K-REIT: Uninspiring 4Q results out with DPU of 1.7c +1%qoq, full yr DPU at 6.37c resulting in yield of 4.5% compared to FY09 yield at 4.8%. Revenue came in at $21.3m +25.5%yoy -1.8%qoq and distributable income was $23.1m +19.4%yoy +2.1%qoq...
Results improved yoy due to contributions from both Prudential Tower and its 50% stake in Australia’s 275 George Str. Occupancy rates felt slightly to 97% from 99.2% a quarter ago due to inclusion of office tower at 77 King Str which was 76.7% leased and asset swap for MBFC...
Yield of 4.5% was based on closing price of $1.41 on 31 Dec 2010. At current $1.44, translates to yield of 4.4%. Peer Suntec REIT’s est yield is approx 4.4%. Citi maintains Sell with TP$1.18 citing low yields at current lvls though portfolio will to be less hit by negative reversions due to 63% of rentals being long-term. CS maintains Outperform with TP$1.75.
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