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Croesus Retail Trust - Better 4QFY15 Ahead

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Publish date: Fri, 15 May 2015, 07:04 PM
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CRT reported a positive set of 3QFY15 results with boosts from recently-acquired malls and forex gains, offset by AEI and changes in tenant mix. Maintain BUY with a SGD1.15 TP (22% upside). DPU rose 8% to 1.90 cents for the quarter, while YTD DPU already made up 80% of our FY15 estimate. With most of the AEI completed coupled with ongoing rental reversions at Mallage Shobu mall, 4QFY15 performance should be even more exciting.
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