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Frasers Commercial Trust //
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doremon
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13-Jul-2011 14:29
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CIMB Report on Frasers Commercial Trust http://kfc1973-stock.blogspot.com/2011/07/fcot-near-term-catalysts-in-sight-cimb.html |
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enghou
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15-Mar-2011 16:29
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Credit Suisse recommends BUY with Target Price of $1.90 We assume coverage of FCT with an OUTPERFORM rating and a new target price of S$1.90, which implies 34% total potential return. ● We like FCT’s pure exposure to suburban malls, which is our most preferred sub-segment, as its malls are in high catchment population areas. We also like its portfolio defensiveness and its lease structure, which have imputed step-up clauses of 2-3% per year that underpin organic growth. ● The Bedok Point acquisition is expected to take place in 2011. Assuming a S$200 mn value, at a 5% cap rate, the acquisition will add 5S¢ to the current DDM of S$1.90. The next target could be Changi City Point in 2012. Meanwhile, AEI work at CWP is expected to complete by December 2012, and management forecasts a 22% rise in NPI post-AEI. Further upside to shopper traffic is likely when the train station is relocated from Tg Pagar to Woodlands. ● FCT trades at a 6.0% FY12E yield, versus a normalised average of 5.4%. We believe the stock will remain resilient, as suburban rents are expected to steadily trend upwards. Good Luck |
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Investor77
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15-Mar-2011 15:28
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Good news indeed. |
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bsiong
Supreme |
15-Mar-2011 09:07
Yells: "The Greatest Wealth is Health" |
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Frasers Commercial Trust announced that that all three properties owned by the trust located in Tokyo and Osaka are intact with minimal damage, following the earthquake in Japan last Friday. All employees of its local property manager, JDP Asset Management, are safe and accounted for. Ebara Techno-Serve headquarters building and Galleria Otemae building in Tokyo and Osaka respectively only suffered minor damage. Further and thorough checks are still ongoing but based on initial findings provided by JDP Asset Management, the estimated cost of repairs is JPY1.25 million (approximately S$20,000). |
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