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Frasers Centrepoint Trust (SG:J69U)
SGX:J69U
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Frasers Centrepoint
(SGX:J69U)
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Select Model
Rating:69Neutral
Price Target:
S$2.50
▲(8.23% Upside)
Frasers Centrepoint Trust's overall score is driven by strong earnings call insights and technical analysis, reflecting positive operational performance and market momentum. However, financial performance concerns due to declining revenue and cash flow growth, along with a high P/E ratio, moderate the overall score.
Positive Factors
Strong Operational Performance
The company's ability to achieve positive rental reversion and increased shopper traffic indicates strong demand and effective property management, which supports long-term revenue stability and growth.
Improved Financial Metrics
Lower leverage and a strong interest coverage ratio enhance financial stability, providing flexibility for future investments and reducing risk.
Sustainability and ESG Achievements
Recognition in sustainability initiatives strengthens brand reputation and aligns with increasing investor focus on ESG factors, potentially attracting more investment.
Negative Factors
Decline in Revenue Growth
A decline in revenue growth can signal challenges in market demand or competitive pressures, potentially impacting long-term profitability and market position.
Decline in Free Cash Flow Growth
Reduced free cash flow growth limits the company's ability to reinvest in growth opportunities or return capital to shareholders, affecting future financial flexibility.
Increased Property Expenses
Rising property expenses can erode profit margins and reduce overall profitability, posing a risk to maintaining current financial performance levels.
Frasers Centrepoint (J69U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$4.91B
Dividend Yield5.18%
Average Volume (3M)3.75M
Price to Earnings (P/E)21.4
Beta (1Y)0.23
Revenue Growth10.82%
EPS Growth-5.02%
CountrySG
Employees27
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.05
Shares Outstanding2,029,390,300
10 Day Avg. Volume3,364,750
30 Day Avg. Volume3,749,440
Financial Highlights & Ratios
PEG Ratio-2.47
Price to Book (P/B)0.98
Price to Sales (P/S)11.55
P/FCF Ratio23.37
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$2.71Price Target Upside17.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
Frasers Centrepoint Business Overview & Revenue Model
Company DescriptionFrasers Centrepoint Trust ("FCT") is a leading developer-sponsored retail real estate investment trust ("REIT") and one of the largest suburban retail mall owners in Singapore with total assets of approximately S$6.7 billion. FCT's current property portfolio comprises 11 retail malls9 and an office building located in the suburban regions of Singapore, near homes and within minutes to transportation amenities. The retail portfolio has over 2.3 million square feet of net lettable area with over 1,500 leases with a strong focus on providing for necessity spending, food & beverage and essential services. The portfolio comprises Causeway Point, Northpoint City North Wing (including Yishun 10 Retail Podium), Anchorpoint, YewTee Point, Changi City Point, Waterway Point (40%-interest), Tiong Bahru Plaza, White Sands, Hougang Mall, Century Square and Tampines 1) and an office property (Central Plaza). FCT's malls enjoy stable and recurring shopper footfall supported by commuter traffic and residential population in the catchment. FCT also holds a 31.15% stake in Hektar Real Estate Investment Trust, a retail-focused REIT in Malaysia listed on the Main Market of Bursa Malaysia Securities Berhad. FCT is index constituent of several benchmark indices including the FTSE EPRA/NAREIT Global Real Estate Index Series (Global Developed Index), FTSE ST Real Estate investment Trust Index, MSCI Singapore Small Cap Index and the SGX iEdge S-REIT Leaders Index. Listed on the Main Board of the Singapore Exchange Securities Trading Limited since 5 July 2006, FCT is managed by Frasers Centrepoint Asset Management Ltd., a real estate management company and a wholly-owned subsidiary of Frasers Property Limited.
How the Company Makes MoneyFrasers Centrepoint generates revenue primarily through the leasing and sale of its properties. Key revenue streams include rental income from commercial and retail spaces, proceeds from property sales, and management fees from its real estate investment trusts (REITs). The company also benefits from strategic partnerships with local and international developers, which enhance its project pipeline and market reach. Additionally, FCL's focus on sustainable development and creating value-added services for tenants contributes to its competitive advantage and revenue stability.
