Frasers Centrepoint Trust - DBS Research 2024-10-28: 4 Reasons To Give 3 Cheers

• Frasers Centrepoint Trust reported full-year FY24 gross revenue of S$351.73mil (-4.9% y-o-y) and NPI of S$253.4mil (-4.6% y-o-y). This reflects both the divestment of Changi City Point (CCP) and asset enhancement initiative (AEI) at Tampines 1, which concluded in August this year. FY24 results above expectations.
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Distributable income rose 3.2% y-o-y

• Distributable income rose 3.2% y-o-y to S$214.3mil, from higher management fees paid in units for the period (68% fees paid in units in this financial year to shelter from AEI impact), alongside a turn in both average interest cost (-1.0ppt q-o-q) and financing cost in 2H24 (-6.2% y-o-y).
• Frasers Centrepoint Trust's DPU for FY24 declined marginally by 0.9% y-o-y to 12.042 cents to account for additional equity fund raising (EFR) units, and came in ahead of our estimates.
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Reversions of +7.7% for this FY ahead of estimates.

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Geraldine WONG DBS Group Research | Derek TAN DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-10-28 SGinvestors.io

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