- Frasers Centrepoint Trust (SGX:J69U)'s gross revenue +6.5% y-o-y and net property income +5.7% y-o-y. 1H23 DPU at S$0.0613, flat y-o-y and in line with estimates. This was driven by acquisitions (additional stake in Waterway Point and completion of NEX mall JV in early Feb’23), higher portfolio occupancy and higher ancillary income.
- - Read this at SGinvestors.io -
- Frasers Centrepoint Trust's portfolio occupancy reached a high of 99.2% which is even higher pre-COVID occupancy. This was pulled up by Century Square, which saw a 8ppt increase in occupancy to 96.8%, after securing a new leisure tenant – movie operator Cathay Cineplexes that replaces the ex-tenant Filmgarde.
- 1H23 tenant sales 9.2% higher y-o-y (109 – 118% of normalised levels for FY1H23 while shopper traffic was 35.3% higher y-o-y (81% - 92% of normalised levels).
- - Read this at SGinvestors.io -
Our thoughts on Frasers Centrepoint Trust
A+ score card for 1H23.
- Frasers Centrepoint Trust continues to deliver as one of our top sector pick – both on the organic and inorganic front.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2023-04-27
Read also DBS's most recent report:
2024-10-28 Frasers Centrepoint Trust - 4 Reasons To Give 3 Cheers.Previous report by DBS:
2024-04-26 Frasers Centrepoint Trust - Maintaining An A+ Scorecard.Price targets by 5 other brokers at Frasers Centrepoint Trust Target Prices.
Listing of research reports at Frasers Centrepoint Trust Analyst Reports.
Relevant links:
Frasers Centrepoint Trust Share Price History,
Frasers Centrepoint Trust Announcements,
Frasers Centrepoint Trust Dividends & Corporate Actions,
Frasers Centrepoint Trust News Articles
