Croesus Retail Trust

Croesus Retail Trust: Phillip initiates at Buy with TP $1.03, pegged at 10% discount to RNAV. Likes the trust for its higher tna market distribution yield, estimated at 8.3%. Notes the trust currently has a portfolio of 6 retail assets, all well located with strong real estate fundamentals. Believes the portfolio should continue to deliver strong recurring property income with further upside from positive rental reversion as and when leases expire.