Broker: Maybank Research Pte Ltd
Date of Report: April 27, 2026
Excerpt from Maybank report.
Report Summary
- Stock: Frasers Centrepoint Trust (FCT SP)
- Action: BUY
- Target Price: SGD 2.60 (upside of +17% from current price SGD 2.32)
- Key Highlights:
- FCT reported 1HFY26 DPU of SGD 6.136c, up 1.4% YoY, underpinned by acquisitions, better same-store performance, and healthy occupancy (99.8%).
- Portfolio continues to deliver positive rental reversions (+6.6%) and stable tenant sales growth (+3.2% YoY).
- Gearing stable at 40%, cost of debt declined to 3.2%.
- Asset enhancement initiatives (AEI) at Hougang Mall and upcoming AEI at NEX show strong pre-commitments.
- Defensive distribution outlook supported by stable consumption and low base rates.
- FY26/27 DPU estimates trimmed slightly (-0.3%) due to higher financing costs but top line remains robust.
- Implications:
- Maintain BUY rating due to resilient suburban mall performance, ongoing asset enhancements, and strong distribution outlook.
- Investors can expect continued stable returns and growth driven by both organic and inorganic factors.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : www.maybank.com/investment-banking
