Broker: CGS International
Date of Report: April 24, 2026
Excerpt from CGS International report.
Report Summary
- Stock Focus: Frasers Centrepoint Trust (FCT SP)
- Action: ADD (Buy)
- Target Price: S\$2.86 (Current price: S\$2.32; Upside: 23.3%)
- Key Investment Highlights:
- 1HFY26 DPU of 6.136 Scts is in line, representing 49.3% of FY26F forecast.
- Portfolio occupancy at 99.8%, with positive rental reversions averaging +6.5% in 1HFY26.
- Management maintains cost of debt guidance at 3.3% for FY26F, with aggregate leverage at 40%.
- Exposure to resilient Singapore suburban retail segment; potential re-rating catalysts include stronger rental reversions and accretive new acquisitions.
- Dividend yield forecast: 5.4%–5.6% for FY26F–FY28F.
- Implications:
- Maintain ADD with DDM-based TP of S\$2.86. FCT offers a strong combination of stable income, high occupancy, and upside from asset enhancement and acquisitions.
- Downside risks: Slower consumer spending and weakening tenant sentiment.
- Ticker: FCT SP / FCRT.SI
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.cgsi.com.sg
