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Frasers Centrepoint Trust (SG:J69U)
SGX:J69U
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Frasers Centrepoint (J69U) AI Stock Analysis

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SG:J69U

Frasers Centrepoint

(SGX:J69U)

Rating:68Neutral
Price Target:
S$2.50
▲(13.64%Upside)
Frasers Centrepoint's overall stock score reflects its strong financial performance and attractive valuation. However, the lack of significant technical momentum and recent revenue and cash flow challenges temper the outlook. With no earnings call or corporate events data, the score primarily draws from the company's stable financial foundation and decent income potential.
Positive Factors
Asset Expansion
Future stakes in NEX mall, WWP, and ROFR asset NPC south wing extend the growth runway by S$2.9bn, showcasing a strong potential for asset expansion.
Financial Performance
Frasers Centrepoint Trust's portfolio outperforms peers with tenant sales 15-20% above pre-COVID levels, unaffected by the return-to-office trend.
Market Position
The acquisition of NEX mall places Frasers Centrepoint Trust as the 'King of suburban retail malls' with a dominant position in the market.
Negative Factors
Consumer Spending
Downside risks include a potential slowdown in consumer spending, which could affect tenant sentiment and leasing, impacting the ability to achieve positive rental reversions.
Funding Costs
There is a higher than expected increase in funding cost, which could impact financial performance.

Frasers Centrepoint (J69U) vs. iShares MSCI Singapore ETF (EWS)

Frasers Centrepoint Business Overview & Revenue Model

Company DescriptionFrasers Centrepoint Limited (J69U) is a leading Singapore-based multi-national real estate company with a diverse portfolio spanning residential, commercial, retail, and hospitality sectors. The company is known for its integrated capabilities in property development, asset management, and real estate investment trust (REIT) management. Frasers Centrepoint's core operations include the development and management of residential properties, commercial offices, shopping malls, and a network of hotels and serviced residences.
How the Company Makes MoneyFrasers Centrepoint primarily generates revenue through several key streams: property development, investment properties, and hospitality operations. In property development, the company earns by selling residential and commercial properties. The investment property segment provides stable income through leasing and managing retail malls, commercial offices, and business parks. Additionally, Frasers Centrepoint operates a number of REITs, which generate management fees and dividends. The hospitality segment contributes through the operation of hotels and serviced apartments, earning income from room bookings, food and beverage sales, and other guest services. Strategic partnerships and joint ventures also play a significant role in expanding its portfolio and enhancing revenue.

Frasers Centrepoint Earnings Call Summary

Earnings Call Date:Apr 28, 2025
(Q3-2024)
|
% Change Since: -2.22%|
Next Earnings Date:Jul 29, 2025
Earnings Call Sentiment Positive
The earnings call presented a generally positive outlook with strong occupancy rates, successful asset enhancement initiatives, and positive rental reversions. However, concerns remain regarding high gearing levels and flat retail sales indices. Central Plaza's occupancy issues were noted but appear to be under control.
Q3-2024 Updates
Positive Updates
Strong Occupancy Rates
Overall occupancy remains very healthy at 99.7%, with several malls achieving 100% occupancy.
Positive Retailer Sales and Footfall Trends
Retailer sales have increased, exceeding pre-COVID levels, and footfall is close to pre-COVID numbers.
Tampines 1 AEI Success
Tampines 1 Asset Enhancement Initiative (AEI) is on track to complete in September, achieving 100% occupancy and exceeding the target ROI of 8%.
Improved Financial Metrics
Average cost of debt has decreased from 4.3% in Q1 to 4.1% in Q3, with 57.2% of debt hedged to fixed rates.
Strong Rental Reversion
Rental reversions are on track to hit 7.5%, maintaining positive trends.
Negative Updates
High Gearing Ratio
Gearing is at 39.1%, attributed to drawdowns for CapEx and AEI at Tampines 1.
Flat Retail Sales Index
Retail Sales Index (RSI) for May is flat year-on-year, though the portfolio has seen an increase.
Central Plaza Occupancy Concerns
Concerns about occupancy dips at Central Plaza, with potential tenant downsizing or relocations.
Company Guidance
During the Q3 2024 earnings call for Frasers Centrepoint, the management provided several key metrics and updates. Occupancy rates remained robust at 99.7% overall, with multiple malls achieving full occupancy. Shopper traffic showed a recovery, reaching 5% of pre-COVID levels, while tenant sales continued to surpass pre-COVID figures. The company's financial position included a gearing ratio of 39.1% and an average cost of debt of 4.1% for the quarter. The Tampines 1 AEI project was highlighted, with a projected ROI of 8% expected to be exceeded. Additionally, macroeconomic updates included a GDP growth of 0.9% in Q2, with core inflation moderating to 2.9%. Overall, the company expressed optimism in maintaining strong performance metrics and pursuing growth through both organic means and asset enhancement initiatives.

