MapleCommTrust: 1st set of results higher than forecasted. Co posted $32.7m in rev +0.9% higher than forecast with net profit at $16.3m +12.7% over proforma statements. DPU at 0.96c was 8.7% higher than forecasted.Initial portfolio consists of VivoCity, Merrill Lynch Harbourfront office and PSA Building (with 3-storey Alexandra Retail Centre) undergoing AEI works.
Higher than expected rev was due to Vivocity's turnover and rental revenue but was offset by lower rental from PSAB from AEI works. Co expects Sg economy to remain stable and current portfolio mix of office and retail to provide sustainable earnings.
At annualized 2Q DPU and current share price of $0.88, yield is approx 6.1%. CIMB maintains Outperform with TP$1.01 citing potential lease-renewal upside (43% of leases) in VivoCity yet to kick in and possible mid-term acq for co from Mapletree Business City.