F&N: Nomura maintains Buy with $7.60 TP. Note that grp has divest Bedok Point to its 43.2% owned FCT for $127m or ($1,568psf of NLA). Note that divestment will result in pre-tax gain of $20m for grp in FY11. Other projects which could potentially be divested to its REIT vehicles include Changi City (50% interest) and Punggol Central (33% interest).
Currently trading below valuation of $7.60, underpinned by a div yield of 3% with potential for capital management.
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