Stock Name: Frasers Comm
Company Name: FRASERS COMMERCIAL TRUST
Research House: OCBC
OCBC notes Frasers Commercial Trust (ND8U.SG) says its three properties in Tokyo and Osaka (6.9% of portfolio value) did not suffer any damage. “With FCOT’s limited exposure in Japan, we maintain our BUY rating and fair value of $0.92.”
Company Name: FRASERS COMMERCIAL TRUST
Research House: OCBC
OCBC says among the seven S-REITs with Japan exposure, Saizen REIT (DZ8U.SG), not rated, with 22 properties in Sendai will be the most affected.
For MLT (M44U.SG), it places its Buy rating and $1.03 fair value under review pending more updates from management on Sendai Centre, MLT’s only property (out of 14) with serious damage.
For MLT (M44U.SG), it places its Buy rating and $1.03 fair value under review pending more updates from management on Sendai Centre, MLT’s only property (out of 14) with serious damage.
OCBC notes Frasers Commercial Trust (ND8U.SG) says its three properties in Tokyo and Osaka (6.9% of portfolio value) did not suffer any damage. “With FCOT’s limited exposure in Japan, we maintain our BUY rating and fair value of $0.92.”
OCBC adds Starhill Global REIT (P40U.SG) has seven malls in Tokyo (6.6% of portfolio value and 4.6% of gross revenue). “The manager has stated that there is no known damage to the malls. In addition, the properties were also partially covered by earthquake insurance, providing some form of assurance for unitholders. We expect retail sales in Japan to be impacted somewhat but maintain our BUY rating and target price of $0.74.”
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