Frasers Centrept Trust

Frasers Centrept Trust: Good set of results which was above estimates. DPU at 2.6c, +33.3% yoy, while NPI at $24.6m, +32.1% YOY. For the 9M12, FCT's distribution per unit was 7.30c, +22.3% YOY. Strong performance was driven chiefly by Causeway Point in Woodlands which recorded a 45.4% revenue jump vs 3Q11, during which the mall was undergoing extensive refurbishment. Causeway Point also posted a nearly 61% YoY jump in NPI for 3Q12, which provided a fillip to the trust's NPI. At current price, grp trades at 1.2x P/B with a forecasted FY12 yield of 5.5%. Leverage ratio stood at a comfortable 31.7%, with a strong interest coverage of 5.2x and an average debt maturity profile of 3.35yrs. Ratings as follow: UOB Kay Hian maintains Buy with $1.97 TP