Frasers Centrepoint Trust - UOB Kay Hian 2024-02-06: Pivoting Towards Dominant Suburban Malls

Frasers Centrepoint Trust - Pivoting Towards Dominant Suburban Malls

Frasers Centrepoint Trust (SGX:J69U) | SGinvestors.ioFrasers Centrepoint Trust (SGX:J69U)
  • The acquisition of an additional 24.5% stake in NEX is accretive to Frasers Centrepoint Trust's pro forma 2023 DPU by 0.4%. We expect the acquisition to be completed in end-2QFY24 and contributions to kick in starting 3QFY24.
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  • rightsizing its tenant mix to reduce the reliance on anchor tenants.
  • Frasers Centrepoint Trust provides defensive FY25 distribution yield of 5.3%. Maintain BUY.

Rebalancing towards dominant suburban malls.

  • Frasers Centrepoint Trust (SGX:J69U) has entered into a share purchase agreement to acquire an additional 24.5% effective interest in suburban mall NEX from sponsor Frasers Property (SGX:TQ5) for S$523.1m, bringing its effective interest to 50.0%. The agreed value for NEX is S$2,127.0m or S$3,352psf.
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Benefitting from demographic tailwind due to strategic location.

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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 | 2024-02-06

Previous report by UOB:
2024-01-24 Frasers Centrepoint Trust 1QFY24 - Upside From Enhancing Tampines 1 & NEX.

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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