Frasers Centrepoint Trust - Maybank Research 2024-04-26: Steady Performance; Mitigating Impact Of Higher Funding Cost

• Frasers Centrepoint Trust (SGX:J69U) reported 1HFY24 DPU of S$6.022cts, flat h-o-h/-1.8% y-o-y. High single-digit rental reversion and near full occupancy of the retail portfolio underscored a healthy operating performance.

Steady performance

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• We revise up our forecasts after factoring in the NEX stake acquisition, but maintain our DDM-based Frasers Centrepoint Trust target price of S$2.40.

Resilient operations

• Frasers Centrepoint Trust's 1HFY24 gross revenue and NPI declined 7.2% and 8.4% y-o-y. This was due to lower contribution from Changi City Point (divested in Oct 2023) and from Tampines 1 due to ongoing asset-enhancement initiatives (AEI). On a same-store basis, gross revenue and NPI grew 2.9% and 2.1% respectively.
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• Same-store tenant sales grew 4.3% (1Q +1.1%). Seasonal pre-festive shopping and proactive asset management led to better tenant sales.

Capital management & asset enhancements

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Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-01-24 Frasers Centrepoint Trust - Steady Fundamentals With Nearly Full Malls, Continued AEI.

Previous report by Maybank:
2024-10-27 Frasers Centrepoint Trust - Resilient Performance; Stabilizing Distribution.

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 Dividend Payout Dates & Corporate Actions,
Frasers Centrepoint Trust News