Mapletree

Mapletree: Deutsche maintains Buy, with $0.94 target. Notes latest acquisitions of AW Center in Singapore, and letter of intents for 1 Japan, 3 Singapore properties come with attractive net property yields at >8%. Combined with the latest round of equity raising, impact to valuations is neutral <-1% to FY10-12E DPU. But notes enhanced balance sheet capacity (gearing to decline from 46% to 38%), should allow debt-funding of additional $470m in acquisitions which sould provide upside to valuations. Valuations attractive at 1x PB, 7.1% FY10E yield.