Stock Name: PerennialCRT
Company Name: PERENNIAL CHINA RETAIL TRUST
DBS Vickers Securitie in a Feb 3 research report says: "In its last circular issued to unitholders, PCRT is seeking unitholders' approval for the acquisition of a 50% stake in Chengdu Longemont Mall (CLM) for RMB2.28 billion.
"The deal will not only enable PCRT to expand its asset base at an attractive price but will also strengthen its retail presence and tenant network in Chengdu. PCRT offers investors a strong total return derived from NAV growth as well as yield when its malls are gradually developed and ramped up.
"The portfolio is currently 41% operational by GFA, rising to 54% and 63% by end FY2012-FY2013 and fully ramped up by end FY14. At the current share price, the market is valuing PCRT's existing portfolio at below replacement cost, at cRMB6,320psm. Target price of 83 cents. MAINTAIN BUY."
Company Name: PERENNIAL CHINA RETAIL TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.83 |
DBS Vickers Securitie in a Feb 3 research report says: "In its last circular issued to unitholders, PCRT is seeking unitholders' approval for the acquisition of a 50% stake in Chengdu Longemont Mall (CLM) for RMB2.28 billion.
"The deal will not only enable PCRT to expand its asset base at an attractive price but will also strengthen its retail presence and tenant network in Chengdu. PCRT offers investors a strong total return derived from NAV growth as well as yield when its malls are gradually developed and ramped up.
"The portfolio is currently 41% operational by GFA, rising to 54% and 63% by end FY2012-FY2013 and fully ramped up by end FY14. At the current share price, the market is valuing PCRT's existing portfolio at below replacement cost, at cRMB6,320psm. Target price of 83 cents. MAINTAIN BUY."
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