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

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.
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  • 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.
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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.

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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 @

Jonathan KOH CFA UOB Kay Hian Research | 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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