Slightly above; maintain Outperform. FY11 results (referring to the period 21 Oct 10 - 31 Mar 11, and reported by MINT as FY10) were slightly above consensus and our expectations. FY11 DPU of 3.45cts translates to an annualised 7.8cts, forming 109% of our forecast, for a yield of 7.4%. Variance came from higher-than-expected occupancies and rentals. We raise our rental renewal growth assumptions for stackup/ramp-up properties by 20% pts for FY12 to align with strong new leasing rents and lift our FY12-13 DPU estimates by 1-2%. We also introduce FY14 forecasts. Accordingly, our DDM-based target price rises from S$1.24 to S$1.27 (discount rate of 8.4%). MINT trades at 1.1x P/BV and offers a forward yield of 7.4%. We continue to like it for its organic growth potential. Catalysts could include higher-than-anticipated rental reversions and announcements of accretive acquisitions.
Source
No comments:
Post a Comment