Broker Name: DBS Group Research
Date of Report: 21 April 2026
Excerpt from DBS Group Research report.
Report Summary
- Stock Focus: Frasers Centrepoint Trust (FCT) (Ticker: FCT SP)
- Action: Maintain BUY
- Target Price: SGD2.75
- Key Idea: FCT is in advanced discussions to divest White Sands mall for SGD470m, representing a 9% premium to last valuation and a 4.5% exit yield. This is seen as a timely exit from a challenged micro-market, with proceeds expected to reduce gearing from around 40% to 35%.
- Implications: The divestment is neutral for DPUs in the near term but unlocks significant capital for future redeployment. Potential opportunities include asset enhancements in core malls or participation in sponsor-led redevelopment projects.
- Dividend Yield: 5.3%
- Other Financial Highlights: Forward P/E: 20.0x, P/B: 1.0x, ROE: 4.6%
Above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS Group website : https://www.dbs.com.sg
