Stock Name: K-REIT
Company Name: K-REIT ASIA
CIMB in an Apr 16 research report says: "1Q12 distributable profit doubled y-o-y with the help of contributions from the acquisition of OFC and an additional stake in Prudential Tower. 1Q12 DPU was slightly above our estimate and consensus on lower interest costs, at 27% of FY2012. "With portfolio occupancy at a higher 96.3% and lease expiries/ reviews at a low 0.3%/1.6% of NLA, we think downside is limited. Higher aggregate leverage is also likely less of a concern now that capital values are expected to remain buoyed by low interest rates. "We raise DPU by 2-4% and DDM target price of $1.11 (disc. rate: 8.2%). UPGRADE TO OUTPERFORM."
Company Name: K-REIT ASIA
| Research House: CIMB | Price Call: BUY | Target Price: 1.11 |
CIMB in an Apr 16 research report says: "1Q12 distributable profit doubled y-o-y with the help of contributions from the acquisition of OFC and an additional stake in Prudential Tower. 1Q12 DPU was slightly above our estimate and consensus on lower interest costs, at 27% of FY2012. "With portfolio occupancy at a higher 96.3% and lease expiries/ reviews at a low 0.3%/1.6% of NLA, we think downside is limited. Higher aggregate leverage is also likely less of a concern now that capital values are expected to remain buoyed by low interest rates. "We raise DPU by 2-4% and DDM target price of $1.11 (disc. rate: 8.2%). UPGRADE TO OUTPERFORM."
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