Frasers Property Limited - CGS-CIMB Research 2023-11-20: Growing Recurring Base, Attractive Yield

• Frasers Property (SGX:TQ5) reported an 8.8% y-o-y decline in revenue to S$2bn and a net loss of S$74m for 2HFY9/23, largely due to S$441.8m net fair value losses from its investment property portfolio. Excluding this, Frasers Property would have reported a S$121.7m core net profit for 2HFY9/23.

FY23 results highlights

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• FY23 net profit came in at S$123.2m or S$350.5m (core net profit excluding net fair value loss), forming 54.5%/161.1% of our full-year forecast.
• Frasers Property’s net debt-to-equity level stood at ~75.8% at end-FY23.
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Unbilled revenue of S$2.6bn provides earnings visibility

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LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2023-11-20 SGinvestors.io

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