COMM360 Investor Relations G1
Analysis and Recommendation Report
MAPLETREE COMMERCIAL TRUST -
REIGNITING CONFIDENCE, BUILDING CONNECTION
Lim Jie Min
,EXECUTIVE SUMMARY
202
In this report, we evaluate Mapletree Commercial Trust
(MCT) against four other retail and diversified
Singapore REITs (S-REITs) chosen as peers for
comparison; namely, Suntec REIT, Frasers Centrepoint
Trust, SPH REIT, and CapitaLand Integrated
Commercial Trust. From a holistic analysis of MCT’s
performance in various aspects in comparison to its
peers, we identify certain areas for improvement and
provide recommendations to enhance MCT’s current
Investor Relations Programme. Among these are
increasing MCT’s research house coverage, building
MCT’s social media presence, enhancing its website
content and features, and launching a Telegram channel
to better engage the investment community.
, 1. Introduction
Mapletree Commercial Trust (MCT) is a Real Estate Investment Trust (REIT) wholly owned by
Mapletree Investments Pte Ltd (MIPL), a leading real estate development, investment and capital
management company headquartered in Singapore. Valued at S$8.9 billion and having a Net Lettable
Area of 5.0 million square feet, MCT’s diversified portfolio includes Singapore’s largest mall VivoCity,
premium office buildings Mapletree Anson and Bank of America Merrill Lynch HarbourFront, Mapletree
Business City, and PSA Building. MCT seeks to provide attractive return on investment and long-term
stable capital distribution for its unitholders.1
2. Analysis
2.1 Overview and Investment Narrative
MCT invests on a long-term basis, directly or indirectly, in a diversified portfolio of income producing
real estate used primarily for office and/or retail purposes. MCT’s investment strategy focuses on three
key aspects: value creation through active asset management, acquisition growth, and disciplined
capital and risk management. To drive performance, the Manager aims to maintain high yet sustainable
occupancy rates and stable rental income, maximize yield through asset enhancements, optimise
tenant mix, and increase operations efficiency while reducing overall costs. In addition, the Manager
intends to actively acquire assets based on value accretion, yield thresholds, and asset quality to build
resilience and long-term attractive returns for its unitholders. Finally, the Manager seeks to maintain
stability evidenced by robust balance sheets and healthy investment strategies and diversification.2
2.2 Investor Relations Programme
Underpinning MCT’s Investor Relations Programme are fair and equitable treatment of unitholders; high
standards of corporate transparency; accurate, timely and quality disclosure; and proactive
engagement of investors, analysts, and the media.
MCT regularly communicates with the investment community via various channels including
announcements, press releases, investor presentations, postings on its website and SGX-ST website,
email notifications, as well as asynchronous customer support regarding feedback and queries.3
Every six months, MCT holds analysts’ briefings regarding its semi-annual and annual financial
performance and results. Throughout FY19/20, the MCT investor relations team connected with over
450 fund managers, institutional investors and analysts as well as participated in several conferences
and non-deal roadshows in Singapore, Hong Kong, and Bangkok.4
2.3 Peer Selection Methodology
To better understand where MCT stands in relation to its peers, we conduct a peer comparison with
selected S-REITs. Our methodology to select peers for comparison is as follows:
Page | 1
Analysis and Recommendation Report
MAPLETREE COMMERCIAL TRUST -
REIGNITING CONFIDENCE, BUILDING CONNECTION
Lim Jie Min
,EXECUTIVE SUMMARY
202
In this report, we evaluate Mapletree Commercial Trust
(MCT) against four other retail and diversified
Singapore REITs (S-REITs) chosen as peers for
comparison; namely, Suntec REIT, Frasers Centrepoint
Trust, SPH REIT, and CapitaLand Integrated
Commercial Trust. From a holistic analysis of MCT’s
performance in various aspects in comparison to its
peers, we identify certain areas for improvement and
provide recommendations to enhance MCT’s current
Investor Relations Programme. Among these are
increasing MCT’s research house coverage, building
MCT’s social media presence, enhancing its website
content and features, and launching a Telegram channel
to better engage the investment community.
, 1. Introduction
Mapletree Commercial Trust (MCT) is a Real Estate Investment Trust (REIT) wholly owned by
Mapletree Investments Pte Ltd (MIPL), a leading real estate development, investment and capital
management company headquartered in Singapore. Valued at S$8.9 billion and having a Net Lettable
Area of 5.0 million square feet, MCT’s diversified portfolio includes Singapore’s largest mall VivoCity,
premium office buildings Mapletree Anson and Bank of America Merrill Lynch HarbourFront, Mapletree
Business City, and PSA Building. MCT seeks to provide attractive return on investment and long-term
stable capital distribution for its unitholders.1
2. Analysis
2.1 Overview and Investment Narrative
MCT invests on a long-term basis, directly or indirectly, in a diversified portfolio of income producing
real estate used primarily for office and/or retail purposes. MCT’s investment strategy focuses on three
key aspects: value creation through active asset management, acquisition growth, and disciplined
capital and risk management. To drive performance, the Manager aims to maintain high yet sustainable
occupancy rates and stable rental income, maximize yield through asset enhancements, optimise
tenant mix, and increase operations efficiency while reducing overall costs. In addition, the Manager
intends to actively acquire assets based on value accretion, yield thresholds, and asset quality to build
resilience and long-term attractive returns for its unitholders. Finally, the Manager seeks to maintain
stability evidenced by robust balance sheets and healthy investment strategies and diversification.2
2.2 Investor Relations Programme
Underpinning MCT’s Investor Relations Programme are fair and equitable treatment of unitholders; high
standards of corporate transparency; accurate, timely and quality disclosure; and proactive
engagement of investors, analysts, and the media.
MCT regularly communicates with the investment community via various channels including
announcements, press releases, investor presentations, postings on its website and SGX-ST website,
email notifications, as well as asynchronous customer support regarding feedback and queries.3
Every six months, MCT holds analysts’ briefings regarding its semi-annual and annual financial
performance and results. Throughout FY19/20, the MCT investor relations team connected with over
450 fund managers, institutional investors and analysts as well as participated in several conferences
and non-deal roadshows in Singapore, Hong Kong, and Bangkok.4
2.3 Peer Selection Methodology
To better understand where MCT stands in relation to its peers, we conduct a peer comparison with
selected S-REITs. Our methodology to select peers for comparison is as follows:
Page | 1
