Stock Name: Frasers Comm
Company Name: FRASERS COMMERCIAL TRUST
CIMB in an Aug 1 research report says: "3Q11 DPU of 1.38 cents meets our forecast and Street expectation at 24% of our FY2011 figure. 9M11 DPU forms 74% of our estimate. DPU was up 10% y-o-y on stronger NPI contributions from almost all its self-managed assets mainly on better occupancy.
"Occupancy at KeyPoint had improved for the ninth consecutive quarter. An improving underlying portfolio at China Square Central meanwhile should position FCOT for upside when it takes over direct management in March 12.
"No change to our DPU estimates or DDM-based target price of 99 cents (discount rate: 9.4%). With an improving portfolio, stable capital structure and a strong sponsor in F&N, we see no reason for its 35% discount to book amid forward yields of 7%. MAINTAIN OUTPERFORM."
Company Name: FRASERS COMMERCIAL TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 0.99 |
CIMB in an Aug 1 research report says: "3Q11 DPU of 1.38 cents meets our forecast and Street expectation at 24% of our FY2011 figure. 9M11 DPU forms 74% of our estimate. DPU was up 10% y-o-y on stronger NPI contributions from almost all its self-managed assets mainly on better occupancy.
"Occupancy at KeyPoint had improved for the ninth consecutive quarter. An improving underlying portfolio at China Square Central meanwhile should position FCOT for upside when it takes over direct management in March 12.
"No change to our DPU estimates or DDM-based target price of 99 cents (discount rate: 9.4%). With an improving portfolio, stable capital structure and a strong sponsor in F&N, we see no reason for its 35% discount to book amid forward yields of 7%. MAINTAIN OUTPERFORM."
No comments:
Post a Comment