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Frasers Centrepoint Trust (SG:J69U)
SGX:J69U
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Frasers Centrepoint
(SGX:J69U)
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Rating:72Outperform
Price Target:
S$2.50
â–²(10.62% Upside)
Frasers Centrepoint Trust shows a strong operational performance and a solid financial position, with consistent revenue growth and attractive dividend yield. The positive earnings call further supports a favorable outlook. However, high P/E ratio and increasing debt levels are areas to watch.
Positive Factors
Revenue Growth
Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term financial stability.
Operational Performance
Strong operational metrics reflect effective management and market positioning, enhancing the company's competitive advantage.
Sustainability Initiatives
Leadership in sustainability enhances brand reputation and aligns with global trends, potentially attracting environmentally conscious investors.
Negative Factors
Rising Debt Levels
Increased debt levels can strain cash flow and limit financial flexibility, posing risks to long-term financial health if not managed.
Decline in Free Cash Flow
Negative free cash flow growth may hinder the company's ability to invest in growth opportunities and meet financial obligations.
Increased Property Expenses
Rising property expenses could pressure profit margins, affecting overall profitability if not offset by revenue growth.
Frasers Centrepoint (J69U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$4.60B
Dividend Yield5.29%
Average Volume (3M)3.75M
Price to Earnings (P/E)21.6
Beta (1Y)0.19
Revenue Growth10.82%
EPS Growth-5.02%
CountrySG
Employees27
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.05
Shares Outstanding2,034,953,000
10 Day Avg. Volume3,364,750
30 Day Avg. Volume3,749,440
Financial Highlights & Ratios
PEG Ratio-2.45
Price to Book (P/B)0.98
Price to Sales (P/S)11.39
P/FCF Ratio18.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.70Price Target Upside19.59% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 exhibits a solid financial position with consistent revenue growth and strong gross margins. The balance sheet is robust, though increasing debt levels require monitoring. Cash flow generation is stable, but recent declines in free cash flow growth highlight areas for improvement.Income Statement
Frasers Centrepoint has demonstrated consistent revenue growth over the years, with a notable increase in the latest period. The gross profit margin remains strong, indicating efficient cost management. However, the net profit margin has slightly decreased, suggesting some pressure on profitability. Overall, the income statement reflects a stable and growing revenue base with room for improvement in net profitability.Balance Sheet
The company's debt-to-equity ratio has increased, indicating a higher reliance on debt financing. However, the equity ratio remains healthy, suggesting a strong equity base. The return on equity is stable, reflecting consistent returns to shareholders. While the balance sheet shows financial stability, the rising debt levels could pose a risk if not managed carefully.Cash Flow
Operating cash flow has shown resilience, but free cash flow growth has been negative recently, indicating potential challenges in generating excess cash. The operating cash flow to net income ratio is healthy, suggesting good cash conversion from earnings. However, the decline in free cash flow growth warrants attention to ensure sustainable cash generation.| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 384.70M | 390.22M | 352.11M | 369.72M | 356.93M | 341.15M |
| Gross Profit | 249.57M | 238.01M | 215.67M | 285.18M | 225.04M | 230.98M |
| EBITDA | 242.01M | 234.16M | 199.78M | 230.36M | 221.82M | 215.02M |
| Net Income | 208.25M | 199.86M | 197.55M | 211.95M | 207.28M | 168.63M |
Balance Sheet | ||||||
| Total Assets | 6.38B | 7.61B | 6.38B | 6.38B | 5.94B | 5.90B |
| Cash, Cash Equivalents and Short-Term Investments | 32.87M | 107.53M | 26.81M | 32.21M | 38.16M | 42.23M |
| Total Debt | 2.03B | 2.78B | 2.03B | 2.20B | 1.81B | 1.81B |
| Total Liabilities | 2.23B | 3.05B | 2.22B | 2.40B | 1.98B | 1.98B |
| Stockholders Equity | 4.15B | 4.54B | 4.16B | 3.97B | 3.96B | 3.92B |
Cash Flow | ||||||
| Free Cash Flow | 241.92M | 236.96M | 174.02M | 234.80M | 227.68M | 192.62M |
| Operating Cash Flow | 241.94M | 236.96M | 215.67M | 243.13M | 233.58M | 198.44M |
| Investing Cash Flow | 32.53M | -328.02M | 45.19M | -356.93M | 16.03M | -470.55M |
| Financing Cash Flow | -283.33M | 171.78M | -266.25M | 107.84M | -253.68M | 285.75M |
Frasers Centrepoint Technical Analysis
Negative
2.26
Price Trends
2.28
Negative
2.29
Negative
2.22
Positive
Market Momentum
>-0.01
Positive
39.18
Neutral
17.50
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:J69U, the sentiment is Negative. The current price of 2.26 is below the 20-day moving average (MA) of 2.29, below the 50-day MA of 2.28, and above the 200-day MA of 2.22, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 39.18 is Neutral, neither overbought nor oversold. The STOCH value of 17.50 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | S$5.42B | 13.62 | 10.81% | 4.55% | 23.81% | 89.10% | |
72 Outperform | S$4.60B | 21.65 | 4.49% | 5.29% | 10.82% | -5.02% | |
71 Outperform | S$18.34B | 17.77 | 6.41% | 5.26% | 0.17% | 8.05% | |
70 Outperform | S$7.91B | 18.23 | 3.80% | 2.06% | 18.74% | -38.36% | |
67 Neutral | S$4.48B | 19.45 | 2.37% | 4.02% | -18.20% | 40.87% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | S$8.04B | 40.69 | 2.25% | 1.23% | -10.52% | -39.75% |
* Real Estate Sector Average
SG:J69U
Frasers Centrepoint
2.26
0.25
12.33%
SG:C09
City Developments
8.87
3.88
77.93%
SG:C38U
CapitaLand Integrated Commercial Trust
2.41
0.56
30.34%
SG:TQ5
Frasers Property
1.14
0.24
27.37%
SG:AJBU
Keppel DC REIT
2.22
0.04
1.65%
SG:U14
UOL Group
9.35
4.41
89.16%
Frasers Centrepoint Corporate Events
Frasers Centrepoint Trust Secures Tax Ruling on Perpetual Securities
Dec 8, 2025
Frasers Centrepoint Trust announced that it has obtained a tax ruling from the Inland Revenue Authority of Singapore, classifying its S$200 million subordinated perpetual securities as ‘debt securities’ for tax purposes. This classification allows the distributions on these securities to be treated as interest payments, potentially impacting the trust’s financial strategy and offering benefits to its stakeholders.
The most recent analyst rating on (SG:J69U) stock is a Hold with a S$2.50 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$100 Million Green Loan Facility
Nov 25, 2025
Frasers Centrepoint Trust has entered into a S$100 million green revolving credit facility agreement with HSBC Institutional Trust Services and Crédit Industriel et Commercial. This agreement includes conditions related to the shareholding interests and management control of the company. The announcement highlights the potential financial impact if certain conditions trigger mandatory prepayment, affecting facilities worth approximately S$2.63 billion.
The most recent analyst rating on (SG:J69U) stock is a Hold with a S$2.50 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 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.
The most recent analyst rating on (SG:J69U) stock is a Buy with a S$2.75 price target. To see the full list of analyst forecasts on Frasers Centrepoint stock, see the SG:J69U Stock Forecast page.
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.