portfolio acquisition and organic growth from its three other properties -- Festival Walk (FW), Gateway Plaza (GP), Sandhill Plaza (SP).

For 1H19, MNACT’s NPI rose 12.3% to $160.4 million which made up 49.2% of OCBC’s FY19 forecast. DPU of 3.807 cents represented growth of 2.5%, accounting for 49.8% of OCBC’s full-year projection.

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