Mapletree Greater China Commercial Trust

Mapletree Greater China Commercial Trust (MGCCT): Post results, StanChart reiterates Outperform rating, raises TP to $1.02 (from SGD 1.00) after raising DPU estimates by 2%. MGCCT has underperformed peers Link REIT, Fortune REIT and CapitaMall Trust by 8-9% in the past three months and currently offers an 8.3% FY14/15E DPU yield. While leverage of 40.5% remains higher than its peers, management has fixed 71% of its debt financing costs for the next two years.