Frasers Centrepoint Trust 1HFY26 Results - DBS Research 2026-04-24: Suburban Retail Defends And Delivers

• Gross revenue rose 20.3% y-o-y to S$221.9mil and NPI increased 20.2% y-o-y to S$160.8mil, through the consolidation of Northpoint City South Wing and strong performance of the portfolio. Frasers Centrepoint Trust's DPU rose 1.4% y-o-y to 6.136 cents, broadly in line with our expectations, reflecting dilution and higher financing costs.

Operational highlights

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• Rental reversion remained strong at +6.5%, with further upside from post-AEI leases at Tampines One mall and Phase 1 of Hougang Mall. Portfolio occupancy improved to 99.8% (+1.7 ppt q-o-q), driven by successful backfilling of former cinema spaces at Causeway Point, Century Square and the securing of a entertainment park tenant to take over Golden Village lease at Tiong Bahru Plaza.
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Our views.

We remain constructive on FCT’s outlook.

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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:
2026-01-23 Frasers Centrepoint Trust - Cinema Space Backfilling Done And Dusted.

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