Mapletree Greater China Commercial Trust: Resilient 1QFY17 DPU as outlook stays positive*
-1QFY17 DPU 1.85¢ (+9.1%)
-Revenue $84.9m (+11.9%), NPI $69.4m (+11.2%)
-Top line bolstered by acquisition of Sandhill Plaza and postive rental reversion at Festival Walk
-Tenant sales (-12.7%) and footfall (-12.5%) at Festival Walk mall fell
-Management expects all 3 malls to continue to achieve positive rental reversion going forward.
-1QFY17 annualised yield of 6.8%, slightly above industry average, and trades at 0.92x P/B
-Street remains bullish, as there are 7 Buy and 2 Sell ratings, with a consensus TP of $1.10.
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