Stock Name: FrasersCT
Company Name: FRASERS CENTREPOINT TRUST
DMG & Partner Securities in a June 21 research report says: "Despite the Asset Enhancement Initiatives (AEI) at Causeway Point (CWP) which saw occupancy fell to 69% during 1Q11, FCT's DPU were not affected much due to contribution from its Northpoint 2 and Yew Tee Point which were acquired in Feb 2010.
"Backed by (1) strong pre-commitment for CWP's space being redeveloped under AEI, (2) strong rental reversion, and (3) potential acquisition of Bedok Point in 2H11, we believe FCT is primed for growth at cheap valuation.
"At $1.49, FCT is trading at a yield of 3.8% to Singapore's 10-year bond yield of 2.3%, which is significantly higher than its pre-crisis mean spread of 1.8%. Target price of $1.77 based on DDM. MAINTAIN BUY."
Company Name: FRASERS CENTREPOINT TRUST
| Research House: DMG | Price Call: BUY | Target Price: 1.77 |
DMG & Partner Securities in a June 21 research report says: "Despite the Asset Enhancement Initiatives (AEI) at Causeway Point (CWP) which saw occupancy fell to 69% during 1Q11, FCT's DPU were not affected much due to contribution from its Northpoint 2 and Yew Tee Point which were acquired in Feb 2010.
"Backed by (1) strong pre-commitment for CWP's space being redeveloped under AEI, (2) strong rental reversion, and (3) potential acquisition of Bedok Point in 2H11, we believe FCT is primed for growth at cheap valuation.
"At $1.49, FCT is trading at a yield of 3.8% to Singapore's 10-year bond yield of 2.3%, which is significantly higher than its pre-crisis mean spread of 1.8%. Target price of $1.77 based on DDM. MAINTAIN BUY."
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