Singapore Stock Market News
Frasers Centrepoint Ltd - Robust 3Q showing
StockFanatic
Publish date: Fri, 07 Aug 2015, 12:14 PM
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FCL's results were within expectations, with 3Q core net profit making up 27% of our full-year estimate and 9M making up 72%. The profit uplift came from Frasers Australand, the hospitality segment and residential development operations. Earnings visibility remains robust, with a sizeable S$3.5bn worth of locked-in unrecognised residential billings and a strong rental income base. We keep our current profit and RNAV projections unchanged. Maintain Add and our target price of S$2.02 (pegged to a 30% discount to RNAV).
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