Frasers Centrepoint Trust - DBS Research 2025-04-30: Crown Jewel Of The Suburbs

• Frasers Centrepoint Trust posted resilient 1HFY25 performance, with DPU rising 0.5% y-o-y to 6.054 cents.

1HFY25 results – DPU in line with our estimates.

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• Distributable income rose 5% y-o-y to S$110.1mil.

Tampines 1 AEI reflects well in portfolio reversions and tenant sales.

• Rental reversions remained robust at +9.0%, supported by Tampines 1’s AEI completion, which delivered a strong +13% uplift in reversionary rents. Portfolio occupancy held steady at 99.5%, underpinned by tight islandwide retail supply and resilient necessity-driven spending.
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• We understand that occupancy cost for the portfolio remained at sub-16%, balancing the uptrend in portfolio retail rents and underpinning healthy trading performance of underlying tenants.
• On the capital management front, aggregate leverage improved to 38.6% (from 39.3% in 1QFY25), alongside a 20bps q-o-q decline in cost of debt to 3.8% in 2Q25.

Earnings visibility from asset digestion of Northpoint City South Wing and staggered AEI completions.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2024-10-28 Frasers Centrepoint Trust - 4 Reasons To Give 3 Cheers.

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