PCRT – Lim and Tan

• Management may have committed to paying $26 mln for ye Dec’11, the fact that amount available for distribution for period to Sept’11 came in at only $6.33 mln vs forecast of $10.38 mln should not be ignored.

• The disappointment was attributed to the 3-month delay in the opening of the shopping mall in Shenyang, China.

• Therefore, while the property business trust‘s market price (note PCRT is not a reit) may well hold, we expect it to continue to languish.

• We do not find the China shopping mall story attractive – just look at CapitaMalls Asia.

• Based on annualized 3.71 cents per unit, yield is 8.2%.