Broker's take: OCBC says 'worst likely over' for Mapletree NAC Trust

OCBC Investment Research on Monday increased its fair-value estimate for Mapletree North Asia Commercial Trust slightly to S$1.37 from S$1.36, while maintaining its"buy" call.

The research team also said in its note that it believes"the worst is likely over" for the real estate investment trust , as the bulk of the closure period of its Festival Walk mall in Hong Kong had taken place in the third quarter of fiscal 2020 ended Dec 31, 2019. However, uncertainties remain, OCBC noted.

The mall reopened on Jan 16 - earlier than the management's previous expectations. It had been shuttered since Nov 13 due to damage sustained from protests in Hong Kong, which resulted in no rentals being collected. "Notwithstanding the ongoing political unrest in Hong Kong, we note that MNACT has insurance coverage on physical damage and business interruption which covers for the loss of rental income, although there is no visibility yet on the amount and timeline of the insurance claims," OCBC wrote.On Friday night, MNACT posted a 13.3 per cent year-on-year drop in distribution per unit for its third quarter ended Dec 31 to 1.671 Singapore cents.

Source: News Formal (newsformal.com)

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