Frasers Centrepoint Ltd - Residential earnings volatility | I3investor

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Frasers Centrepoint Ltd - Residential earnings volatility

StockFanatic

Publish date: Mon, 11 May 2015, 12:38 PM

FCL's 2QFY15 results were broadly in line with expectations, as 1HFY15 net profit made up 42% of our full-year forecast. Star performers were the commercial and hospitality divisions, which reported higher earnings thanks to organic growth and new acquisitions. Looking forward, we anticipate that residential contributions will be boosted by the strong pipeline of unbilled revenue, while the recurring income from REITs should fill the income vacuum due to the Centrepoint AEI. We tweak our FY15-17 EPS forecasts up marginally by 1.0-1.7% but maintain our Add rating and target price of S$2.02. Capital recycling and higher free float remain the key catalysts.

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