Frasers Centrepoint Trust 1QFY24 - UOB Kay Hian 2024-01-24: Upside From Enhancing Tampines 1 & NEX

Frasers Centrepoint Trust 1QFY24 - Upside From Enhancing Tampines 1 & NEX

Published:
Frasers Centrepoint Trust (SGX:J69U) | SGinvestors.ioFrasers Centrepoint Trust (SGX:J69U)
  • Strong demand for suburban retail space enabled Frasers Centrepoint Trust (SGX:J69U) to sustain positive rental reversion and improve committed retail occupancy by 1.5ppt y-o-y and 0.2ppt q-o-q to 99.9% in 1QFY24.
  • - Read this at SGinvestors.io -
  • NEX could potentially be enhanced by decanting existing carpark space for conversion into commercial space.
  • Frasers Centrepoint Trust provides defensive FY24 distribution yield of 5.2%. Maintain BUY.

Frasers Centrepoint Trust (FCT) provided 1QFY24 business update.

Strong demand drives occupancies higher.

  • Portfolio occupancy for retail properties improved 1.5ppt y-o-y and 0.2ppt q-o-q to 99.9%. NEX, Waterway Point, Northpoint City North Wing and Hougang Mall were fully occupied.
  • - Read this at SGinvestors.io -

Continues to maintain positive rental reversion.

  • Frasers Centrepoint Trust clocked positive rental reversion of 4.7% in FY23. Rental reversion improved substantially in 1QFY24 compared with that of FY23.
  • Occupancy cost, which was 15.6% in FY23, remains healthy as both rents and prices of products and services have increased in tandem.

Buoyant retail scene at suburban malls.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-01-24



Read also UOB's most recent report:
2024-02-06 Frasers Centrepoint Trust - Pivoting Towards Dominant Suburban Malls.

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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