Thursday, July 29, 2010

Fraser Commercial Trust

Fraser Commercial Trust: 3QJun10 results. Gross revenue +29% yoy to $29.2m, due to full qtr contributions from Alexandra Technopark. Total distributable income +123% yoy, driven by stronger AUD, and lower finance costs as company pared down debt. DPU +39% to 0.25cts, translates to annualized 6.7% yield. Portfolio occupancy rate was up 0.7% pts qoq to 93.1%, with portfolio wt avg lease term of 4.1yrs...

Mgt positive on outlook, on the back of more leasing enquiries, better take-up rate in both SG and Perth, and improved rental rates. Assets in the pipeline available for acquisition from its sponsor include Alexandra Point (198k sqft), and Valley Point (222k sqft). Stock last traded at $0.15 vs NAV/sh of $0.26.

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