UOB Kay Hian’s Jonathan Koh has maintained his “buy” call on Frasers Centerpoint Trust with a lower target price of $2.98, down from the previous figure of $3.06.

While he did not reveal any specific reason for the lowering of the target price, he is optimistic on the stock, pointing out the REIT’s increase in distribution per unit (DPU) for 2HFY2021. 

FCT declared a DPU of 6.089 cents for 2HFY2021, up 39.3% y-o-y. The results reflected full six-month contributions from the acquisition of the remaining 63.1% stake of AsiaRetail Fund (ARF), which was completed on 27 Oct 2020.

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