Frasers Centrepoint Trust still on point despite 4Q DPU drop

SINGAPORE (Oct 24): CIMB is keeping its “add” rating on Frasers Centrepoint Trust with a higher target price of $2.28, from $2.25 previously, despite a 1.5% dip in FCT’s 4Q distribution per unit (DPU).

Gross revenue for 4Q16 was $44.6 million, down 6% compared to the same period last year.

Northpoint and Changi City Point contributed lower revenues due to asset enhancement initiative (AEI) works at Northpoint and vacancy due to changeover in an anchor tenant at Changi City Point.

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