Monday, October 24, 2011

Fraser Centrepoint Trust

Fraser Centrepoint Trust: Reported on Fri, 4Q DPU +8.8% YoY to 2.35cts from 2.16cts due to commencement of businesses at refurbished sections of Causeway Point.

CS maintains Outperform at TP$1.90, continue to like FCT’s pure exposure to suburban malls, attractive 6.5% FY13E yield at 1x P/B.

JPM retains Neutral, TP$1.65, a better year ahead, cautious guidance but
strong DPU growth expected for FY12.

Daiwa maintains Hold, TP$1.52 from $1.50 believes FCT’s premium
valuation (FY12 DPU yield of 6.4% vs. the sector 7.2% and a 4% premium to its NAV as at end-Sept vs. the sector 6%) is fair in view of its highly defensive suburban shopping mall portfolio and reasonable FY11-14E DPU CAGR of 6.6%.

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