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Author: kimeng   |   Latest post: Thu, 18 Oct 2018, 01:15 PM

 

Frasers Centrepoint Trust: 2% YoY Growth for 2QFY18 DPU

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Frasers Centrepoint Trust (FCT) reported an inline set of 2QFY18 results. Gross revenue and NPI jumped 6.3% and 6.9% YoY to S$48.6m and S$34.8m, respectively. This increase was driven largely by a recovery in revenue from Northpoint City North Wing following completion of its AEI. DPU rose 2.0% YoY to 3.10 S cents.

For 1HFY18, FCT’s gross revenue increased 7.5% to S$96.5m and accounted for 49.5% of our FY18 forecast. DPU of 6.10 S cents represented a growth of 2.9% and formed 50.1% of our full-year projection.

Overall portfolio occupancy inched up 1.4 ppt to 94.0%, while average portfolio rental reversion came in strongly at 9.1%, underpinned by the lease renewal of an anchor tenant with a 18.9% rental reversion.

Balance sheet remains healthy, with a gearing ratio of 29.2%, as at 31 Mar 2018. We will provide more updates after the analyst briefing.

Our BUY rating and S$2.49 fair value estimate remains unchanged.

Source: OCBC Research - 25 Apr 2018

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