Lower rental rebates boost 1QFY21■ MCT's 1QFY22 NPI (+23% yoy) came in line at 26% of our FY21F, driven bylower rental rebates and pre-term lease compensation.■ VivoCity's occupancy improved but office/business parks were weak.■ Reiterate Hold. With its best-in-class assets, MCT could see more stableincome than its peers but we believe the market has priced […]

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