Date of Report

October 28, 2024

Broker Name

CGS International

Overview

Frasers Centrepoint Trust (FCT) is highlighted for its potential to unlock value through its prime suburban malls. The report emphasizes its performance and strategic direction.

Financial Performance

• FY9/24 Distribution Per Unit (DPU): 12.0 cents, reflecting a slight decrease of 0.9% year-over-year.
• The DPU was in line with expectations at 100.4% of the FY24 forecast.

Portfolio and Management

• FCT’s portfolio is characterized by stable performance and healthy positive reversions.
• Active asset management is driving organic growth potential within its prime suburban mall space.
• The report notes an announcement regarding new asset enhancement initiatives (AEI) aimed at improving the portfolio’s performance further.

Recommendation

• The report recommends a position of “Add” for Frasers Centrepoint Trust, indicating confidence in its ongoing growth and value generation strategies.