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

Frasers Centrepoint Trust - 1HFY24 resilient Growth In Consumption At Suburban Malls

Frasers Centrepoint Trust (SGX:J69U) | SGinvestors.ioFrasers Centrepoint Trust (SGX:J69U)
  • 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

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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.

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  • Occupancies for Northpoint City North Wing and Century Square were 99.9%.
  • Occupancies for all suburban malls were above 99.0%, except for Tampines 1, which is undergoing AEI works.
  • Achieved higher positive rental reversion.

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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 | 2024-04-26

    Previous report by UOB:
    2024-02-06 Frasers Centrepoint Trust - Pivoting Towards Dominant Suburban Malls.

    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


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