Mapletree Commercial Trust IPO: Public offer begins today and closes on 25th Apr. Expect to commence trading on 27th Apr. IPO appears fairly priced at 5.7% yield and 1.0x P/B vs retail/office S-Reit average of 5.9% and 0.9x. Note that retail Reits command higher P/B multiples vs office peers (1.02x vs 0.8x). Given short average lease to expiry of 2.8 yrs and rental step-up in 2012, DPU expected to grow >10% next yr and 9.5% in FY13. ..
IPO has been well received with placement tranche 9x oversubscribed.
Kindly copy and paste the following link into a new browser to access KE Live’s factsheet on the IPO:
http://kimenglive.yolasite.com/resources/Companies/MCT%20-%20ipo.pdf
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment