Mapletree Commercial Trust - Continued Recovery
- Mapletree Commercial Trust (SGX:N2IU) reported 2HFY22 (Oct 2021 to Mar 2022) gross revenue of S$255.8m and NPI of S$198.8m, up 4.9% and 4.7% h-o-h respectively. Inclusive of S$15.7m of retained income released, income available for distribution was S$170.5m (+16.4% h-o-h), translating to DPU of S$0.0514. FY22 DPU of S$0.0953 (+0.4% y-o-y) was in line at 100.3% of our forecast.
- Mapletree Commercial Trust revalued its portfolio up 0.4% (vs. Sep 2021 level) to S$8.8bn. Portfolio occupancy improved q-o-q to end FY22 at 94.3%, with committed occupancy at a higher 97%. Gearing as at end-FY22 was 33.5%, with all-in cost of debt remaining stable at 2.4%.
- We tweak our FY23-24F DPU forecasts for Mapletree Commercial Trust up 0.31-0.52% post results.
- Mapletree Commercial Trust’s proposed merger with Mapletree North Asia Commercial Trust (SGX:RW0U) is ongoing, with the EGM on the issue targeted to be held by end-May 2022. The merger could leapfrog Mapletree Commercial Trust to be among the top 10 largest REITs in Asia and allow the enlarged entity to pursue accelerated growth opportunities.
- Mapletree Commercial Trust is currently trading at ~5.2% FY23F yield.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
EING Kar Mei CFA CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2022-04-21 2022-04-21
Read also CGS-CIMB's most recent report:
2022-10-31 Mapletree Pan Asia Commercial Trust - Recovering Well In 1HFY23
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