Stock Name: PerennialCRT
Company Name: PERENNIAL CHINA RETAIL TRUST
Company Name: PERENNIAL CHINA RETAIL TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 0.59 |
CIMB Research lowered its target price for Perennial China Retail Trust to $0.59 from $0.65, citing lower rents and slower-than-expected leasing activity.
Units of Perennial China, which owns shopping centres in China, shed 2% to $0.495, but have gained about 4% so far this year.
Perennial China reported that its distribution per unit for the first quarter was 3.81 cents, but CIMB said the trust’s profits from its joint entities came in below expectations due to weaker rental contributions.
The repositioning and leasing of Perennial China’s shopping malls in Shenyang, China, are likely to take effect in the fourth quarter and the start of 2013, CIMB said and retained its outperform rating on the stock.
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