Frasers Centrepoint Financial Statement Overview

Summary
Frasers Centrepoint demonstrates solid financial performance with strong profitability and a healthy balance sheet. While the revenue dip and decreased free cash flow growth pose challenges, operational efficiencies and a stable equity base provide resilience. The company's financial health is sound, but strategic adjustments may be required to address revenue and cash flow growth.
Income Statement
78
Positive
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.
Balance Sheet
70
Positive
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.
Cash Flow
74
Positive
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.
BreakdownSep 2024Sep 2023Sep 2022Sep 2021Sep 2020
Income Statement
Total Revenue352.11M369.72M356.93M341.15M164.38M
Gross Profit215.67M229.10M225.04M246.57M110.89M
EBITDA262.21M294.31M246.24M220.74M182.95M
Net Income197.55M211.95M207.28M168.63M151.68M
Balance Sheet
Total Assets6.38B6.38B5.94B5.90B3.88B
Cash, Cash Equivalents and Short-Term Investments26.81M32.21M38.16M42.23M28.58M
Total Debt2.03B2.20B1.81B1.81B1.25B
Total Liabilities2.22B2.40B1.98B1.98B1.35B
Stockholders Equity4.16B3.97B3.96B3.92B2.54B
Cash Flow
Free Cash Flow174.02M234.80M227.68M192.62M67.02M
Operating Cash Flow215.67M243.13M233.58M198.44M78.13M
Investing Cash Flow45.19M-356.93M16.03M-470.55M-163.80M
Financing Cash Flow-266.25M107.84M-253.68M285.75M101.15M

Frasers Centrepoint Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price2.20
Price Trends
50DMA
2.21
Negative
100DMA
2.18
Positive
200DMA
2.12
Positive
Market Momentum
MACD
>-0.01
Positive
RSI
47.41
Neutral
STOCH
43.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:J69U, the sentiment is Neutral. The current price of 2.2 is below the 20-day moving average (MA) of 2.21, below the 50-day MA of 2.21, and above the 200-day MA of 2.12, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 47.41 is Neutral, neither overbought nor oversold. The STOCH value of 43.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:J69U.

Frasers Centrepoint Peers Comparison

Overall Rating
UnderperformOutperform
Sector (54)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
73
Outperform
$16.17B16.256.32%7.39%1.54%4.48%
70
Outperform
$5.14B14.1810.81%4.07%23.81%89.13%
69
Neutral
S$5.91B16.513.19%2.57%4.22%-49.39%
68
Neutral
$3.73B14.182.80%4.74%19.82%
68
Neutral
$4.46B19.425.08%5.52%1.49%5.99%
59
Neutral
$5.79B29.982.21%1.57%-33.84%-36.71%
54
Neutral
$1.23B3.770.67%6.13%-2.39%-129.28%
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:J69U
Frasers Centrepoint
2.20
0.11
5.11%
SG:C38U
CapitaLand Mall
2.21
0.25
12.87%
SG:TQ5
Frasers Property
0.97
0.20
25.98%
SG:AJBU
Keppel DC REIT
2.32
0.44
23.21%
SG:U14
UOL Group
7.00
1.82
35.00%
SG:C09
City Developments
6.38
1.16
22.15%

Frasers Centrepoint Corporate Events

Frasers Centrepoint Trust Renews Management Agreement for Northpoint City South Wing
Jul 14, 2025

Frasers Centrepoint Trust has announced the automatic renewal of the property management agreement for Northpoint City South Wing for an additional 12 months starting from July 2025. This renewal ensures continuity in management and resource deployment, aligning with the management agreements across all retail malls owned by the trust. The decision leverages the Property Manager’s track record and familiarity with the property, while also benefiting from economies of scale by having the same manager for both Northpoint City South Wing and the adjoining Northpoint City North Wing.

