Frasers Centrepoint Trust

J69U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Frasers Centrepoint Trust: Starting 2025 With Healthy Portfolio Metrics

Xavier Lee

Jan 23, 2025

We retain our fair value estimate of SGD 2.42 per unit for narrow-moat Frasers Centrepoint Trust after an in-line business update for the first quarter of fiscal 2025 (ending September). The trust’s portfolio metrics remain healthy, with an occupancy rate of 99.5% at the end of 2024. Shopper traffic and tenant sales improved 2.7% and 2.5% year on year, respectively, despite a soft December due to Singaporeans traveling overseas. On the basis of the current unit price, we think the trust is undervalued. We like it for its portfolio of high-quality suburban malls, which we believe will stay resilient in times of economic uncertainty and volatility.

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