Broker Name: CGS International
Date of Report: October 24, 2025

Excerpt from CGS International report.

Report Summary:

• Frasers Centrepoint Trust (FCT) delivered a stable performance for 2H/FY25, with DPU in line with expectations and positive rental reversions driven by asset enhancements and acquisitions.
• The REIT maintained high retail occupancy (excluding Cathay Cineplexes’ exit), achieved +7.8% rental reversion, and saw improved interest coverage as the average cost of debt declined; management remains optimistic with a DDM-based target price of S\$2.86 and reiterates an Add rating, citing resilience in suburban retail and ongoing ESG efforts.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com