4Q08 core net profit of S$62m came in within expectations, forming 27% our full year and consensus. Wheelock took an impairment charge of S$200m in FY08 for investments in SCGD and HPL. Revenue grew 19% yoy on strong accretions from Scotts Square, Ardmore Park and Wheelock Place. Tenant renewal rate for the latter is commendable at 94% for retail and 85% for office based on 2009 leases. Net cash position remains the key feature. We estimate Wheelock can raise another S$1bn in debt before net gearing touches 0.4x. Target price, still based on 20% discount to RNAV, is lowered slightly by 1% to S$1.49 on adjustments to our recognition schedules and the current market value of properties in Ardmore Park. With strong funding capacity and negatives from devaluation of SCGD and HPL accounted for, we think 2009 could turn out to be an interesting year for Wheelock. Maintain Outperform.