MCT

MCT: has raised $225m via pte placement of 192.3m shares at $1.17 apiece, to fund the acquisition of Mapletree Anson. The placement was 2.9x over-subscribed, with strong participation from new and existing institutional investors. Citi believes this should help address the equity fundraising overhang on MCT, which has underperformed its peers as well as the STI since its earlier announcement of the acq on 3 Dec ’12. On the expectation of positive accretion as well as stronger than expected 3QFY13 results (out 24 Jan ’13), the house raises FY13/14 DPS estimates by 6% each, and raises TP to $1.39 from $1.35. Maintains a Buy rating.