Frasers Centrepoint Trust – All-time high DPU                                                             Outperform

Results Note

• FCT’s 2QFY12 core net profit came in above our and market expectations. Despite lower portfolio occupancy rate, the stronger growth was underpinned by higher turnover rent during the festive period, as well as higher rental rates achieved from new and renewed leases.
   
• Our DDM-based fair value is raised to SG$1.92 (from SG$1.88). Maintain Outperform.
   

Source: RHB Research - 24 April 2012