MINT's 1QFY16 DPU was within our expectations, driven by improved occupancies, higher rents and lower operating expenses. However, rent reversions continued to slow, with selected segments registering negative rental reversions. MINT has risen 5.1% YTD, outperforming SREITs (-0.3%). The group has executed well on its strategy of increasing its Hi-Tech exposure, which along with Business Park could see marginal rental improvement in view of limited supply. While these 2 segments could provide upside surprise to earnings, rental growth prospects and retention rate appear to weaken for flatted factories. With limited share price upside and catalysts, we maintain our Neutral rating on MINT and prefer AREIT, CRCT and ART among SREITs.