Fraser Commercial Trust

Fraser Commercial Trust: 2Q12 in line with expectations. Gross revenue and NPI each grew by about 4% y-o-y. Performance was largely driven by higher contribution from Central Park as well as China Square Central. Taking into account lower interest expenses, distributable income grew by 8% to S$15.9m. Net of CPPU dividends, DPU rose 8% yoy to 1.74c. Ratings as follow: DBSV maintains Buy with $1.14 TP.