Frasers Centrepoint Trust - Phillip Securities 2024-07-26: Low Occupancy Cost To Drive Rental Reversion

• No financials were provided in Frasers Centrepoint Trust (SGX:J69U)'s 3QFY24 business update. Retail portfolio occupancy was 99.7%, with each retail mall having an occupancy rate of over 99%.
• - Read this at SGinvestors.io -
• The AEI at Tampines 1 is expected to be completed by September 2024, with 100% committed occupancy.
• Maintain ACCUMULATE, with an unchanged DDM-based Frasers Centrepoint Trust target price of S$2.38. Share price catalysts include more accretive acquisitions and lower-than-expected interest costs.
• The current Frasers Centrepoint Trust share price implies an FY24e DPU yield of 5.5%.

The Positives

3Q24 retail portfolio occupancy remained high at 99.7% (2Q24: 99.9%; 3Q23: 98.7%).

• - Read this at SGinvestors.io -
• Rental reversion for 3Q24 was like 1H24’s rental reversion of +7.5%. We expect this healthy positive rental reversion trend to continue for the remaining 4.3% of leases (by GRI) that expire in FY24.

Improvements in tenants’ sales and shopper traffic.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-05-02 Frasers Centrepoint Trust - Defensive Earnings From Suburban Malls.

Previous report by Phillip:
2025-01-24 Frasers Centrepoint Trust - Key Metrics Remain Healthy.

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