Frasers Centrepoint Trust's Bigger Stake in NEX Mall Looks Positive -- Market Talk

Dow Jones01-26

0335 GMT - Frasers Centrepoint Trust's acquisition of additional stake in NEX mall looks positive, RHB Research analyst Vijay Natarajan says in a research report, as the analyst raises the Singapore-listed REIT's target price to S$2.35 from S$2.30 with an unchanged neutral rating. RHB likes the purchase, as it offers earnings stability, diversification and economies of scale in the longer term. The acquisition is mildly distribution-per-unit accretive, but there is good upside potential of S$7 million a year in tax savings if the REIT manages to restructure the holding for tax transparency, the analyst says. RHB raises its FY 2024-FY 2026 DPU forecasts for the REIT by 1%-2% to factor in the accretion from the acquisition. Units are 2.6% lower at S$2.22. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

January 25, 2024 22:35 ET (03:35 GMT)

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