- 4QFY16 DPU slipped to 2.45¢ (-3%) due to an enlarged unit base, bringing FY16 DPU of 9.82¢ (+1%) in line with street estimates.
- 4Q gross revenue climbed 6% while NPI gained 7%, lifted by new contribution from 357 Collins Street acquired in Aug '15, and higher rental rates and lower utilities expenses at Alexandra Technopark.
- Occupancy inched up to 93% (-0.3ppt q/q).- Aggregate leverage remained at 36% (-0.3ppt q/q), with average interest cost steady at 3%.
- Redevelopment works at China Square Central are on track, and construction for the 16-storey hotel and commercial project is expected to be completed by mid-2019.
- At the current price, FCOT trades at 7% annualised yield and 0.92x P/B.
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