Wednesday, March 23, 2011

MapletreeIndTrust

MapletreeIndTrust: Citi issues note following US roadshow maintaining Buy on MIT with TP$1.25. Co’s portfolio remains under-rented due to 5% per annum rental cap on non-biz park space but has renewed 99.3% of its leases at the maximum. 2nd phase of JTC’s divestment of flatted factories in 2H11 offers acquisition opportunities for co...

House notes tenant CS will move out of The Signature in Dec 2012 and contributes 2.2% of total rental rev. MIT is to seek replacement tenants over the nxt 21 mths. Citi remains sanguine on mgmt and relatively high expected yield of 7.9% in FY2012 and 8.6% in FY2013.

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