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

Published:
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

  • - 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%.
  • Occupancies for all suburban malls were above 99.0%, except for Tampines 1, which is undergoing AEI works.
  • Achieved higher positive rental reversion.

    • Read more at SGinvestors.io.




    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 @ https://www.utrade.com.sg/.




    Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 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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