Broker Name: CGS International
Date of Report: May 11, 2026
Excerpt from CGS International report
Report Summary
- Stock: Frasers Property Limited (FPL SP)
- Action: Add (Buy)
- Target Price: S\$1.41
- Current Price: S\$1.11
- Up/downside: 27.0%
- Key Idea: FPL’s 1HFY9/26 performance was affected by one-off items, but core profitability remains robust with strong residential and industrial contributions from Singapore, Australia, Thailand, and Vietnam.
- Highlights:
- 1HFY9/26 EPS of 2 Scts is above expectations, reaching 63.2% of FY26 forecast.
- Higher contributions from residential and industrial segments across multiple geographies.
- Management remains focused on value creation and unlocking strategy, aiming to deliver long-term returns across property cycles.
- Potential re-rating catalysts include active capital recycling and improved trading liquidity.
- Key risks are slower value unlocking due to macro uncertainties and softer demand for logistics and industrial space.
- Dividend yield projected at 4.05%.
- ESG: FPL scored B- overall, with strong resource use and emissions scores, and is pursuing net-zero carbon targets by 2050.
Ticker: FPL SP
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
