But with 100% of management fees paid in units, distribution income slipped 2% y-o-y to $19.5 million while DPU retraced 4% y-o-y to 2.4 cents.
SINGAPORE (Jan 24): CIMB is maintaining its "hold" on Frasers Commercial Trust with $1.55 target price as the research house adjusts its FY18-20 DPU estimates to include new contributions from its UK acquisition.
In 1Q18, FCOT recorded an 11% y-o-y decline in gross revenue to $35.3 million and 15% y-o-y decline in NPI to $24.9 million due to lower occupancy at Alexandra Technopark (ATP), China Square Central (CSC) and Central Park in Perth and a weaker Aussie dollar.
