Company Name: FORTUNE REAL ESTATE INV TRUST
| Research House: OCBC | Price Call: BUY | Target Price: 5.22 |
Shares of Singapore-listed Fortune Real Estate Investment Trust rose as much as 3.6% to a four-year high after it reported a rise in its distribution income for the first quarter.
Units of Fortune REIT were up 2.6% at HK$4.28 ($0.69), and have gained about 14% since the start of the year.
Fortune REIT said its income available for distribution in January-March rose 16.9% to HK$131.8 million ($21.27 million) from a year ago, which exceeded OCBC Investment Research’s expectations.
“Retail continues to remain a bright spot in the Hong Kong economy,” said OCBC in a report.
OCBC raised its target price for Fortune REIT to HKS$5.22 from HK$4.88 and kept its buy rating, citing expectations that two Hong Kong retail properties acquired in February will see full contributions in the next three quarters.
The broker also increased its 2012 distribution per unit forecast for Fortune REIT to 31.7 Hong Kong cents from 29.4 Hong Kong cents.
No comments:
Post a Comment