SGX:J69U

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Frasers Centrepoint Trust

Executive Summary

Frasers Centrepoint Trust (“FCT”) is a leading developer-sponsored retail real estate investment trust (“REIT”) and one of the largest suburban retail mall owners in Singapore with total assets of approximately S$6.7 billion. More Details


Snowflake Analysis

Fair value with limited growth.


Similar Companies

Share Price & News

How has Frasers Centrepoint Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: J69U is not significantly more volatile than the rest of SG stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: J69U's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

0.4%

J69U

-1.2%

SG REITs

-2.0%

SG Market


1 Year Return

-15.3%

J69U

-10.8%

SG REITs

-14.3%

SG Market

Return vs Industry: J69U underperformed the SG REITs industry which returned -10.8% over the past year.

Return vs Market: J69U underperformed the SG Market which returned -14.3% over the past year.


Shareholder returns

J69UIndustryMarket
7 Day0.4%-1.2%-2.0%
30 Day11.5%7.2%13.8%
90 Day-8.7%-1.9%8.2%
1 Year-12.1%-15.3%-6.5%-10.8%-9.6%-14.3%
3 Year21.3%5.5%17.7%-1.2%-12.0%-23.0%
5 Year61.3%25.1%52.8%12.7%9.6%-10.7%

Long-Term Price Volatility Vs. Market

How volatile is Frasers Centrepoint Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Frasers Centrepoint Trust undervalued compared to its fair value and its price relative to the market?

28.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: J69U (SGD2.32) is trading below our estimate of fair value (SGD3.26)

Significantly Below Fair Value: J69U is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: J69U is good value based on its PE Ratio (17.1x) compared to the SG REITs industry average (17.3x).

PE vs Market: J69U is poor value based on its PE Ratio (17.1x) compared to the SG market (13.9x).


Price to Earnings Growth Ratio

PEG Ratio: J69U is poor value based on its PEG Ratio (1.5x)


Price to Book Ratio

PB vs Industry: J69U is overvalued based on its PB Ratio (1x) compared to the SG REITs industry average (0.8x).


Next Steps

Future Growth

How is Frasers Centrepoint Trust forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

11.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: J69U's forecast earnings growth (11.7% per year) is above the savings rate (2.2%).

Earnings vs Market: J69U's earnings (11.7% per year) are forecast to grow slower than the SG market (26.2% per year).

High Growth Earnings: J69U's earnings are forecast to grow, but not significantly.

Revenue vs Market: J69U's revenue (14.8% per year) is forecast to grow faster than the SG market (8.1% per year).

High Growth Revenue: J69U's revenue (14.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: J69U's Return on Equity is forecast to be low in 3 years time (5.4%).


Next Steps

Past Performance

How has Frasers Centrepoint Trust performed over the past 5 years?

6.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: J69U has high quality earnings.

Growing Profit Margin: J69U's current net profit margins (60.5%) are lower than last year (96.7%).


Past Earnings Growth Analysis

Earnings Trend: J69U's earnings have grown by 6.8% per year over the past 5 years.

Accelerating Growth: J69U's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: J69U had negative earnings growth (-26.4%) over the past year, making it difficult to compare to the REITs industry average (-13.8%).


Return on Equity

High ROE: J69U's Return on Equity (6%) is considered low.


Next Steps

Financial Health

How is Frasers Centrepoint Trust's financial position?


Financial Position Analysis

Short Term Liabilities: J69U's short term assets (SGD146.3M) do not cover its short term liabilities (SGD317.1M).

Long Term Liabilities: J69U's short term assets (SGD146.3M) do not cover its long term liabilities (SGD1.0B).


Debt to Equity History and Analysis

Debt Level: J69U's debt to equity ratio (49.6%) is considered high.

Reducing Debt: J69U's debt to equity ratio has increased from 40.9% to 49.6% over the past 5 years.

Debt Coverage: J69U's debt is not well covered by operating cash flow (6.2%).

Interest Coverage: J69U's interest payments on its debt are well covered by EBIT (6.7x coverage).


