SINGAPORE (Nov 12): DBS is maintaining its “hold” recommendation for Croesus Retail Trust with a revised target price of 86 cents.

In a Thursday report, lead analyst Mervin Song says although CRT offers an attractive 8.7% FY16 forecast yield, a re-rating of the stock faces several headwinds.

These include CRT’s higher-than-average gearing of 46-47% despite its structure as a business trust and the ability of the properties to support higher gearing limits.

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