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Analysts largely positive on Frasers Centrepoint Trust after 1QFY2025 update which saw 99.5% occupancy rate

Nicole LimFri, Jan 24, 2025 • 05:16 PM GMT+08 • 5 min read

Analysts largely positive on Frasers Centrepoint Trust after 1QFY2025 update which saw 99.5% occupancy rate

PhillipCapital, RHB, Citi, Maybank and CGSI have all upgraded or kept their “buy” and “add” call on FCT, but Citi notes that FCT has slightly underperformed S-REITs ytd. Photo: FCT

Analysts are largely positive on Frasers Centrepoint Trust (SGX:J69U) (FCT) following the 1QFY2025 business update for the three months ended Dec 31, 2024, which saw an occupancy rate of 99.5% for its nine malls and one office block.

PhillipCapital and RHB Bank Singapore analysts have upgraded their calls to “buy” with an unchanged target price of $2.44 and $2.35 respectively. Citi Research, Maybank Singapore and CGS International (CGSI) have also maintained and kept their “buy” and “add” calls on the REIT, with an unchanged target price of $2.11, $2.50 and $2.68 respectively.

As a recap, FCT’s retail portfolio occupancy remained high at 99.5%, with only three malls reporting lower occupancies — a slight dip in occupancy due to Tiong Bahru Plaza’s small scale asset enhancement initiative (AEI), Hougang mall in preparation for its upcoming AEI, and White Sands’ single vacancy on an upper floor.