- 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
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
- 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
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-04-26
Read also Maybank's most recent report:
2024-10-27 Frasers Centrepoint Trust - Resilient Performance; Stabilizing Distribution.
Previous report by Maybank:
2024-07-26 Frasers Centrepoint Trust - High Portfolio Occupancy But Tenant Sales Flat-lining.
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
