Brokers' take

Mapletree Commercial Trust (MCT) > Sell (downgraded) OCBC Investment Research, July 26 July 26 close: S$2.07 Target price: S$1.89

MCT reported an in-line set of Q1 FY2020 results, recording a 3.6 per cent year-on-year (yoy) growth in distribution per unit (DPU) to 2.31 cents.

Healthy rental reversions of 7.3 per cent for its retail segment was achieved, while office/business park was flat (0.3 per cent). There was, however, some occupancy pressure for a couple of its office assets: PSA Building and Mapletree Anson.