Credit Suisse rates (CER.AX CENTRO RETAIL GR20 May,2008 20/05/2008 13:08 Sydney, Australia. Value Change % Change 0.375 -0.010 -2.600%
* Company overview * Real-time quote
CER.AX , 0.375, -0.010, -2.600%) as Upgrade to Outperform from Neutral - Centro Retail Group?s rating has been lifted to Outperform by Credit Suisse, based on portfolio theory as much as valuation. The analysts do not think a naked exposure to a Centro recovery is prudent. However, the analysts explain, in an improving credit market the odds of a resolution with some remaining equity value to Centro Retail?s unitholders is improving. They also note that US REITs ? a potential buyer of Centro?s ((CNP))assets ? hit an all-time high on Thursday, with other strip centre REITs up to 10.6% year to date. Of equal importance, according to the analysts, is the outcome of the proposed sale of the US$0.9bn Centro America Fund. If the latter can be sold at a reasonable value investors might revisit their value on Centro Retail, the report suggests.
CNP Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
