Frasers Commercial Trust

Frasers Commercial Trust: 2QFY13 results in-line with street estimates; NPI declined 7% y/yto $23.0m due to the loss of income arising from divestments of KeyPoint and the Japan properties. However, distributable income grew 16.8% to $13.1m due mainly to savings following the redemption of its Series A Convertible Perpetual Preferred Units (CPPUs). DPU for the quarter stood at 1.9883¢, representing a 14.4% YoY growth. FCOT trades at 1x P/B, FY13 yield of 4.7%;