“We believe shopper traffic should continue to improve going forward driven by the gradual return of the office crowd. We believe local shoppers would be able to partially make up the sales gap created by tourists as Singaporeans spend locally,” write Eing and Lock in a Jan 27 note.
Mapletree Commercial Trust is “recovering well” on resilient occupancy in its office and business park spaces, as well as increased footfall at shopping mall VivoCity, say CGS-CIMB Research analysts Eing Kar Mei and Lock Mun Yee.
The CGS-CIMB analysts raise their target price to $2.26 from $1.88, while maintaining “hold” on the company due to limited upside.
