Here's the article from FN...

Here's the article from FN Arena:


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CNP CENTRO PROPERTIES GROUP Overnight Price: $1.32
JP Morgan rates CNP as Overweight - Okay.
The broker has had a good look at the books and spoken to people in the market, and the bottom line is Centro can achieve the asset sales it needs to save the day. US$6.8bn should do it.

The redemption-frozen products will be canned however, in the broker's view. The broker now estimates NTA to be $1.78, but that doesn't include what should be another $1.30 for the services division. Overweight retained, but so is the VERY RISKY warning.

Target increased from $2.74 to $3.67.


Target price is $3.67 Current Price is $1.32 Difference:$2.35 - (brackets indicate current price is over target). If CNP meets the JP Morgan target it will return approximately 178% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in June. JP Morgan forecasts a full year FY08 dividend of 18.00 cents and EPS of 32.70 cents. At the last closing share price the estimated dividend yield is 13.64%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 4.04.

Market Sentiment: 0.0