Balance Sheet


Next Steps

Dividend

What is Frasers Centrepoint Trust current dividend yield, its reliability and sustainability?

3.95%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: J69U's dividend (3.95%) is higher than the bottom 25% of dividend payers in the SG market (2.37%).

High Dividend: J69U's dividend (3.95%) is low compared to the top 25% of dividend payers in the SG market (5.17%).


Stability and Growth of Payments

Stable Dividend: J69U's dividend payments have been volatile in the past 10 years.

Growing Dividend: J69U's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (108.5%), J69U's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: J69U's dividends in 3 years are not forecast to be well covered by earnings (104.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.2yrs

Average management tenure


CEO

Richard Ng

1.42yrs

Tenure

Mr. Richard Ng has been Chief Executive Officer of Frasers Centrepoint Asset Management Ltd. since July 1, 2019.


Leadership Team

NamePositionTenureCompensationOwnership
Richard Ng
Chief Executive Officer of Frasers Centrepoint Asset Management Ltd1.42yrsno datano data
Hwee Pio Tay
Chief Financial Officer of Frasers Centrepoint Asset Management Ltd.8.58yrsno datano data
Rene Lee
Vice President of Investment - Frasers Centrepoint Asset Management Ltd.no datano datano data
Fung Leng Chen
Vice President of Investor Relations - Frasers Centrepoint Asset Management Ltd.no datano datano data
Poh Tin Lim
GM & Head of Asset Management - Frasers Centrepoint Asset Management Ltd.no datano datano data
Molly Lim
SVP & Head of Retail Prop. of Frasers Property Singapore - Frasers Property Mgmt. Svcs. Pte Ltd.no datano datano data
Jill Ng
SVP, Head of Strategic Marketingno datano datano data
Chai Hong Foo
VP & Head of Leasing of Frasers Property Singapore - Frasers Property Management Services Pte Ltd.no datano datano data
Catherine Yeo
Company Secretary of Frasers Centrepoint Asset Management Ltd.4.17yrsno datano data

4.2yrs

Average Tenure

Experienced Management: J69U's management team is considered experienced (4.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Choong Kong Cheong
Independent Chairman of Frasers Centrepoint Asset Management Ltd2.75yrsno data0.011%
SGD 431.1k
Kok Kai Tang
Non-Executive Non-Independent Director of Frasers Centrepoint Asset Management Ltd.14.92yrsno data0.050%
SGD 2.0m
Chee Hwee Ho
Non-Executive & Non-Independent Director of Frasers Centrepoint Asset Management Ltd.3.83yrsno data0.012%
SGD 462.1k
Chee Wah Low
Non-Executive & Non Independent Director of Frasers Centrepoint Asset Management Ltd0.92yrno datano data
Chai Seng Ho
Non-Executive & Independent Director of Frasers Centrepoint Asset Management Ltd.3.83yrsno datano data
Choon Fah Koh
Non-Executive Independent Director of Frasers Centrepoint Asset Management Ltd1.17yrsno datano data

3.3yrs

Average Tenure

59.5yo

Average Age

Experienced Board: J69U's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 52%.


Top Shareholders

Company Information

Frasers Centrepoint Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Frasers Centrepoint Trust
  • Ticker: J69U
  • Exchange: SGX
  • Founded: 2006
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$3.923b
  • Shares outstanding: 1.70b
  • Website: https://www.frasersproperty.com/reits/fct

Location

  • Frasers Centrepoint Trust
  • No.16-00 Alexandra Point
  • 438 Alexandra Road
  • Singapore
  • 119958
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
J69USGX (Singapore Exchange)YesUnitsSGSGDJul 2006
FRZC.FOTCPK (Pink Sheets LLC)YesUnitsUSUSDJul 2006

Biography

Frasers Centrepoint Trust (“FCT”) is a leading developer-sponsored retail real estate investment trust (“REIT”) and one of the largest suburban retail mall owners in Singapore with total assets of approxim...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/12/02 11:11
End of Day Share Price2020/12/02 00:00
Earnings2020/09/30
Annual Earnings2020/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.