BUY, with Bt10.80 TP based on DCF valuation. CPTGF is
offering attractive distribution yield of 8.0% (FY15F), payable
quarterly. The fund invests in leasehold rights to three office
buildings that are strategically located in the prime business
areas of Bangkok, including Silom, Fortune Town and
Phayathai area. Note that these buildings also offer retail rental
space. The office buildings currently enjoy high average
occupancy rate of 98%, except for office space of C.P. Tower
II (Fortune Town) which is at 93% given the location and age
of the building.