Singapore Stock Market News
Frasers Commercial Trust - A stable REIT
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Publish date: Thu, 23 Jan 2014, 08:40 PM
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Frasers Commercial Trust (FCOT) has just announced its 1QFY14 results, posting a drop of 3.1% yoy in revenue, but a gain of 29.7% in DPU. Its 1QFY14 earnings were in line, with both revenue and DPU accounting for 24% of our full-year estimates. The higher DPU was mainly attributed to the savings from the buyback of the convertible perpetual preferred units (CPPU) in FY13.
We maintain our Add rating, with an unchanged DDM-based (discount rate: 8.8%) target price of S$1.39. Positive catalysts expected to come from organic growth and the potential sale of the hospitality site at China Square Central.
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