Broker: CGS International Securities Date of Report: May 11, 2026
Excerpt from CGS International Securities report.
Report Summary
- Stock Focus: Frasers Property Limited (Ticker: FPL SP)
- Recommendation: ADD (Buy)
- Target Price: S\$1.41 (27% upside from current price S\$1.11)
- Key Highlights:
- 1HFY26 EPS exceeded expectations, driven by stronger contributions from Thailand, Australia, and Vietnam.
- PATMI fell due to one-off impairment in Thailand and a high base last year from tax provision reversal; excluding these, core profit was up 77% year-on-year.
- Strong unbilled residential revenue pipeline (S\$1.1bn), with new launches planned in Singapore and Australia.
- Industrial & Logistics segment remains robust, with positive rental reversions and active leasing.
- ROE-lifting strategy focused on value creation and unlocking, with capital recycling and liquidity improvements seen as potential re-rating catalysts.
- Risks:
- Slower value unlocking due to weak macro outlook.
- Potential moderation in demand for logistics and industrial space.
Actionable Insight: Investors should focus on Frasers Property Limited for its strong earnings visibility, robust industrial & logistics performance, and clear value creation strategy. The ADD call and S\$1.41 target price signal a positive outlook and actionable investment opportunity.
above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website : https://www.cgs-cimb.com