The most recent analyst rating on (SG:J69U) stock is a Buy with a S$2.68 price target. To see the full list of analyst forecasts on Frasers Centrepoint stock, see the SG:J69U Stock Forecast page.

Frasers Centrepoint Trust Prices S$200 Million in Perpetual Securities
Jun 24, 2025

Frasers Centrepoint Trust, managed by Frasers Centrepoint Asset Management Ltd., has announced the pricing of S$200 million in subordinated perpetual securities under its S$3 billion Multicurrency Debt Issuance Programme. Oversea-Chinese Banking Corporation Limited is the sole lead manager for this issuance, which will be issued in denominations of S$250,000 each. This move is part of FCT’s strategy to leverage its debt issuance program for financial flexibility and potential growth opportunities.

The most recent analyst rating on (SG:J69U) stock is a Buy with a S$2.55 price target. To see the full list of analyst forecasts on Frasers Centrepoint stock, see the SG:J69U Stock Forecast page.

Frasers Centrepoint Trust’s Strategic Acquisition Discussions at EGM
Jun 22, 2025

Frasers Centrepoint Trust held an Extraordinary General Meeting on 23 May 2025, attended by unitholders, directors, executive officers, and representatives from various advisory firms. The meeting was significant for stakeholders as it involved discussions on an acquisition, indicating potential strategic growth and operational expansion for the trust.

The most recent analyst rating on (SG:J69U) stock is a Buy with a S$2.68 price target. To see the full list of analyst forecasts on Frasers Centrepoint stock, see the SG:J69U Stock Forecast page.

Frasers Centrepoint Trust Issues Units for Acquisition Fee Payment
Jun 2, 2025

Frasers Centrepoint Trust has issued 5,421,052 units as payment for an acquisition fee related to its purchase of North Gem Trust and its Trustee-Manager, totaling approximately S$11.3 million. This transaction, classified as an ‘interested party transaction,’ stipulates that these units cannot be sold within a year, impacting the trust’s unit distribution and potentially influencing investor perceptions.

The most recent analyst rating on (SG:J69U) stock is a Buy with a S$2.68 price target. To see the full list of analyst forecasts on Frasers Centrepoint stock, see the SG:J69U Stock Forecast page.

Frasers Centrepoint Trust Secures S$480 Million Loan Facility
May 19, 2025

Frasers Centrepoint Trust has entered into a significant S$480 million loan facility agreement with HSBC Institutional Trust Services and other financial institutions. The agreement includes conditions related to the management and shareholding structure of the company, with mandatory prepayment required if certain changes occur. This move underscores the company’s strategic financial management and its implications for maintaining control and stability in its operations.

The most recent analyst rating on (SG:J69U) stock is a Buy with a S$2.68 price target. To see the full list of analyst forecasts on Frasers Centrepoint stock, see the SG:J69U Stock Forecast page.

Frasers Centrepoint Trust Issues Units for Management Fee
Apr 30, 2025

Frasers Centrepoint Asset Management Ltd. announced the receipt of 686,457 units in Frasers Centrepoint Trust as part of the management fee for the first quarter of 2025. This payment in units reflects the company’s strategy to align management interests with those of the trust’s stakeholders, potentially impacting its market positioning by increasing its unit holdings to 104,530,210 out of a total of 2,022,389,350 units issued.

Frasers Centrepoint Trust Allocates S$421.3 Million from Equity Fund Raising
Apr 28, 2025

Frasers Centrepoint Trust announced the utilization of approximately S$421.3 million raised through an equity fund raising initiative. The funds are earmarked for repaying existing debts and covering professional fees, with a portion allocated for future acquisitions, reflecting the company’s strategic financial management and growth ambitions.

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.Date of analysis: Jul 25, 2025