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

• - Read this at SGinvestors.io -
• 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.
• - Read this at SGinvestors.io -

Unbilled revenue of S$2.6bn provides earnings visibility

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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/.

Read also CGS-CIMB's most recent report:
2024-02-05 Frasers Property - Staying Nimble With A Robust Balance Sheet.

Price targets by other brokers at Frasers Property Target Prices.

Listing of research reports at Frasers Property Analyst Reports.

Relevant links:
Frasers Property Share Price History,
Frasers Property Announcements,
Frasers Property Dividend Payout Dates & Corporate Actions,
Frasers Property News