OUE: Credit Suisse initiated a Outperform rating & price target of $3.61, citing improved trading liquidity following recent stock spilt & divestment by major s/holder. Projects 44% earnings CAGR till 2013 driven by redevelopment initiatives (50 Raffles Quay & 1 Raffles Place Tower 2), new acqns (DBS Towers 1&2) & organic growth (Mandarin hotels). Luxury condo development Twin Peaks is also slated to be launched on 18 Sep.
Mgmt has also defined a 50% dividend payout policy, which enhanced the attractiveness of the stock.
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