MLT

MLT: CEO Richard Lai has left MLT due to personal reasons. Ms Ng Kiat has been appointed as MLT’s new CEO. Ms Ng was the Chief Investment Officer, SE Asia at Mapletree Investments Pte Ltd (MLT’s sponsor). She started her career in ST Aerospace before moving to CapitaLand and Temasek Holdings. While StanChart is disappointed at Mr Lai’s departure (he was well-respected by the market), the house notes MLT offers a 6.6% FY12E yield. Believes that high-yield liquid SREITs like MLT will continue to outperform as investors seek out high-yielding securities. If MLT re-rates further, it could have more room to surprise the market inorganically via acquisitions as funding costs improve. The house reiterates Outperform with TP $1.13.