SINGAPORE (Oct 26): OCBC is reiterating its “buy” call on Frasers Commercial Trust with a fair value of $1.59 after reporting a good set of 4Q results with room for improvement ahead.

In 4Q, gross revenue jumped 16.9% y-o-y to $37.2 million driven by higher income contribution from Alexandra Technopark and maiden contribution from 357 Collins Street. DPU rose 14.0% to 2.52 cents.

For FY15, FCOT’s gross revenue increased 19.6% to $142.2 million which made up 102.8% of OCBC’s full-year forecast, says lead analyst Andy Wong in a report out today.

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