Frasers Centrepoint Trust - CGS-CIMB Research 2022-04-27: Recovery On Track

Frasers Centrepoint Trust - Recovery On Track

FRASERS CENTREPOINT TRUST (SGX:J69U) | SGinvestors.ioFRASERS CENTREPOINT TRUST (SGX:J69U)
  • Frasers Centrepoint Trust (SGX:J69U)'s 1HFY22 (Oct 2021 to Mar 2022) DPU of S$0.06136 is within expectations at 50.5% of our FY22F forecast.
  • Retail portfolio occupancy rose to 97.8%.
  • Frasers Centrepoint Trust guided that utilities make up 7% of its opex and most of its utilities contracts only expire from the later part of next year. Frasers Centrepoint Trust benefited from positive rental reversion of 1.73% (4.12% based on average to average basis) in 1H.
  • In terms of balance sheet, Frasers Centrepoint Trust’s gearing stands at 33.3% at end-1H. About 68% of its debt is hedged to fixed rate interest and all-in cost of debt held steady q-o-q at 2.2%. In terms of interest rate sensitivity, Frasers Centrepoint Trust guided that a 50bp rise in Swap Offer Rate/Singapore Overnight Rate Average (SOR/SORA) could impact DPU by 0.169 cents.
  • We adjust our FY22-24F DPU estimates for Frasers Centrepoint Trust marginally post results, assuming a 100% payout of distributable income. Accordingly, our DDM-based target price for Frasers Centrepoint Trust is raised slightly to S$2.75.



Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.



LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2022-04-27
SGX Stock Analyst Report ADD MAINTAIN ADD 2.75 UP 2.730




Previous report by CGS-CIMB:
2022-01-26 Frasers Centrepoint Trust - Improving Outlook; A More Optimistic 1QFY22 Briefing

Target prices by 4 other brokers at Frasers Centrepoint Trust Target Prices.
Listing of broker reports at Frasers Centrepoint Trust Analyst Report.

Relevant links:
Frasers Centrepoint Trust Share Price History,
Frasers Centrepoint Trust Announcements,
Frasers Centrepoint Trust Dividends & Corp Actions,
Frasers Centrepoint Trust News Articles





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