1H21: Below Expectations; Attempting To Regain Occupancy Levels.

MUST’s announced 1H21 DPU of 2.7 US cents (-12% yoy) was due to higher vacancies, rent abatements to tenants affected by COVID-19 and lower portfolio carpark income. Rental reversion was flattish in 1H21 and valuation of properties dipped slightly. However, leasing outlook appears to be improving while the group is still looking to diversify into high-growth trade sector tenants. Maintain BUY with a target price of US$0.84.