Broker Name: DBS
Date of Report: Inferred to be Q1 FY2026 (latest data up to November 2025, so report likely December 2025 or January 2026)

Excerpt from DBS report.

Report Summary

• Frasers Centrepoint Trust (FCT) achieved near-full occupancy at 99.9% after successfully backfilling cinema spaces at Causeway Point and Century Square with new tenants, supporting strong operational performance.
• Shopper traffic and tenant sales improved year-on-year, and management expects full-year rental reversions of +5% with further upside from ongoing and upcoming asset enhancement initiatives (AEIs) at Hougang Mall and NEX.
• Hougang Mall’s AEI phase 1 is >80% pre-committed and tracks to a 7% ROI; NEX AEI will add more space and is expected to uplift asset value upon completion.
• FCT maintains a stable balance sheet with a 40.3% leverage ratio and 3.5% average cost of debt, supported by strong tenant demand in dominant suburban malls.
• DBS maintains a BUY rating with a target price of SGD2.75, viewing FCT as a defensive retail REIT with earnings visibility and AEI-backed growth, despite potential retail sector headwinds from the upcoming JB-SG RTS launch.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com.sg