Frasers Centrepoint Trust - OCBC Investment 2024-01-23: No Near Term Refinancing Needs

Frasers Centrepoint Trust - No Near Term Refinancing Needs

Frasers Centrepoint Trust (SGX:J69U) | SGinvestors.ioFrasers Centrepoint Trust (SGX:J69U)
  • Frasers Centrepoint Trust (SGX:J69U) provided a business update for 1QFY24. Its retail portfolio committed occupancy rate increased by 1.5 ppt y-o-y and 0.2 ppt q-o-q to a very high level of 99.9%. This does not include its Tampines 1 mall which is still undergoing asset enhancement initiative (AEI) works.

Continued resilient operating metrics

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  • 1QFY24 rental reversions are tracking above that of FY23 (+4.7%), though management alluded that it is still only the first quarter of the financial year and some of the renewals could have been for smaller spaces.

Slight decline in tenants’ sales due to AEI works but current sales well above pre-COVID levels

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  • Frasers Centrepoint Trust said that sales performance of the anchor tenants came in above expectations post-renovation. Tenants’ sales for the month of Oct, Nov and Dec 2023 were 20%, 15% and 21% above 2019 levels.
  • On the other hand, portfolio shopper traffic rose 3.1% y-o-y in 1QFY24, but was 84-88% of pre-COVID-19 levels.

Aggregate leverage ratio declined to 37.2%; all in cost of borrowing increased to 4.3%

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

OCBC Research Team OCBC Investment Research | 2024-01-23

Read also OCBC's most recent report:
2024-04-26 Frasers Centrepoint Trust - Buoyant Operating Metrics.

Price targets by 5 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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