Singapore Stock Market News
Frasers Centrepoint Ltd - Execution on track
StockFanatic
Publish date: Sat, 14 Feb 2015, 03:09 PM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
FCL posted a largely in-line set of 1QFY15 results, with growth coming from better performances across most of its operating units, particularly in Australia and China. 1QFY9/15 EPS formed 24% of our FY15 estimate. However, we lower our FY15-16 earnings by 2-5% to reflect a lower A$. Looking ahead, planned new residential launches in Singapore such as Northpark Residences in addition to strong unrecognised presales of S$3.6bn should underpin its profits. Apart from looking for growth opportunities in Singapore and Australia, the group remains selective in China.
We maintain Add with a slightly lower RNAV-based target price of S$2.02. Key potential catalysts are asset recycling and earnings delivery.
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