Today’s Focus (DBS)

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attractive 6% yieldPCRT results in line, maintain Buy $0.84 TP for its

PCRT’s 1Q13 distribution income of S$10.9m was within

expectations, largely coming from the earn-out support as

assets are still in ramp up stage. This translates to a DPU of

0.95Scts. With occupancy at Shenyang Red Star Furniture

Mall, Shenyang Longemont Office and Perennial Jihua Mall

Foshan ramping up, earnings visibility and sustainability has

improved, while downside risk is protected by the remaining

earn out support. We maintain our Buy call on PCRT with

$0.84 TP for its attractive 6% yield and 0.9x P/NAV valuation.

PCRT for its attractive valuations, at 6% yield and 0.9xP/bk

NAV.

Perennial China Retail Trust Thursday posted an amount available for distribution to unitholders S$11.2 million for the fourth quarter ended Dec 31, 2012.

It said it will distribute 1.96 Singapore cents per unit for 2H2012 on March 18, 2013, bringing its full-year distribution per unit to 3.86 Singapore cents.

This came on the back of higher Q4 net profit of S$68.4 million, compared to S$7.8 million a year ago.

For the full year, the trust recorded a S$84.6 millio net profit, largely driven by fair value gain of S$60.3 million and from earn-out of S$21.9 million, the company said.