Frasers Centrepoint Trust - OCBC Investment 2023-07-27: Stable Operations But Drag From Lower Interest Rate Hedges To Come

• Frasers Centrepoint Trust (SGX:J69U) provided a business update for 3QFY23. Its retail portfolio committed occupancy declined 0.5 ppt q-o-q to 98.7% (excluding Tampines 1 which is undergoing an asset enhancement initiative) due largely to a dip in occupancy at Changi City Point by 6.4 ppt to 92.6%.
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• There were also slight occupancy declines at Causeway Point, Century Square and Hougang Mall, but partially offset by improvements seen at Northpoint City North Wing, White Sands, Waterway Point and Tiong Bahru Plaza.

Tenants’ sales and shopper traffic grew 5% and 16% y-o-y in 3QFY23, respectively

• Notwithstanding the lower retail portfolio occupancy, its tenants’ sales and shopper traffic grew 5% and 16% y-o-y, respectively, in 3QFY23. The former came in at 16% on average above pre-COVID levels, although the latter was still on average ~10% below pre-pandemic level.
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Aggregate leverage ratio increased to 40.2%, while proportion of debt hedged declined to 63.0%

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

Read also OCBC's most recent report:
2025-01-23 Frasers Centrepoint Trust - A Clean Bill Of Health.

Previous report by OCBC:
2024-10-28 Frasers Centrepoint Trust - Stable 2HFY24 DPU & Asset Valuations.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
Frasers Centrepoint Trust News