Stock Name: Frasers Comm
Company Name: FRASERS COMMERCIAL TRUST
Company Name: FRASERS COMMERCIAL TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 0.96 |
Target S$0.96
2Q12's performance was boosted by profit-sharing from China Square Central (CSC), higher rents from Central Park and lower interest costs. Further upside from CSC can be expected with direct management from 3Q, while refinancing catalysts appear to be in sight. 2Q12/1H12 DPUs were slightly above street and our estimates at 28%/52% of our full-year on profit-sharing from CSC and lower interest costs. We raise DPUs to incorporate these but keep DDM-based target price (discount rate: 9.4%) unchanged. Maintain Outperform.
No comments:
Post a Comment