MAYBANK KIM ENG |
UOB KAYHIAN |
FY18 DPU 12.6% above IPO projection
|
Marginal Drag From Tightening Of Foreign Manpower Policy
|
DBS VICKERS | |
Frasers Property Ltd (FPL SP) : BUY
A bigger pipeline for FCT? • Frasers Property Ltd (FPL) is acquiring a 17.8% stake in the largest non-listed retail mall fund in Singapore for S$356m • Implied price at 1x P/BV; annualised dividend yield of c.3.7% • Albeit small, the strategic investment is interesting as it gives FPL access to some of the prized unlisted suburban malls in in Singapore • While details are unclear, these properties may form an attractive future acquisition pipeline for Frasers Centrepoint Trust (FCT)
|
|
|
Check out our compilation of Target Prices