Shoppers throng heartland malls even on weekdays, say CGS-CIMB, signalling rapid recovery for Frasers Centrepoint Trust (FCT), faster than its peers. The impact of Covid-19 on retail is slowly abating, write CGS-CIMB analysts Eing Kar Mei and Lock Mun Yee in an August 20 note, and “traffic should normalise” as capacity limits are lifted. 

Eing and Lock are reiterating “add” on the trust, with an unchanged target price of $2.78.

FCT is close to acquiring the remaining 63.1% stake in PGIM Real Estate AsiaRetail Fund (PGIM ARF), bringing suburban malls such as Tiong Bahru Plaza, Century Square, Hougang Mall, White Sands and Tampines 1 into its fold and doubling its assets under management (AUM) to $6.7 billion, making it the second largest retail REIT by retail AUM in Singapore.

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