Fraser Centrepoint Trust

[LenaHuat]

Checked up the URA website, there was a bid in April for Flora Rd/Upper Changi. It was ard $323 psf of GFA. Has land price slided down? Looks not.
http://www.ura.gov.sg/pr/text/2010/pr10-52.html

[winston]

Not vested

FRASERS CENTREPOINT TRUST - Frasers Centrepoint Trust said its fourth quarter net property income rose 26 percent to S$22.2 million from S$17.6 million a year ago, on the back of new asset acquisitions.

Its distribution per unit was up 5.9 percent at 2.16 Singapore cents in the July-September period.

Source: Reuters

[winston]

Not vested. From DBS:-

BUY call maintained, TP revised to S$1.74.

FCT offers investors a solid FY11-12F yield of 5.3-5.5%, backed by resilient earnings
from its portfolio of sub-urban malls.

Catalysts for further upside to earnings hinges on the acquisition of the Bedok mall asset.

BUY maintained with revised TP of S$1.74 as we roll forward our numbers to FY11.

http://www.remisiers.org/cms_images/res ... y_DBSV.pdf

[winston]

Not vested

Frasers Centrepoint Trust (FCT SP): The shopping mall operator partly owned by Fraser & Neave Ltd. (FNN SP) will release its first-quarter results tomorrow during the midday break. The shares were unchanged at S$1.52.


Source: Bloomberg

[winston]

Not vested

Frasers Centerpoint Trust (BUY, TP S$1.73).

FCT is trading at FY11-12 yields of 5.5-5.7% and we continue to like FCT for its defensive earnings quality given its exposure to the suburban retail sector.

The impending acquisition of Bedok Point from Sponsor F&N, as well as recent refinancing exercise at a more attractive rate will underpin revenue growth prospects and interest saving respectively.

Healthy pre-commitment rate for the AEI works at Causeway Point, which is scheduled for completion next year should also underpin profit in the medium term.

Source: DBS

[winston]

Not vested

Frasers Centrepoint Trust (BUY, TP S$1.79).

Among the S-REITs, our top pick within the space remains Frasers Centrepoint Trust (FCT) which owns prime suburban malls that are experiencing strong positive rental reversion.

Despite the Asset Enhancement Initiatives (AEI) at Causeway Point (CWP) which saw occupancy fell to 69% during 1Q11, FCT’s DPU were not affected much due to contribution from its Northpoint 2 and Yew Tee Point which were acquired in Feb 2010.

Backed by
1) strong pre-commitment for CWP’s space being redeveloped under AEI,
2) strong rental reversion,
3) newly acquired Bedok Point, and
4) defensive mall characteristics, we believe FCT is primed for growth at cheap valuation.

Maintain BUY with TP of S$1.79 based on DDM (COE: 8.8%; TGR: 2.0%).

Source: DMG

[winston]

not vested

S'pore's Frasers Centrepoint raises $53 mln from placement

SINGAPORE, Sept 15 (Reuters) - Singapore's Frasers Centrepoint Trust , which owns shopping malls in the city state, said on Thursday it has raised a gross amount of S$66.7 million ($53.5 million) from the placement of 48 million new units.

The trust fixed the issue price at S$1.39 each, at the top of the S$1.35-S$1.39 range. The placement was around 4.1 times subscribed and saw strong participation from more than 30 institutional investors from Asia and Europe, the company said.

DBS Bank was the sole financial adviser and underwriter for the placement, which was intended to partially fund an acquisition of a shopping mall.

Source: Reuters

[winston]

not vested

Singapore property firm Frasers Centrepoint Trust said on Thursday its fourth-quarter distribution to unitholders increased 11 percent to S$18.3 million from a year ago, lifted by strong contribution from its Causeway Point mall in the city-state.

Source: Reuters

[winston]

not vested

RESEARCH ALERT-OCBC upgrades Frasers Centrepoint Trust to buy

SINGAPORE, Oct 24 (Reuters) - OCBC Investment Research has upgraded Frasers Centrepoint Trust (FCT) , which owns shopping malls in Singapore, to buy from hold and raised its target price to S$1.68 from S$1.57.

STATEMENT: OCBC has raised its fiscal 2012 forecast for FCT by 3.3-8.3 percent to reflect its strong earnings and lower cost of debt.

FCT said on Thursday its fourth-quarter distribution to unitholders increased 11 percent to S$18.3 million from a year ago, lifted by strong contribution from its Causeway Point mall in the city-state.

The brokerage noted that FCT's average rental rate for renewal leases signed in the fourth quarter was 7.9 percent higher than the preceding leases.

The occupancy of FCT's portfolio also improved to 95.1 percent from 87.6 percent in the previous quarter.

Going forward, OCBC said it expects FCT to post significant growth in its rental income as the full contribution of Causeway Point and the newly-acquired Bedok Point shopping mall has yet to be realized.

At 0354 GMT, shares of FCT were 2.4 percent higher at S$1.505, and have gained 0.3 percent since the start of the year.

Source: Reuters

[winston]

not vested

Singapore's Frasers Centrepoint Trust said on Wednesday fiscal first-quarter distribution per unit rose 12.8 percent from a year earlier to 2.20 Singapore cents, helped by contributions from its Causeway Point and Bedok Point malls.

Source: Reuters