Frasers Centrepoint Trust (FCT)

Frasers Centrepoint Trust poised to ride on popularity of suburban retail malls, analysts say

SINGAPORE (May 27): Suburban retail malls are quickly gaining favour in Singapore, stealing local visitors away from the famed Orchard Road shopping belt. And Frasers Centrepoint Trust (FCT), which currently owns a portfolio of six suburban malls, looks poised to capitalise on this trend.

Already in FCT’s suburban mall portfolio are Causeway Point, Northpoint City North Wing, Changi City Point, YewTee Point, Anchorpoint, and Bedok Point.

Frasers Centrepoint Trust remains in favour amid equity fund raising on Waterway Point stake acquisition

SINGAPORE (May 21): Frasers Centrepoint Trust (FTC) is expected to add 19.8% to its share base from the issue of 184 million new units to raise funds amid its proposed acquisition of a 33.3% stake in Waterway Point.

But analysts say the move will strengthen FCT’s distribution per unit (DPU) growth profile.

Why investors love Singapore's struggling malls

SINGAPORE (May 7): Singaporeans aren’t spending like they used to, at least not in shopping malls. There are too many already and more are being built. But investors still have good reasons to back mall owners.

The city-state has 6.1 million sqm of retail space, of which 8.7% is vacant. Yet companies are forecast to add a further 364,000 sqm, with the biggest chunk hitting the market this year. This is when online shopping is catching on, retailers such as Crabtree and Evelyn are closing physical stores, and rents are scraping the bottom.

Fraser Centrepoint Trust kept at 'buy' by DBS, Maybank and OCBC

SINGAPORE (Apr 26): Maybank Kim Eng, DBS Group Research and OCBC Investment Research -- are maintaining Fraser Centrepoint Trust (FCT) at “buy” with target prices of $2.60, $2.60 and $2.61 respectively.

Maybank says FCT is its preferred retail REIT, thanks to its strengthening suburban-mall footprint, visible growth drivers, strong balance sheet and potential acquisition catalysts.

Frasers Property kept at 'buy' by DBS with higher $2.30 target on PGIM stake purchase

SINGAPORE (Apr 11): Frasers Property Limited is set to become the second largest owner of retail properties in Singapore.

This comes after Frasers Property and Frasers Centrepoint Trust jointly acquired a controlling stake of 66.6% in PGIM Real Estate AsiaRetail Fund.

See: Frasers Property and FCT raise stakes in PGIM Asia retail property fund for $635 mil

Why Maybank KE prefers Frasers Centrepoint Trust over SPH REIT

SINGAPORE (Apr 8): Maybank Kim Eng is reiterating its “hold” call on SPH REIT with an unchanged target price of $1.05 on expectations of limited retail sales growth.

Instead, the research house prefers Frasers Centrepoint Trust (FCT), rated “buy” with a $2.60 target price, for its suburban-mall footprint and a 6% three-year DPU CAGR.

This comes post the release of SPH REIT’s 2Q19 results last Friday, which came in line with Maybank’s estimates with 0.7% y-o-y growth in quarterly DPU to $1.41 cents.

Ascendas REIT remains best proxy to the burgeoning S-REIT space: Maybank

SINGAPORE (April 4): Maybank Kim Eng is remaining “positive” on the Singapore REIT (S-REITs) sector on expectations of continued outperformance, while highlighting Ascendas REIT (A-REIT) as the best proxy to overall recovery across S-REITs.  

The research house has adjusted its FY19-21 distribution per unit (DPU) estimates by between -2% and +4%. It is also raising its target prices by 2-9% after adjusting for interest rate assumptions, although operating estimates remain mostly unchanged ahead of S-REITs’ results reporting over the coming weeks.

Frasers Centrepoint Trust acquires 17.1% stake in PGIM Real Estate AsiaRetail Fund for $342.5 mil

SINGAPORE (Feb 28): The manager of Frasers Centrepoint Trust (FCT) announced that its wholly-owned subsidiary, FCT Holdings (Sigma), will be acquiring a 17.13% stake in PGIM Real Estate AsiaRetail Fund for a consideration of $342.5 million.

FCT will be acquiring 90,346 shares in PGIM Real Estate AsiaRetail Fund from some of its shareholders in 12 conditional sale and purchase agreements.

The ups and downs of Frasers Centrepoint Trust's 1Q19 performance

SINGAPORE (Jan 23): OCBC Investment Research and Phillip Capital are maintaining their “buy” and “neutral” calls on Frasers Centrepoint Trust (FCT) with the respective fair value and price target of $2.50 and $2.21.

This comes post the release of the trust’s 1Q19 results which saw 1Q DPU grow 0.7% y-o-y to 3.02 cents, in line with both research houses’ expectations.

Frasers Centrepoint Trust posts 0.7% higher 1Q DPU of 3.02 cents

SINGAPORE (Jan 21): The manager of Frasers Centrepoint Trust (FCT) has announced a DPU of 3.02 cents for the 1Q19 ended Dec, up 0.7% year-on-year.

Gross revenue for 1Q19 was up 2.9% year-on-year to $49.3 million and net property income for the quarter was up 2.5% at $35.4 million.

The growth was led by Changi City Point and Northpoint City North Wing on improved gross rental income and higher turnover rent achieved. Causeway Point registered revenue growth of 1.1%.

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