Stock Name: FrasersCT
Company Name: FRASERS CENTREPOINT TRUST
CIMB in an Aug 25 research report says: "FCT has released its circular for its Bedok Point acquisition. While NPI yields and accretion could come in below our expectations, we see upside from leasing out the remaining space of Bedok Point and improved stock liquidity.
"We cut our DPU estimates by 3-4% on assuming a lower payout of management fees in units but still have not yet factored in the acquisition given a lack of sufficient clarity on funding.
"Following our DPU adjustments, our DDM-based target price dips to $1.63 (discount rate 8.4%) from $1.67. FY12 DPU yields of 6.4% appear highly attractive against resilient suburban retail exposure and a good balance sheet. MAINTAIN OUTPERFORM."
Company Name: FRASERS CENTREPOINT TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 1.63 |
CIMB in an Aug 25 research report says: "FCT has released its circular for its Bedok Point acquisition. While NPI yields and accretion could come in below our expectations, we see upside from leasing out the remaining space of Bedok Point and improved stock liquidity.
"We cut our DPU estimates by 3-4% on assuming a lower payout of management fees in units but still have not yet factored in the acquisition given a lack of sufficient clarity on funding.
"Following our DPU adjustments, our DDM-based target price dips to $1.63 (discount rate 8.4%) from $1.67. FY12 DPU yields of 6.4% appear highly attractive against resilient suburban retail exposure and a good balance sheet. MAINTAIN OUTPERFORM."
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