Mapletree Commercial Trust

Mapletree Commercial Trust: 1Q14 results was ahead of grp's forecast. DPU at $1.753,+11% Y/Y while NPI at $47.1m, +6% y/y. NPI from VivoCity grew 12.6% y/y respectively. In addition, shopper traffic increased 1.2% y/y while tenant sales +5.6% despite a significant number of tenants undergoing fit-out during 1Q. Good progress was also made in renewing/re-letting leases due to expire in FY2013/14, with 57 of the 99 leases having been committed by the end of the first quarter with fixed rental uplift of 42.8% for the leases committed to date. The office component of PSAB continues to perform well, achieving committed occupancy of 100% in 1Q FY 2013/14 with a number of tenants having expanded within the building. Rental uplift was 23.8% for the 11 leases committed to date. In addition, ARC has achieved committed occupancy of 87.6%. Reflecting the improving occupancy and rental rates, GR and NPI at PSA. Div yield stands at 5.6% and trades at 1x P/B SCB upgrade to O/p with $1.34 TP.