Frasers Centrepoint Earnings Call Summary
Earnings Call Date:Oct 22, 2025
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jan 28, 2026
Earnings Call Sentiment Positive
The earnings call highlighted a strong operational performance, successful portfolio reconstitution, and improved financial metrics. The company is actively managing challenges related to cinema space vacancies and increased property expenses. Positive market conditions and sustainability achievements further support a positive outlook.Q4-2025 Updates
Positive Updates
Successful Portfolio Reconstitution
Acquisition of Northpoint City South Wing and divestment of Y10, accompanied by successful EFR fundraising of over $420 million and $200 million via perpetual securities.
Strong Operational Performance
Positive rental reversion at 7.8%, shopper traffic increased by 1.6%, and tenant sales grew by 3.7%. Committed occupancy at 98.1%, potentially at 99.9% without cinema vacancies.
Improved Financial Metrics
Aggregate leverage decreased to 39.6%, interest coverage ratio healthy at 3.46x, and average cost of debt reduced to 3.5% for the quarter.
Sustainability and ESG Achievements
Recognized as Regional Sector Leader in Asia, Retail category in the 2025 GRESB Assessment, with a score increase from 91 to 93. Initiatives included solarization and food valorization programs.
Positive Market Conditions
Inflation continued to ease with a year-on-year decrease to 0.5% in August. Retail sales index growth at 4.6% year-on-year for August.
Negative Updates
Slight Decline in Net Asset Value
Net asset value decreased to $2.23 from $2.29 compared to FY '24, mainly due to the enlarged unit base following equity fundraising.
Challenges with Cinema Space
A 1.8% occupancy gap due to cinemas at Century Square and Causeway Point. Ongoing negotiations for repurposing cinema spaces.
Increased Property Expenses
Property expenses for the second half increased by 20.1% compared to the same period last year, mainly due to higher property tax.
Company Guidance
In the recent call, Frasers Centrepoint Trust (FCT) provided a comprehensive guidance for the fiscal year 2025. The acquisition of Northpoint City South Wing and the divestment of Y10 were key moves to enhance their portfolio. They successfully raised over $420 million through equity fundraising and an additional $200 million via perpetual securities, resulting in a healthy financial position with an aggregate leverage of 39.6% and a reduced cost of debt at 3.5% for the quarter. The operating performance was robust, evidenced by positive rental reversion at 7.8%, increased shopper traffic by 1.6%, and tenant sales growth of 3.7%. The committed occupancy rate stood at 98.1%, with plans to further improve this by repurposing spaces previously occupied by cinemas. The company also reported a distribution per unit (DPU) of $0.12113, a 0.6% increase from the previous year, despite a slight drop in net asset value from $2.29 to $2.23. The retail environment showed resilience with a 4% year-to-date growth in retail sales for FCT's portfolio compared to the market's 1.2%. Looking ahead, FCT aims to focus on organic growth opportunities, especially through asset enhancement initiatives (AEI) at various malls, while remaining open to strategic acquisitions that align with their portfolio objectives.Frasers Centrepoint Financial Statement Overview
Summary
Frasers Centrepoint demonstrates solid financial performance with strong profitability and a healthy balance sheet. The company shows robust operational efficiency with high profit margins and a reasonable debt-to-equity ratio. However, the revenue decline and decreased free cash flow growth highlight potential challenges that may require strategic adjustments.Income Statement
Frasers Centrepoint has shown strong profitability with a gross profit margin of 61.24% and a net profit margin of 56.10% for the latest fiscal year. Revenue has slightly decreased by 4.77% compared to the previous year, indicating a need to address market challenges. The EBIT margin of 60.63% and EBITDA margin of 78.77% further highlight robust operational efficiency. However, the revenue decline suggests potential market pressure or operational adjustments are needed.65
Positive
Balance Sheet
The company's balance sheet is healthy with a reasonable debt-to-equity ratio of 0.49, suggesting moderate leverage. The return on equity is strong at 4.75%, though showing a slight decline from previous years. The equity ratio stands at 65.25%, indicating solid capitalization and lower risk of insolvency. Despite these strengths, the increase in net debt over the years warrants attention.70
