DBS Equity Research has maintained its ‘Buy’ call on Mapletree North Asia Commercial Trust (MNACT), expecting units of the REIT to rally in the near term.
The REIT recently reported a distribution per unit (DPU) of 1.926 Singapore cents for its 2Q FY18/19, up 3.1% year-on-year.
Underpinned by new income from its Japanese properties, as well as higher rents at Festival Walk, Gateway Plaza and Sandhill Plaza, the REIT’s net property income (NPI) of SGD160.4 million (USD115 million) for 1H FY18/19 was also 12.3% higher than the corresponding period of the previous financial year.
However, despite this performance, the REIT’s unit price has fallen by more than 8% in the year-to-date.
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