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UOB KAYHIAN |
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Frasers Centrepoint Trust More room to grow
■ FCT is expected to re-rate upon its successful inclusion in the EPRA/NAREIT Index in Sep 2019. ■ We also believe it is entering a growth phase, driven by Waterway Point and the potential asset acquisitions from PREAFL. ■ We maintain Add with a higher TP of S$2.90, in view of its growth potential.
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Eagle Hospitality Trust (EAGLEHT SP) Quality Full-service Hotels At An Undeserved Discount
EHT is a pure play focusing on full-service hotels in major US MSAs located near corporate HQs, leisure attractions and international airports. 94% of its hotel rooms are branded under Marriott, Hilton and IHG, providing access to >300m loyalty members. Its master leases are structured with fixed rents making up 66% of total rents. 77% of its initial portfolio by valuation completed major refurbishment in 2018/19, providing uplift in RevPAR in 2019/20. Initiate coverage with BUY. Target price: US$1.02.
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Check out our compilation of Target Prices