Positive
Cash Flow
Frasers Centrepoint has a positive free cash flow of $179.90 million, albeit showing a decrease of 23.37% compared to last year, which could affect future investment capabilities. The operating cash flow to net income ratio of 0.91 indicates efficient cash conversion, while the free cash flow to net income ratio is slightly lower at 0.91, highlighting the need for improved cash flow management.60
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 284.59M | 352.11M | 369.72M | 356.93M | 341.15M | 164.38M |
| Gross Profit | 181.99M | 215.67M | 285.18M | 225.04M | 230.98M | 110.89M |
| EBITDA | 177.55M | 199.78M | 230.36M | 246.24M | 215.02M | 182.95M |
| Net Income | 152.63M | 197.55M | 211.95M | 207.28M | 168.63M | 151.68M |
Balance Sheet | ||||||
| Total Assets | 6.38B | 6.38B | 6.38B | 5.94B | 5.90B | 3.88B |
| Cash, Cash Equivalents and Short-Term Investments | 32.87M | 26.81M | 32.21M | 38.16M | 42.23M | 28.58M |
| Total Debt | 2.03B | 2.03B | 2.20B | 1.81B | 1.81B | 1.25B |
| Total Liabilities | 2.23B | 2.22B | 2.40B | 1.98B | 1.98B | 1.35B |
| Stockholders Equity | 4.15B | 4.16B | 3.97B | 3.96B | 3.92B | 2.54B |
Cash Flow | ||||||
| Free Cash Flow | 180.85M | 174.02M | 234.80M | 227.68M | 192.62M | 67.02M |
| Operating Cash Flow | 180.86M | 215.67M | 243.13M | 233.58M | 198.44M | 78.13M |
| Investing Cash Flow | 28.36M | 45.19M | -356.93M | 16.03M | -470.55M | -163.80M |
| Financing Cash Flow | -210.78M | -266.25M | 107.84M | -253.68M | 285.75M | 101.15M |
Frasers Centrepoint Technical Analysis
Positive
2.31
Price Trends
2.31
Positive
2.24
Positive
2.16
Positive
Market Momentum
0.02
Positive
52.24
Neutral
-18.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:J69U, the sentiment is Positive. The current price of 2.31 is below the 20-day moving average (MA) of 2.34, above the 50-day MA of 2.31, and above the 200-day MA of 2.16, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 52.24 is Neutral, neither overbought nor oversold. The STOCH value of -18.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:J69U.
Frasers Centrepoint Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | $5.85B | 14.72 | 10.81% | 4.19% | 23.81% | 89.10% | |
| ― | $18.26B | 17.70 | 6.41% | 5.24% | 0.17% | 8.05% | |
| ― | $4.20B | 15.97 | 2.80% | 4.29% | 19.82% | ― | |
| ― | $6.98B | 16.10 | 3.80% | 2.24% | 18.74% | -38.36% | |
| ― | $4.91B | 21.36 | 4.49% | 5.18% | 10.82% | -5.02% | |
| ― | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
| ― | $6.68B | 33.81 | 2.25% | 1.38% | -10.52% | -39.75% |
* Real Estate Sector Average
SG:J69U
Frasers Centrepoint
2.31
0.24
11.70%
SG:C09
City Developments
7.19
2.04
39.58%
SG:C38U
CapitaLand Mall
2.35
0.41
20.88%
SG:TQ5
Frasers Property
1.05
0.14
14.88%
SG:AJBU
Keppel DC REIT
2.38
0.24
11.21%
SG:U14
UOL Group
8.04
2.78
52.79%
Frasers Centrepoint Corporate Events
Frasers Centrepoint Trust Issues Units for Management Fee Payment
Oct 27, 2025
Frasers Centrepoint Asset Management Ltd., the manager of Frasers Centrepoint Trust, announced the receipt of 5,562,764 units in FCT as payment for various components of its management fees for different periods between October 2024 and September 2025. This issuance of units is in accordance with the trust deed and reflects the company’s strategy to align management incentives with the trust’s performance, potentially impacting the trust’s unit holdings and market perception.
Frasers Centrepoint Trust Issues Units for Divestment Fee
Oct 1, 2025
Frasers Centrepoint Trust announced the issuance of 73,806 units to its manager, Frasers Centrepoint Asset Management Ltd., as payment for a divestment fee related to the sale of ten strata lots at Yishun 10. This transaction, classified as an ‘interested party transaction,’ adheres to the regulations set by the Monetary Authority of Singapore, with the issued units being non-transferable for one year. This move reflects the trust’s strategic financial management and compliance with investment regulations.
Frasers Centrepoint Trust Issues Units for Management Fee Payment
Jul 29, 2025
Frasers Centrepoint Asset Management Ltd. announced the receipt of 1,506,018 units in Frasers Centrepoint Trust as part of the management fee for the period from April 1 to June 30, 2025. This payment method, stipulated in the trust deed, reflects the company’s strategy to align management interests with those of the trust’s stakeholders, potentially impacting its market positioning and stakeholder relations.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.