Frasers Centrepoint Trust price target cut to $2.22 by Daiwa

Stock Name: Frasers Cpt Tr
Company Name: FRASERS CENTREPOINT TRUST

Research House: Daiwa

Price Call: HOLD

Target Price: 2.22

SINGAPORE (Feb 5): Daiwa has trimmed its price target for Frasers Centrepoint Trust (FCT) to $2.22 from $2.26 after reducing its FY2015 to FY2017 distribution per unit estimates to account for lower rental reversion assumptions for Changi City Point and Bedok Point malls.

"Transitional vacancies" at Changi City Point, which FCT recently acquired, led to the REIT's overall occupancy rate falling to 96.4% at end-December from 98.9% in September, Daiwa analyst David Lum noted in a report.