Stock Name: FrasersCT
Company Name: FRASERS CENTREPOINT TRUST
Research House: OCBC
OCBC Investment Research in an Apr 21 research report says: "Frasers Centrepoint Trust (FCT) reported 2Q11 gross revenue of $28.8 million, an increase of 2% y-o-y and 4.4% q-o-q, bolstered by higher revenue contributions from Northpoint 2 and YewTee Point and higher turnover rent during the festive period. This is in linewith our expectation and street estimates.
"2Q11 DPU is 2.07 cents, which is up 0.6% y-o-y and 6% q-o-q, representing an annualized yield of 5.6%. Gearing edged up from 30.6% in 1Q11 to 31.2% in 2Q11, following the issue of the $60 million MTN due 2014 on Jan 24, with most of the proceeds utilised to repay short-term bank borrowings.
"A decreased fair value of $1.57, on rental cap grounds and the more- than-expected drop in occupancy level at Causeway Point. MAINTAIN HOLD."
Company Name: FRASERS CENTREPOINT TRUST
Research House: OCBC
OCBC Investment Research in an Apr 21 research report says: "Frasers Centrepoint Trust (FCT) reported 2Q11 gross revenue of $28.8 million, an increase of 2% y-o-y and 4.4% q-o-q, bolstered by higher revenue contributions from Northpoint 2 and YewTee Point and higher turnover rent during the festive period. This is in linewith our expectation and street estimates.
"2Q11 DPU is 2.07 cents, which is up 0.6% y-o-y and 6% q-o-q, representing an annualized yield of 5.6%. Gearing edged up from 30.6% in 1Q11 to 31.2% in 2Q11, following the issue of the $60 million MTN due 2014 on Jan 24, with most of the proceeds utilised to repay short-term bank borrowings.
"A decreased fair value of $1.57, on rental cap grounds and the more- than-expected drop in occupancy level at Causeway Point. MAINTAIN HOLD."
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