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Frasers Commercial Trust

SGX:ND8U
Snowflake Description

Good value with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ND8U
SGX
SGD1B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Frasers Commercial Trust (FCOT) is a commercial real estate investment trust (REIT) focused on growing shareholder value for its unitholders through active asset management, sound financial management and strategic investments. The last earnings update was 2 days ago. More info.


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ND8U Share Price and Events
7 Day Returns
0%
SGX:ND8U
-0.9%
SG REITs
0.3%
SG Market
1 Year Returns
3.5%
SGX:ND8U
2.9%
SG REITs
-6.4%
SG Market
ND8U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Frasers Commercial Trust (ND8U) 0% 2.1% 2.1% 3.5% 15.5% 17.3%
SG REITs -0.9% -0.3% 4.6% 2.9% 13.2% 11.8%
SG Market 0.3% 3% 4.7% -6.4% 10.1% -2%
1 Year Return vs Industry and Market
  • ND8U outperformed the Market in Singapore which returned -6.4% over the past year.
Price Volatility
ND8U
Industry
5yr Volatility vs Market

Value

 Is Frasers Commercial Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Frasers Commercial Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Frasers Commercial Trust.

SGX:ND8U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:ND8U
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 17%) (46.64%))
0.83
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.83 * 5.96%)
7.25%

Discounted Cash Flow Calculation for SGX:ND8U using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Frasers Commercial Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:ND8U DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 7.25%)
2019 74.63 Analyst x2 69.58
2020 97.58 Analyst x2 84.84
2021 100.55 Analyst x2 81.51
2022 103.35 Est @ 2.79% 78.12
2023 106.08 Est @ 2.64% 74.77
2024 108.77 Est @ 2.54% 71.48
2025 111.46 Est @ 2.47% 68.30
2026 114.16 Est @ 2.42% 65.23
2027 116.88 Est @ 2.38% 62.27
2028 119.64 Est @ 2.36% 59.43
Present value of next 10 years cash flows SGD715.52
SGX:ND8U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD119.64 × (1 + 2.3%) ÷ (7.25% – 2.3%)
SGD2,475.54
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD2,475.54 ÷ (1 + 7.25%)10
SGD1,229.75
SGX:ND8U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD715.52 + SGD1,229.75
SGD1,945.28
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD1,945.28 / 901.09
SGD2.16
SGX:ND8U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD2.16
Current discount Discount to share price of SGD1.49
= -1 x (SGD1.49 - SGD2.16) / SGD2.16
31%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Frasers Commercial Trust is available for.
Intrinsic value
31%
Share price is SGD1.49 vs Future cash flow value of SGD2.16
Current Discount Checks
For Frasers Commercial Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Frasers Commercial Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Frasers Commercial Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Frasers Commercial Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Frasers Commercial Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:ND8U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.16
SGX:ND8U Share Price ** SGX (2019-04-24) in SGD SGD1.49
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.6x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.16x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Frasers Commercial Trust.

SGX:ND8U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:ND8U Share Price ÷ EPS (both in SGD)

= 1.49 ÷ 0.16

9.15x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Frasers Commercial Trust is good value based on earnings compared to the SG REITs industry average.
  • Frasers Commercial Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Frasers Commercial Trust's expected growth come at a high price?
Raw Data
SGX:ND8U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.15x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-0.1%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.07x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

SGX:ND8U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.15x ÷ -0.1%

-128.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Frasers Commercial Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Frasers Commercial Trust's assets?
Raw Data
SGX:ND8U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD1.57
SGX:ND8U Share Price * SGX (2019-04-24) in SGD SGD1.49
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.95x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:ND8U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:ND8U Share Price ÷ Book Value per Share (both in SGD)

= 1.49 ÷ 1.57

0.95x

* Primary Listing of Frasers Commercial Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Frasers Commercial Trust is good value based on assets compared to the SG REITs industry average.
X
Value checks
We assess Frasers Commercial Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Frasers Commercial Trust has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Frasers Commercial Trust expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Frasers Commercial Trust expected to grow at an attractive rate?
  • Frasers Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Frasers Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Frasers Commercial Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:ND8U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:ND8U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -0.1%
SGX:ND8U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 9.1%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.2%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:ND8U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:ND8U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-09-30 161 93 80 5
2020-09-30 154 92 75 6
2019-09-30 125 51 60 1
SGX:ND8U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 131 64 145
2018-12-31 137 83 143
2018-09-30 139 84 142
2018-06-30 142 90 92
2018-03-31 146 107 98
2017-12-31 152 87 106
2017-09-30 157 97 111
2017-06-30 158 101 74
2017-03-31 158 92 73
2016-12-31 157 98 72
2016-09-30 156 102 71
2016-06-30 154 98 83

