Brokers' take

Mapletree North Asia Commercial Trust | Hold (Downgraded) May 2 close: S$1.38 Fair value: S$1.40 OCBC Investment Research, May 2

Mapletree North Asia Commercial Trust (MNACT) reported a robust set of Q4 FY19 results which came in within our expectations. Gross revenue and net property income (NPI) jumped 16.2 per cent and 15.3 per cent year on year (y-o-y) to S$104 million and S$84 million respectively, while distribution per unit (DPU) grew 2.7 per cent y-o-y to 1.956 Singapore cents.

Operationally, MNACT's occupancy was near-full at 99.6 per cent, while rental reversions for FY19 came in at +28 per cent for Festival Walk's (FW) retail component and +15 per cent for the office component; +2 per cent for Gateway Plaza (GP); +15 per cent for Sandhill Plaza (SP) and +6 per cent for the Japan properties.