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Frasers Centrepoint Trust J69U

Morningstar Rating
SGD 2.19 0.00 (0.00%)
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Company Report

Frasers Centrepoint Trust's Portfolio of Suburban Malls Underpin a Stable Income Profile

Frasers Centrepoint Trust, or FCT, predominantly owns a portfolio of income-producing retail properties located in suburban areas across Singapore. Its malls are located within densely populated residential areas that are next to key transportation nodes. The high volume of commuter traffic generated helps to ensure a stable and recurring shopper footfall for the mall and in return drive sales growth for its tenant base. There is also limited direct competition for most of its retail properties, which helps to position it as the main mall serving the population within the vicinity. Favorable locations, high shopper footfall, and growing annual sales are highly desirable features for existing and new tenants, allowing FCT to charge premium rents relative to average market rates. With a staggered lease expiry profile and approximately 53% of its gross rental income contributed by tenants providing nondiscretionary products and essential services, we expect FCT to remain resilient throughout economic cycles.

Price vs Fair Value

J69U is trading at a 254% premium.
Price
SGD 2.19
Fair Value
SGD 6.28
Uncertainty
Low
1-Star Price
SGD 1.91
5-Star Price
SGD 1.32
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Strong population growth in Singapore, resulting in higher population density and higher shopper traffic for the trust's suburban malls, drives rentals higher.

Bears

A substantial increase in retail supply within the same neighborhood of the trust's retail mall increases competition and causes a decline in rents.

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Trading Information

Previous Close Price
SGD 2.19
Day Range
SGD 2.182.21
52-Week Range
SGD 2.012.33
Bid/Ask
SGD 2.19 / SGD 2.19
Market Cap
SGD 3.96 Bil
Volume/Avg
2.0 Mil / 2.8 Mil

Key Statistics

Price/Earnings (Normalized)
21.70
Price/Sales
10.70
Dividend Yield (Trailing)
5.50%
Dividend Yield (Forward)
5.50%
Total Yield
5.50%

Company Profile

Frasers Centrepoint Trust, or FCT, is a real estate investment trust listed on the Singapore Exchange that predominately invests in suburban retail assets in Singapore. Its portfolio consists of 9 retail malls (of which two are not wholly owned) and one office property with a total valuation of SGD 7.1 billion as at March 31, 2024. The trust is externally managed by Frasers Centrepoint Asset Management, a wholly owned subsidiary of Frasers Property Limited that has a 39.4% direct and indirect interest in FCT.
Sector
Real Estate
Industry
REIT - Retail
Stock Style Box
Mid Value
Total Number of Employees
27

Competitors

Valuation

Metric
J69U
00823
T82U
Price/Earnings (Normalized)
21.7017.9125.06
Price/Book Value
0.960.460.55
Price/Sales
10.706.067.34
Price/Cash Flow
24.8314.6513.24
Price/Earnings
J69U
00823
T82U

Financial Strength

Metric
J69U
00823
T82U
Quick Ratio
0.150.730.46
Current Ratio
0.160.760.56
Interest Coverage
3.200.342.13
Quick Ratio
J69U
00823
T82U

Profitability

Metric
J69U
00823
T82U
Return on Assets (Normalized)
3.28%−0.82%2.06%
Return on Equity (Normalized)
5.20%−1.16%3.81%
Return on Invested Capital (Normalized)
4.51%−0.30%3.33%
Return on Assets
J69U
00823
T82U
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