Maybank Kim Eng analyst Chua Su Tye has upgraded his rating of Frasers Centrepoint Trust (FCT) from “hold” to “buy” with a target price of $2.54, from $2.45 previously

Meanwhile, PhillipCapital analyst Natalie Ong has maintained her “accumulate” call, with an increased target price of $2.79, from $2.69 previously. 

The positive ratings come on the back of a $1.06 billion acquisition of the remaining 63.1% interest from Frasers Property (FPL) in Asia Retail Fund (ARF), as well as the divestment of Bedok Point to FPL for $108 million.

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