CapitaCommercial Trust (CACT.SI - S$0.88; 1L): Buy: Worst is in the Price; Yield of Over 13%

Revenue was ahead but cost was also higher than expected - For 4Q08, CCT reported a DPU of 2.71cents, reflecting a 13% decline qoq and 16% rise YoY. Total DPU for FY08 was 11cents. Although revenue was up 5% QoQ, driven largely by Raffles City and Starhub Centre, NPI was 1.7% lower on higher operating expenses at Raffles City and initial loss at Wilkie Edge.