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Frasers Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Frasers Commercial Trust's revenue is expected to grow by 9.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:ND8U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Frasers Commercial Trust Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:ND8U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-09-30 0.08 0.09 0.08 3.00
2020-09-30 0.08 0.08 0.08 3.00
2019-09-30 0.06 0.06 0.06 1.00
SGX:ND8U Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.16
2018-12-31 0.16
2018-09-30 0.17
2018-06-30 0.11
2018-03-31 0.12
2017-12-31 0.13
2017-09-30 0.14
2017-06-30 0.09
2017-03-31 0.09
2016-12-31 0.09
2016-09-30 0.09
2016-06-30 0.11

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Frasers Commercial Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Frasers Commercial Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Frasers Commercial Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Frasers Commercial Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Frasers Commercial Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Frasers Commercial Trust's 1-year earnings growth exceeds its 5-year average (47.8% vs 3.3%)
  • Frasers Commercial Trust's earnings growth has exceeded the SG REITs industry average in the past year (47.8% vs 3%).
Earnings and Revenue History
Frasers Commercial Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Frasers Commercial Trust Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:ND8U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 131.07 144.86 16.26
2018-12-31 136.60 142.57 15.91
2018-09-30 138.80 141.72 15.85
2018-06-30 142.09 92.15 15.64
2018-03-31 146.31 98.02 15.41
2017-12-31 152.19 105.91 15.52
2017-09-30 156.55 111.44 15.45
2017-06-30 157.58 73.51 15.35
2017-03-31 157.80 73.46 15.34
2016-12-31 156.55 72.28 15.25
2016-09-30 156.50 71.24 15.30
2016-06-30 154.39 83.37 14.80
2016-03-31 150.53 81.07 14.83
2015-12-31 146.35 77.53 14.81
2015-09-30 142.19 75.20 14.78
2015-06-30 136.80 93.07 13.67
2015-03-31 131.74 92.17 13.69
2014-12-31 125.53 90.28 13.79
2014-09-30 118.84 87.20 13.85
2014-06-30 115.82 143.51 13.71
2014-03-31 116.17 145.20 14.10
2013-12-31 117.27 142.61 14.17
2013-09-30 118.20 154.34 14.25
2013-06-30 124.97 182.24 15.69
2013-03-31 130.73 172.38 15.38
2012-12-31 131.89 170.69 15.36
2012-09-30 132.86 150.12 15.23
2012-06-30 127.68 38.19 15.45

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Frasers Commercial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Frasers Commercial Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Frasers Commercial Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Frasers Commercial Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Frasers Commercial Trust has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Frasers Commercial Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Frasers Commercial Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Frasers Commercial Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Frasers Commercial Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Frasers Commercial Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Frasers Commercial Trust Company Filings, last reported 3 weeks ago.

