Frasers Centrepoint Trust - UOB Kay Hian 2024-04-26: 1HFY24 resilient Growth In Consumption At Suburban Malls

• Frasers Centrepoint Trust’s suburban malls saw an influx of shopper traffic and tenant sales increased 4.3% y-o-y in 2QFY24, which exceeded pre-pandemic levels by 20%. Positive rental reversion picked up to 7.5% in 1HFY24 (FY23: 4.7%).

1HFY24 Financials

• - Read this at SGinvestors.io -

Generating sustained organic growth.

• Gross revenue and NPI declined 7.2% and 8.4% y-o-y respectively in 1HFY24. Excluding contributions from Changi City Point (divested in Oct 23) and Tampines 1 (disruption from ongoing asset enhancement initiative (AEI) works), gross revenue and NPI would have increased 2.9% and 2.1% y-o-y respectively.

Strong demand drives occupancies higher.

• - Read this at SGinvestors.io -
• Occupancies for Northpoint City North Wing and Century Square were 99.9%.

Achieved higher positive rental reversion.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-04-30 Frasers Centrepoint Trust - Heartbeat Of The Heartland.

Previous report by UOB:
2024-10-28 Frasers Centrepoint Trust 2HFY24 - Generating Organic Growth Through AEIs.

Price targets by 4 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