Ong notes FCT recorded a 2.1% higher occupancy y-o-y in 1Q22, with six out of nine malls achieving occupancies between 97% to 100%.
PhillipCapital analyst Natalie Ong has reiterated her “buy” call on Frasers Centrepoint Trust (FCT) with a lower target price of $2.64 from $2.83 previously.
In a Jan 30 note, Ong has lowered her FY22 to FY26 DPU estimates by 3% to 5.3% due to the anticipated rising cost of borrowing. The lower target price is also attributed to higher cost of equity assumption at 6.48% from the previous 6.38%.
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