- 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 the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2024-07-26
Read also Phillip's most recent report:
2024-10-28 Frasers Centrepoint Trust - Upside From Tampines 1 AEI Completion.
Price targets by 3 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