SGX:ND8U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,412.60 626.23 23.97
2018-12-31 1,418.67 608.92 20.66
2018-09-30 1,430.83 614.18 31.59
2018-06-30 1,349.80 811.68 43.88
2018-03-31 1,352.97 797.48 37.76
2017-12-31 1,274.89 742.46 44.88
2017-09-30 1,289.35 750.85 74.61
2017-06-30 1,240.02 744.89 72.36
2017-03-31 1,248.90 748.73 58.48
2016-12-31 1,234.43 742.62 70.70
2016-09-30 1,228.42 749.48 71.49
2016-06-30 1,206.81 733.23 64.03
2016-03-31 1,222.06 738.78 59.90
2015-12-31 1,221.03 734.38 64.44
2015-09-30 1,206.87 734.34 69.87
2015-06-30 1,068.00 682.47 53.11
2015-03-31 1,072.60 685.85 48.70
2014-12-31 1,076.89 686.60 47.92
2014-09-30 1,091.40 693.27 47.76
2014-06-30 1,066.15 700.33 30.29
2014-03-31 1,052.35 695.73 36.89
2013-12-31 1,044.12 692.86 35.49
2013-09-30 1,061.39 702.89 43.17
2013-06-30 981.71 706.54 51.30
2013-03-31 1,165.70 592.87 87.58
2012-12-31 1,323.28 591.67 252.55
2012-09-30 1,332.24 752.73 458.70
2012-06-30 1,197.88 863.22 103.77
  • Frasers Commercial Trust's level of debt (44.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (66.1% vs 44.3% today).
  • Debt is not well covered by operating cash flow (10.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.5x coverage).
X
Financial health checks
We assess Frasers Commercial Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Frasers Commercial Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Frasers Commercial Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.44%
Current annual income from Frasers Commercial Trust dividends. Estimated to be 6.52% next year.
If you bought SGD2,000 of Frasers Commercial Trust shares you are expected to receive SGD129 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Frasers Commercial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.51%).
  • Frasers Commercial Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.47%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:ND8U Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:ND8U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-09-30 0.10 5.00
2020-09-30 0.10 6.00
2019-09-30 0.10 4.00
SGX:ND8U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-18 0.096 6.519
2018-12-19 0.096 6.896
2018-10-18 0.096 6.928
2017-12-21 0.098 6.914
2017-10-20 0.098 6.887
2016-12-20 0.098 7.325
2016-10-20 0.098 7.541
2015-12-16 0.097 7.512
2015-10-23 0.097 7.324
2014-12-26 0.085 5.863
2014-10-20 0.085 5.947
2013-11-12 0.078 5.991
2013-10-23 0.078 6.080
2013-07-24 0.087 7.031
2013-04-29 0.080 5.552
2013-01-25 0.063 4.590
2012-10-25 0.069 5.456
2012-07-25 0.065 5.684
2012-04-19 0.065 6.716
2011-12-27 0.058 7.146
2011-10-24 0.058 7.518
2011-04-21 0.034 4.208
2011-01-03 0.056 6.814
2010-10-22 0.056 6.883
2010-01-05 0.038 5.090
2009-10-23 0.038 5.260

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Frasers Commercial Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.8x coverage).
X
Income/ dividend checks
We assess Frasers Commercial Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Frasers Commercial Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Frasers Commercial Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Frasers Commercial Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jack Lam Lam
AGE 49
TENURE AS CEO 2.3 years
CEO Bio

Mr. Juck Ngai Lam, also known as Jack Lam, has been Chief Executive Officer of Frasers Commercial Asset Management Limited, the Manager of Frasers Commercial Trust since January 1, 2017. Mr. Lam served as a Deputy Chief Executive Officer and Head of Investments of Frasers Centrepoint Asset Management Ltd., Manager of Frasers Centrepoint Trust. He was responsible for various research initiatives that provide key market information and performance benchmarks for the management of CMT and its property portfolio. His work covers the realms of the general economy, financial market, real estate market and retail industry and he implements shopper surveys, focus group discussions and other consumer research for the malls. Mr. Lam served as a Research Manager of CapitaMall Trust Management Limited, External Manager of Capitamall Trust. He served with the Singapore office of property consultants, Cushman & Wakefield and also served as Head of Advisory Services. Mr. Lam holds a Master of Business Administration degree in Finance (with distinction) from the University of Leeds and a Bachelor of Engineering (Civil) degree from the National University of Singapore.

CEO Compensation
  • Insufficient data for Jack Lam to compare compensation growth.
  • Insufficient data for Jack Lam to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Frasers Commercial Trust management team in years:

2
Average Tenure
40
Average Age
  • The average tenure for the Frasers Commercial Trust management team is less than 2 years, this suggests a new team.
Management Team

Jack Lam Lam

TITLE
Chief Executive Officer of Frasers Commercial Asset Management Limited
AGE
49
TENURE
2.3 yrs

Tricia Yeo

TITLE
CFO & CFO of Frasers Centrepoint Asset Management (Commercial) Limited
AGE
40
TENURE
1.7 yrs

Soon Wong

TITLE
Senior VP & Head of Investment at Frasers Commercial Asset Management Ltd

Mei Ling Wang

TITLE
VP & Head of Investor Relations - Frasers Commercial Asset Management Limited

