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

• Read more at SGinvestors.io.

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:
2025-04-30 Frasers Centrepoint Trust - Steady Performance, Growing Distribution.

Previous report by Maybank:
2025-01-24 Frasers Centrepoint Trust - Steady Fundamentals With Nearly Full Malls, Continued AEI.

Price targets by 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