Mapletree Commercial Trust's FY14 revenue to soar 18.1% to S$219.5m

Mapletree Anson to drive growth.

According to Macquarie Research, underpinned by its largest asset - VivoCity, retail accounted for 75% and 73% of MCT’s FY13 revenue and NPI, respectively.

The remaining contribution comes from its office properties, mainly BOA-ML HarbourFront and PSA Building. Post the completion of Mapletree Anson’s acquisition on 4 February 2013, earnings contribution from its retail segment will fall to circa 70% from FY14-16, with the balance 30% from its office segment.

Based on Macquarie's estimates, FY14 revenue and NPI will increase by a respective 18.1% and 19.1% YoY to S$219.5m and S$156.0m, largely due to a full-year contribution from Mapletree Anson.

Here's more:

Subsequently in FY15 and FY16, revenue and NPI would rise by circa 5-7% p.a. due to positive rent reversions. We have not factored in any potential acquisitions in our projections.

This translates to FY14 DPU of 6.70 S cts (+3.3% YoY), FY15 DPU of 7.12 S cts (+6.2%) and FY16 DPU of 7.71 S cts (+8.3%).

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