Fraser Centrepoint Trust: DMG maintains Buy with $1.77 TP. Note that drop in share price presents buying opportunity. Reiterate O/w on S-REITs which offer a current dividend yield of 6.9% and FCT as top pick for S-REITs , as it owns prime suburban malls that are experiencing strong positive rental reversion…..
Add that despite the asset enhancement initiatives at Causeway Point which saw occupancy fell to 69% during 1Q11, FCT’s DPU were not affected much due to contribution from its Northpoint 2 and Yew Tee Point which were acquired in Feb 2010. House believe FCT is primed for growth at cheap valuation.
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