Brokers' take

Frasers Centrepoint Trust | Sell July 18 close: S$2.17 Target price: S$1.90 Maybank Kim Eng Research, July 18

Results are largely to expectations as medium-term pain from Northpoint's asset enhancement initiative (AEI) was well anticipated.

But the on-going difficulties at Changi City Point (CCP) were less so; vacancy there cratered to 81.3 per cent versus 89.3 per cent in Q2.

Transitional vacancy is understandable, but the mall's occupancy when first purchased in Q3 2014 was 97.7 per cent; it has been in steady decline since. CCP may be having difficulty differentiating itself as it lacks a s…