Fraser Centre Pt

Fraser Centre Pt: Announced good set of 4Q12 results which was in-line. NPI at $28.7m, +13.7% yoy and +16.6% qoq, while DPU at 2.71c, +15.3% yoy and +4.2% qoq. Result brings Fy12 NPI at 28.7m, +13.7% yoy and DPU at 10.0c, +20.2% qoq, translating to a 5.3% yield. For the qtr, performance was boosted by: the improvement in revenue generated from Causeway Point upon the completion of the significant portion of its addition and alteration works; and (ii) the addition of BPT to the portfolio on 23 September 2011. The portfolio occupancy rate of the Properties as at 30 September 2012 was 93.6%, which was lower than 95.2% as at 30 Sept11. Going forward, mgt note that SG’s economy continues to grow, albeit, at a slower pace. It is expected that operating fundamentals of FCT’s well-located suburban malls remain stable. The asset enhancement initiative at Causeway Point is progressing on schedule. This has provided significant improvement in the net property income of the mall. At current price, grp trades at 1.23x P/B.