Mapletree Comm Trust: JP Morgan initiates with Neutral Call and TP $0.92. Note of quality initial portfolio but growth largely in the price, current implied value of the portfolio has factored in a 3-year NPI CAGR of 6.8% and DPU CAGR of 7.5%. Tip risk-return profile likely to shift in the long run, and substantial office component in the pipeline could significantly shift the risk-return profile of MCT….
REit currently trading at 5.6% / 6.3% CY11E / CY12E yield and 4.5% implied cap rate, not a compelling valuation. House prefers Mapletree Industrial Trust within the Mapletree group REIT and CapitaMall Trust amongst REITs.
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