Mapletree Commercial Trust: CIMB upgrades to Hold from Reduce, but with TP of $1.54 intact, on more palatable valuations.
CIMB says VivoCity is a well-run mall, and its latest $5.5m AEI is expected to deliver 25% ROI. The house also thinks that it should be able to weather the weak retail environment given good management and location.
Office portfolio is also stable despite an onslaught of office space coming in 2H15, as only 9.8% and 2.6% leases are set to expire in FY15/16
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