Mapletree Greater China Commercial Trust

Mapletree Greater China Commercial Trust: DBSV D initiates coverage on Mapletree Greater China Commercial Trust (MGCCT) with a BUY recommendation and target price of $ 1.18. House note that MGCCT offers investors an attractive opportunity to own iconic, best-ofbreed commercial assets - Festival Walk and Gateway Plaza. MGCCT also offers attractive yields of 5.1% and 5.7% in FY14F and FY15F respectively, and a total return of 17% derived from strong and resilient operating cashflow with inbuilt earnings growth drivers which will underpin earnings and NAV expansion.