Mapletree Commercial Trust - Maybank Kim Eng 2016-07-07: Transformative Acquisition
MAPLETREE COMMERCIAL TRUST N2UY.SI Mapletree Commercial Trust (MCT SP) - Transformative Acquisition
Positive on major acquisition; U/G to HOLD
- MCT’s proposed SGD1.86b acquisition of Mapletree Business City Phase 1 (MBC1) will transform it to having 24% exposure to business parks — the real estate sub-sector with the best supply/demand outlook.
- Acquisition is at market price and estimated to be funded 53:47 equity/debt.
- DPU accretion raises FY3/17-19 estimates by 3.2-5.5%. U/G to HOLD with TP revised to SGD1.56 from SGD1.35.
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