• No financials disclosed in this operational update. FCT delivered a positive surprise - some malls outperformed our occupancy forecasts. Lease renewals on track despite industry leasing weakness.
• Maintain BUY, with DDM TP raised from S$2.79 to S$2.93 for lower beta and cost-of-equity assumptions. Beta lowered from 0.7 to 0.65 to reflect stability of assets. As a result, cost of equity drops from 6.75% to 6.38%. Stock catalysts expected from growth in catchments surrounding FCT’s malls and synergies after ARF acquisition.

Report type: Weekly Strategy ”Stock price highs since August 1990 and semiconductor market outlook” The Nikkei Average rose to 28,979 points during trading hours on 14/1, the highest level since August, 1990.  August, 1990 was the time when, after the Iraqi forces invaded Kuwait, the UN Security Council adopted a resolution condemning the invasion and imposed economic sanctions on Iraq with a total embargo.  At that time, there were headwinds in the stock market due to the intermittent tightening of...
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Investment Summary The functions of SaaS products are upgraded along with the price increase Weimob announced on its official website on January 5, 2021 that in order to further effectively help merchants in their digital transformation, the functions of Weimob ecommerce and retail SaaS products will be upgraded. The followings are the detail of the upgrade. Wei Mall: 1) The name and price of the basic version are maintained, while the page decoration, interactive marketing and other functions are upgraded....
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