Fraser Property (former Fraser Centrepoint)

Re: Fraser Centrepoint

Postby winston » Fri Nov 11, 2016 1:11 pm

not vested

Yielding like a REIT

Growing developer with high dividend yields.

We maintain our BUY rating on Frasers Centrepoint Ltd (FCL) for its attractive valuations at 0.7x P/NAV and FY17F PE of 11x, and offering one of the highest dividend yields among developers at c.5.7%.

We continue to expect re-rating catalysts coming from potential asset monetisation from ongoing strategies to crystallise value across its portfolio.

Valuation:
We maintain our BUY rating on FCL, increase our target price to S$2.00 from S$1.90 (30% discount to RNAV) from rolling forward our earnings estimates.

Key Risks to Our View:
Dependent on the outlook of the Australian real estate market and currency. The group derives an estimated 30% of PBIT from Australia, and returns could be impacted by the weakening AUD/SGD exchange rate.


Source: DBS

https://researchwise.dbsvresearch.com/R ... =cddidkhea
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Re: Fraser Centrepoint

Postby winston » Mon Apr 17, 2017 10:27 am

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Frasers Centrepoint Limited: Has entered into a conditional agreement to acquire an 86.56 per cent stake in Geneba Properties, an Amsterdam-based listed real estate investment company, for 315.9 million euros (S$467.8 million).

Geneba has a portfolio consisting predominantly of logistics and light industrial properties focused on key industrial sectors in Germany and the Netherlands.

The portfolio consists of properties that are leased to large and medium-sized industrial companies under long term leases.

As at Feb 28, the portfolio had an average occupancy rate of 98 per cent and a weighted average lease expiry of 9.5 years.

Source: Business Times / Bloomberg / Straits Times / The Edge Markets / SGX
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Re: Fraser Centrepoint

Postby winston » Thu May 11, 2017 9:49 am

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Frasers Centrepoint: 2Q17 net profit declined 42.2 per cent to S$71.2 million, on the back of lower revenue and an absence of a divestment gain compared to a year ago.

Its revenue was 21.4 per cent lower than a year ago at S$705.8 million due mainly to lower income recognition from residential projects in Singapore, China and the UK.

It has declared 2.4 Singapore cents of interim dividend to be paid out on June 9, unchanged from a year-ago period.

Source: OCBC
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Re: Fraser Centrepoint

Postby winston » Fri May 12, 2017 10:04 am

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Boost from overseas units

HFY17 net profit of S$258.8m within expectations at 47% of our FY17 forecast.

2Q Singapore PBIT was affected by the high base in the previous period; the launch of Seaside Residence was well-received with a strong take-up.

Australia residential contributions underpinned by strong settlements in 2HFY17.

We expect the Geneba acquisition to bolster international earnings in 2HFY17

Maintain Add with a higher TP of S$2.05. Downside risks are significant slowdown in residential sales.

Source: CIMB

https://brokingrfs.cimb.com/IGZoNgBN4T3 ... X4pnA2.pdf
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Re: Fraser Centrepoint

Postby winston » Tue Aug 08, 2017 9:40 am

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Frasers Centrepoint Ltd: Earned a net profit of S$182.39 million for the third quarter, up from S$153.99 million for the year-ago period.

Revenue more than doubled from S$682.06 million to S$1.4 billion, thanks in part to the group's Australia strategic business unit and international business unit.

Source: KGI
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Re: Fraser Centrepoint

Postby winston » Thu Aug 10, 2017 12:51 pm

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Frasers Centrepoint Ltd (ADD, tp:S$2.09) - 3QFY9/17 boosted by Australia

3QFY9/17 core earnings were within our expectation, at 37% of our FY17 forecast.

9MFY17 core earnings at 82% of our FY17 forecast.

Australia delivered strong performance, thanks to gain from sale of student accommodation and higher residential profit contributions.

International division boosted by UK and China.

Modest performance in Singapore due to slower residential earnings.

Maintain Add with a slightly higher target price of S$2.09.

Source: CIMB
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Re: Fraser Centrepoint

Postby winston » Tue Sep 12, 2017 11:35 am

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Doubles down in Europe

Plans to acquire four business park properties for GBP 686m at gross yield of 6.7%, a potential fifth property if operating metrics are met by vendor

Introduces a new set of tenants to FCL in the Technology, Business Services and Engineering sectors

FCL could consider an equity placement to recapitalise its balance sheet to enable the group to capture more M&A opportunities

BUY call maintained, TP S$2.35

Source: DBS

https://researchwise.dbsvresearch.com/R ... E=daedjk-b
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Re: Fraser Centrepoint

Postby behappyalways » Fri Dec 01, 2017 6:24 pm

frasers-centrepoint-reports-154-rise-fy17-earnings-689-mil-fair-value-gain
https://www.theedgesingapore.com/fraser ... value-gain
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Re: Fraser Centrepoint

Postby winston » Mon Feb 12, 2018 12:33 pm

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BUY
Last Traded Price ( 9 Feb 2018): S$1.96 (STI : 3,377.24)
Price Target 12-mth: S$2.35 (20% upside)


What’s New

1Q18 results weak due to absence of lumpy development profits

Recurring revenues increasing steadily; unrecognised revenues stand at S$3.3bn

Potential recycling activities to boost prices

Source: DBS

https://researchwise.dbsvresearch.com/R ... VyaWRAQA==
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Re: Fraser Property (former Fraser Centrepoint)

Postby behappyalways » Mon Feb 12, 2018 7:50 pm

Frasers Property reports 59% fall in 1Q earnings to $77 mil
https://www.theedgesingapore.com/fraser ... ngs-77-mil
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