MCT

MCT: During the DB conference, mgmt stated that no major AEI plans for VivoCity are ear-marked, however, incremental zone-by-zone improvements can be done to improve performance (eg. tenant remixing, reconfiguring layout, changing trade mix etc). This has helped MCT achieve its 33% rent reversion in FY13. MCT remains active in its search for acquisitions, focusing on both retail and office assets in Singapore. DB note that MCT’s pipeline is one of the deepest amongst peers and acquisitions could provide a medium-term boost to growth. DB has a HOLD rating, TP of $1.46; MCT trades at a forward yield of 4.7%.