Mapletree Comm Trust: Citi initiates at Buy with TP $1.07. Tip REIT as Top S-REIT Pick, with VivoCity as Key Catalyst. REITs offers a 5.9% yield and is one of the highest organic growth rates with a 3-yr net distributable income CAGR of 7%. Among the highest organic growth generators, REIT likely to generate a 3yr DPU CAGR of 7%, vs +4.1% to +8.0% for retail REITs and -1.6% to +2.8% for office REITs.
MapleTree Comm Trust: Deutsche initiates at Buy with TP $0.98. Note that REIT offers unique exposure to SG's emerging Southern Corridor thru VivoCity, and a portfolio of high-quality decentralised office assets. REIT has significant embedded organic growth within its portfolio which should underpin above-average near-term DPU growth.
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