Mapletree Commercial Trust - Maybank Kim Eng 2020-07-16: ESG ~ Enhancing Best-in-class Assets

MAPLETREE COMMERCIAL TRUST (SGX:N2IU) | SGinvestors.io MAPLETREE COMMERCIAL TRUST (SGX:N2IU)

Mapletree Commercial Trust - ESG ~ Enhancing Best-in-class Assets


Leveraging assets for more

  • Mapletree Commercial Trust (SGX:N2IU) is a diversified S-REIT owning two best-in-class assets, the Mapletree Business City (MBC) and VivoCity, which together contribute 79% of its NLA and 80% of our FY21E NPI.
  • Mapletree Commercial Trust's AUM has risen on the back of three acquisitions post-IPO, while the REIT’s earnings profile has improved with its higher technology sector tenancies.
  • Value-accretive AEIs at VivoCity, have continued to strengthen the mall’s relevance in Singapore’s retail landscape, and place it at the centre stage of management’s social and environmentally-led initiatives.



On a steady greening journey

  • Two of three properties in Mapletree Commercial Trust's IPO portfolio (Bank of America Merrill Lynch HarbourFront, ARC) were already BCA Green Mark Gold certified, with VivoCity achieving its certification in Mar 2013. The environmentally-sustainable features of Mapletree Anson, one of the first properties in Singapore that was Platinum certified, were factored into an evaluation of its maiden acquisition in FY13. Including Mapletree Business City, Mapletree Commercial Trust now owns three Platinum-certified assets, and aims to at least maintain the respective certifications for all its properties.


VivoCity - more than a green space

  • Mapletree Commercial Trust owns VivoCity, Singapore’s largest destination mall at 1.1m sf of NLA, which saw shopper traffic of 51.5m in FY20 mainly due to its location above the interchange station of the Northeast and Circle MRT lines. Proactive AEIs have delivered positive rental reversions and a 0.5% compression in cap rates to 4.625% as of end Mar 2020.
  • Management has continued to leverage the mall’s strong attributes through collaborations with non-profit organisations, to raise the visibility and impact of philanthropic, social and environmental causes since its opening in 2006.


Mapletree Business City contribution improves earnings profile






Chua Su Tye Maybank Kim Eng Research | https://www.maybank-ke.com.sg/ 2020-07-16
SGX Stock Analyst Report BUY MAINTAIN BUY 2.150 SAME 2.150



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