China's Covid Measures May Weigh on Mapletree North Asia Commercial -- Market Talk

Dow Jones2022-04-21

0317 GMT - Mapletree North Asia Commercial Trust's distribution per unit may be pressured by a likely slow recovery due to the strict Covid-19 measures in Hong Kong and China, Daiwa analysts David Lum and Celine Tan say in a note. Daiwa trims its forecast for the trust's FY 2023-FY 2024 DPUs by 2%, noting that its FY 2023-FY 2025 DPUs are 2%-10% below consensus. While there may be concerns over rising electricity costs, the Trust thinks an improvement in the market outlook and portfolio growth may help to mitigate the impact, the analysts note. Daiwa maintains a hold rating and a S$1.19 target price on the unit, which is 0.8% lower at S$1.22. (justina.lee@wsj.com)

$(END)$ Dow Jones Newswires

April 20, 2022 23:17 ET (03:17 GMT)

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