CIMB Research raised its target price for Frasers Centrepoint Trust, which owns shopping malls, to $1.75 from $1.65 and kept its outperform rating.
Units of Frasers Centrepoint were 0.3% lower at $1.555, and have gained 8% since the start of the year.
Frasers Centrepoint on Monday said its distribution per unit for the second quarter rose 20.8% to a record high of 2.50 cents from a year ago, boosted by higher revenue and net property income.
The broker increased its distribution per unit estimates for Frasers Centrepoint to reflect stronger rentals and margins, and positive management guidance on second half earnings.
A favourable retail outlook and results from upgrading its Singapore mall Causeway Point will also help Frasers Centrepoint, CIMB said.
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