Frasers Centrepoint Trust - OCBC Investment 2023-04-27: Solid Uplift In Operating Metrics

Frasers Centrepoint Trust - Solid Uplift In Operating Metrics

Published:
Frasers Centrepoint Trust (SGX:J69U) | SGinvestors.ioFrasers Centrepoint Trust (SGX:J69U)
  • Frasers Centrepoint Trust (SGX:J69U)’s 1HFY23 gross revenue and net property income (NPI) rose 6.5% and 5.7% y-o-y to S$187.6m and S$138.0m, respectively, with all portfolio properties contributing positively to this growth. However, due to higher finance costs, DPU was mildly lower by 0.1% y-o-y to S$0.0613.
  • - Read this at SGinvestors.io -
  • The S$3m of income that was retained in 1HFY23 will be distributed to unitholders in 2HFY23.

Portfolio committed occupancy rose to 99.2%; healthy positive rental reversions

  • Frasers Centrepoint Trust’s retail portfolio committed occupancy rate increased by 0.8 percentage points (ppt) q-o-q to a high level of 99.2%, with a strong boost from Century Square (+8.1 ppt q-o-q to 96.8%) due to the signing of a new cinema operator Cathay Cineplexes, although its opening will only happen in Oct 2023.
  • - Read this at SGinvestors.io -
  • Frasers Centrepoint Trust’s retail portfolio tenants’ sales and shopper traffic grew 9.2% and 35.3% y-o-y, respectively, in 1HFY23. The former came in at 14%, 15% and 9% above 2019 levels for the months of Jan, Feb and Mar 2023, respectively. The increase in tenants’ sales, coupled with positive rental reversions, helped to drive down Frasers Centrepoint Trust’s occupancy costs to below 16% (FY22: 16.2%).

Aggregate leverage ratio increased to 39.6% due to drawdown of loans for acquisitions

  • Read more at SGinvestors.io.




Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.




OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-04-27



Read also OCBC's most recent report:
2024-01-23 Frasers Centrepoint Trust - No Near Term Refinancing Needs.

Previous report by OCBC:
2023-10-27 Frasers Centrepoint Trust - Ticking The Right Boxes.

Price targets by 3 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





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