Frasers Centrepoint Trust (FCT)

OCBC keeps 'hold' call as Frasers Centrepoint Trust records 13th straight year of DPU increase

SINGAPORE (Oct 24): OCBC Investment Research is maintaining its “hold” call on Frasers Centrepoint Trust, with a higher target price of $2.75, some 2.2% higher than the previous target price of $2.69. 

On the whole, Frasers Centrepoint Trust (FCT) appeared to have had a solid 4Q19. 

On Wednesday, the REIT’s manager reported a distribution per unit (DPU) of 2.913 cents for the quarter, a 1.8% increase from a year ago. This translated to a full-year DPU of 12.07 cents, up 0.5% from FY18. 

Frasers Centrepoint Trust posts 1.8% increase in 4Q DPU to 2.913 cents

SINGAPORE (Oct 23): The manager of Frasers Centrepoint Trust (FCT) has announced distribution per unit (DPU) of 2.913 cents for the 4Q19 ended September, some 1.8% higher than DPU of 2.862 cents a year ago.

This brings full-year DPU for FY19 to 12.07 cents, edging up 0.5% from FY18 DPU of 12.015 cents.

In 4Q19, distributable income jumped 17.9% to $30.4 million, despite a dip in gross revenue and net property income.

Frasers Centrepoint Trust kept at 'buy' by DBS as it tightens its grip on PGIM

SINGAPORE (Oct 2): Frasers Centrepoint Trust (FCT) on Sept 30 increased its stake in PGIM Real Estate Asiaretail Fund Limited to 24.82% from 21.13% previously.

Meanwhile, Frasers Property Limited (FPL) has also increased its stake in the fund to 63.11% from 53.7%.

This brings the total combined ownership of FCT and FPL to 87.93%.

The increase in stake was due to a redemption of 69,714 shares by the fund.

Following this, DBS Group Research is keeping its “buy” call on FCT with a target price of $2.95.

Frasers Centrepoint Trust to be part of FTSE EPRA/NAREIT Global Developed Index from Sept 23

SINGAPORE (Sept 5): Frasers Centrepoint Trust (FCT) will be included in the FTSE EPRA/NAREIT Global Real Estate Index Series (Global Developed Index) from Sept 23.

The FTSE EPRA / NAREIT Global Real Estate Index Series is an international real estate investment index developed by FTSE Group in cooperation with the European Public Real Estate Association (EPRA) and the National Association of Real Estate Investment Trusts (NAREIT).

Frasers Centrepoint Trust poised for re-rating as it enters next phase of growth

SINGAPORE (Sept 3): Units in Frasers Centrepoint Trust (FCT) have already surged more than 26% so far this year. But market watchers remain bullish on the retail REIT as it stands on the cusp of a re-rating.

For the latest 3Q19 ended June, FCT saw its income available for distribution rise 12.4% to $31.8 million, even as net property income dipped 1.1% to $34.6 million on the back of higher property expenses.

The higher expense arose from the absence of property tax refund which occurred in the same period a year ago.

FCT preferred for its resilient malls, strategic diversification and index inclusion plans

SINGAPORE (July 29): Frasers Centrepoint Trust (FCT) delivered a strong set of results in 3Q19, despite seeing a dip in DPU due to an enlarged unit base.

See: Frasers Centrepoint Trust 3Q19 DPU falls 1.7% to 3 cents

The 3Q19 results were supported by strong operational metrics, reflecting broad-based occupancy improvements and tenants’ sales growth.

Frasers Centrepoint Trust 3Q19 DPU falls 1.7% to 3 cents

SINGAPORE (July 23): The manager of Frasers Centrepoint Trust (FCT) has declared a distribution per unit (DPU) of 3.00 cents for 3Q ended June 30, down 1.7% from the same period last year.

Income available for distribution rose 12.4% to $31.8 million but DPU fell due mainly to an enlarged unit base following the completion of the private placement in May and preferential offering in June to 1.1 billion from 926 million last year.

Who's the best friend of REITs?

SINGAPORE (June 28): Singapore REITs raised $1.35 billion through placements in the first half of this year, that was used mainly for acquisitions.

In general, these acquisitions have been accretive to distribution per unit (DPU).

Among them, Frasers Centrepoint Trust (FCT) and ESR-REIT announced placements and preferential equity offerings in Singapore dollars to acquire Singapore assets.

REITs make placements and accretive acquisitions aplenty but investor fatigue has set in

SINGAPORE (July 1): Real estate investment trusts are still bankers’ best friends. In the first half of this year, Singapore REITs raised $1.35 billion (see Table 1) through placements that was used mainly for acquisitions. In general, these acquisitions have been accretive to distribution per unit (DPU).

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Frasers Centrepoint Trust kept at 'buy' by DBS on strategic transformation

SINGAPORE (June 24): DBS Group Research is reiterating its “buy” call on Frasers Centrepoint Trust (FCT) with a higher target price of $2.85, from $2.60 previously.

Currently, all of FCT’s properties are suburban malls, which have shown to be resilient across market cycles.

However, DBS is positive on FCT’s acquisition of stakes in PGIM’s AsiaRetail fund and Waterway Point as this should transform the group’s growth profile entirely.

With its DPU expected to grow at a 2.8% CAGR over FY18-21, FCT will now count among the fastest-growing REITs.

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