CapitaCommercial Trust upgraded to "hold" by CIMB; $1.69 target intact

Stock Name: CapitaCom Trust
Company Name: CAPITACOMMERCIAL TRUST

Research House: CIMB

Price Call: HOLD

Target Price: 1.69

SINGAPORE (April 22): CIMB has upgraded CapitaCommercial Trust (CCT) to "hold" from "reduce" on valuation grounds, saying the stock is fairly valued following its 9.5% pullback in the last three months.

It has a price target of $1.69 on CCT.

The office REIT's 1Q2015 results, released earlier today, were in line with expectations, according to CIMB analyst Pang Ti Wee.

Distribution per unit came in at 2.12 cents, up from 2.04 cents a year earlier, while revenue rose 6.5% to $68.2 million and net property income increased 6.4% to $54 million.