Mapletree Commercial Trust: SCB initiate with O/p target and $0.96 TP. Note REIT as proxy for prime assets in up-and-coming Southern Corridor in SG. Expect significant embedded organic growth from positive rental reversions at VivoCity, SG’s largest retail mall.
Near-term catalysts could include potential pipeline acquisitions and asset enhancement opportunities. Reasonable 6% DPU yield for Year Ending 2012E (YEMar12E), with healthy 10.4% DPU growth in Mar FY13E
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