Friday, October 25, 2013

FCOT – High DPU growth to continue till FY15 (Religare)

FCOT – High DPU growth to continue till FY15
■ Results inline: FY13 DPU rose 17% YoY to S$7.83cts despite a 11% fall in NPI (owing to divestment of Keypoint and Japanese properties and weak AUD) due to savings on interest costs and CPPU redemption. 4Q13 DPU was up 19% YoY to S$2.08cts. Portfolio occupancy was stable at 97.9% (98.1% in 3Q13), with Singapore at 98.4% (vs 97.4% in 3Q), as CSC occupancy improved to 93.5% (vs 91.7% in 3Q), and Australia at 97.1% (vs 99.5% in 3Q13), as Central Park occupancy dipped to 93.5% (vs 99% in 3Q). FCOT achieved 4-23% reversions in 4Q. Gearing declined to 37.7% (39.5% in 3Q) as FCOT booked S$100m of revaluation gains, primarily driven by Alexandra Technopark. Cost of debt was at 2.7% with 51% of borrowings hedged.


■ CPPU redemption and master lease expiry to keep DPU growing: With FCOT having redeemed almost all of the outstanding CPPU over FY13, this will continue to drive DPU growth in FY14, while CSC and 55Mkt St will also continue to register reversions (passing rents 10-15% below market) and support growth. DPU growth for FY14-15 will be led by Alexandra Technopark master lease expiry, as FCOT is set to get a large uplift, with rents reverting from S$1.8psf under the master lease to S$3.5psf underlying rents. We forecast DPU to grow by 8% CAGR over FY13-15E.

■ High growth with attractive yield: We continue to like FCOT due to its under-rented story and high DPU yield and CAGR. The stock is trading at 6.7% FY14E yield and offers an 8% DPU CAGR FY13-15E (vs no growth for other office REITs). Maintain BUY.


Source/Extract/Excerpts/来源/转贴/摘录: Religare
Publish date: 24/10/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock