- Frasers Property (SGX:TQ5) reported a 16% y-o-y decline in profit before interest, fair value change, tax and exceptional items (PBIT) to S$578mil in 1HFY24 from S$684mil in 1HFY23, which was largely in line with expectations.
1HFY24 PBIT declined 16% y-o-y on lower residential revenue and impairment of UK commercial property.
- - Read this at SGinvestors.io -
- Due to fair value losses from commercial properties in the UK and Australia, partially offset by net fair value gains from industrial and logistics properties in Australia and continental Europe, Frasers Property reported a profit after tax and minority interest (PATMI) of S$36mil (-82% y-o-y).
Credit metrics have deteriorated
- - Read this at SGinvestors.io -
- Net debt/equity ratio rose to 0.80x (from 0.76x as of Sep 23) and net debt/property asset ratio rose to 0.41x (from 0.40x as of Sep 23), mainly due to capex in Australia and Thailand, partially offset by the divestment of Changi City Point and Frasers Centrepoint Trust (SGX:J69U)'s private placement.
S$600mil perpetual securities redeemed in Apr 24
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rachel TAN DBS Group Research | Derek TAN DBS Research | Tabitha FOO DBS Research | https://www.dbs.com/insightsdirect/ 2024-05-14
Previous report by DBS:
2023-11-16 Frasers Property - Return Of The High-Yielding Developer!.
Price targets by other brokers at Frasers Property Target Prices.
Listing of research reports at Frasers Property Analyst Reports.
Relevant links:
Frasers Property Share Price History,
Frasers Property Announcements,
Frasers Property Dividends & Corporate Actions,
Frasers Property News Articles
