Frasers Centrepoint Trust - Phillip Securities 2025-10-27: Continued Positive Rental Reversions Expected

• 2H25/FY25 Frasers Centrepoint Trust's DPU of 6.06/12.11 Singapore cents was 0.6%/0.6% higher y-o-y, in line with our estimates and formed 50%/100% of our FY25e forecast.
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• Excluding Hougang Mall due to its ongoing AEI, 4Q25 shopper traffic and tenants’ sales saw healthy y-o-y growth at +1.5% and +3.9%, respectively (FY25: +1.6% and +3.7%). The average cost of debt fell 20bps q-o-q to 3.5%, down from the 4% peak in 1Q25.

The Positives

Occupancy cost at 16.1% remains below historical averages (pre-COVID: ~17%) despite higher rents

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• Furthermore, FY25 tenant sales rose 3.7%, supported by government handouts such as the CDC and SG60 vouchers, suggesting continued potential for positive rental reversions. Rental reversions in FY25 were positive across all malls, ranging from 3.4% to 10.3%.

Lower cost of debt, improved leverage, and stable portfolio valuations.

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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:
2026-01-27 Frasers Centrepoint Trust - Back To 99.9% Occupancy.

Price targets by 2 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