Stock Name: Frasers Comm
Company Name: FRASERS COMMERCIAL TRUST
DBS Vickers Securities in a May 17 research report says: "Frasers Commercial Trust ("FCOT") together with Far East Organization ("FEO") and The Great Eastern Life Assurance announced that they will be undertaking asset enhancement initiatives (AEI) to revitalise the China Square Precinct. The link way will cost an estimated $14 million which will be shared equally among the three partners. "Separately, FEO is planning two hotel developments within Far East Square. Gearing is expected to remain unchanged at its current level of 36.1%. We continue to like FCOT for its undemanding valuation at 0.7x P/BV and attractive FY2012/2013F yields of 6.4 – 7.5%. "We expect to see more upside in earnings when the company refinances its $500 million SGD loan due in November this year at a more attractive interest rate. Unchanged target price of $1.24. MAINTAIN BUY."
Company Name: FRASERS COMMERCIAL TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.24 |
DBS Vickers Securities in a May 17 research report says: "Frasers Commercial Trust ("FCOT") together with Far East Organization ("FEO") and The Great Eastern Life Assurance announced that they will be undertaking asset enhancement initiatives (AEI) to revitalise the China Square Precinct. The link way will cost an estimated $14 million which will be shared equally among the three partners. "Separately, FEO is planning two hotel developments within Far East Square. Gearing is expected to remain unchanged at its current level of 36.1%. We continue to like FCOT for its undemanding valuation at 0.7x P/BV and attractive FY2012/2013F yields of 6.4 – 7.5%. "We expect to see more upside in earnings when the company refinances its $500 million SGD loan due in November this year at a more attractive interest rate. Unchanged target price of $1.24. MAINTAIN BUY."
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