MIT – Lim and Tan

• There is talk that MIT is planning to launch a perpetual securities issue, while demand for such investment vehicles is “hot”.

• If true, as in MIT would have received approval from the MAS to treat such securities as “equity” (given they are “perpetual”, implications for industrial reits are positive.

• Key point is that coupon is likely usefully lower than yields industrial reits like MIT would be able to receive from new acquisitions.

• MIT is presently “consolidating” after trying, once again, to test the $1.20 level, which was the high reached soon after listing.

• We prefer Mapletree Commercial among the 3 Mapletree-related listings.