Vincent Lim

TITLE
Senior Vice President of Asset Management - Frasers Commercial Asset Management Limited
TENURE
0.5 yrs

Chiu Chew

TITLE
Financial Controller of Frasers Centrepoint Asset Management (Commercial) Ltd
AGE
40

Catherine Yeo

TITLE
Company Secretary of Frasers Centrepoint Asset Management (Commercial) Limited
TENURE
2.5 yrs

Yoke Cheah

TITLE
Vice President of Asset Management - Frasers Commercial Asset Management Limited
Board of Directors Tenure

Average tenure and age of the Frasers Commercial Trust board of directors in years:

9.2
Average Tenure
55
Average Age
  • The tenure for the Frasers Commercial Trust board of directors is about average.
Board of Directors

Bobby Chin

TITLE
Chairman of the Board
AGE
67
TENURE
1.4 yrs

Wai Chuen Chay

TITLE
Independent Non-Executive Director
COMPENSATION
SGD80K
AGE
67
TENURE
8.8 yrs

Tou Chen Chang

TITLE
Independent Non Executive Director
AGE
49
TENURE
2.1 yrs

Khong Shoong Chia

TITLE
Non-Executive & Non Independent Director
COMPENSATION
SGD46K
AGE
46
TENURE
9.6 yrs

Christopher Tang

TITLE
Non-Executive & Non-Independent Director
COMPENSATION
SGD52K
AGE
57
TENURE
10.7 yrs

Chee Low

TITLE
Non-Executive Director
AGE
53
TENURE
10.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
X
Management checks
We assess Frasers Commercial Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Frasers Commercial Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

The Frasers Commercial Trust (SGX:ND8U) Share Price Is Up 14% And Shareholders Are Holding On

To wit, the Frasers Commercial Trust share price has climbed 14% in five years, easily topping the market return of -2.7% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Frasers Commercial Trust actually saw its EPS drop 5.6% per year.

Simply Wall St -

A Closer Look At Frasers Commercial Trust's (SGX:ND8U) Impressive ROE

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Frasers Commercial Trust (SGX:ND8U). … Our data shows Frasers Commercial Trust has a return on equity of 10% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Investing In Property Through Frasers Commercial Trust (SGX:ND8U)

Frasers Commercial Trust is a S$1.3b. … real estate investment trust (REIT) based in Singapore, Singapore. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential.

Simply Wall St -

Should Investors Be Happy About Frasers Commercial Trust’s (SGX:ND8U) Cash Levels?

If you are currently a shareholder in Frasers Commercial Trust (SGX:ND8U), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … I will take you through Frasers Commercial Trust’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Frasers Commercial Trust generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating

Simply Wall St -

Can We See Significant Institutional Ownership On The Frasers Commercial Trust (SGX:ND8U) Share Register?

A look at the shareholders of Frasers Commercial Trust (SGX:ND8U) can tell us which group is most powerful. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Companies that have been privatized tend to have low insider ownership.

Simply Wall St -

Taking A Look At Frasers Commercial Trust's (SGX:ND8U) ROE

We'll use ROE to examine Frasers Commercial Trust (SGX:ND8U), by way of a worked example. … Our data shows Frasers Commercial Trust has a return on equity of 6.8% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How To Look At Frasers Commercial Trust (SGX:ND8U)

Frasers Commercial Trust is a S$1.3b. … real estate investment trust (REIT) based in Singapore, Singapore. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

What Does Frasers Commercial Trust's (SGX:ND8U) Ownership Structure Look Like?

In this analysis, my focus will be on developing a perspective on Frasers Commercial Trust’s (SGX:ND8U) latest ownership structure, a less discussed, but important factor. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders. … Therefore, it is beneficial for us to examine ND8U's ownership structure in more detail.

Simply Wall St -

How Should You Analyze REIT Stock Frasers Commercial Trust (SGX:ND8U)?

Frasers Commercial Trust is a S$1.21b. … real estate investment trust (REIT) based in Singapore, Singapore. … View out our latest analysis for Frasers Commercial Trust

Simply Wall St -

Is It Time To Buy Frasers Commercial Trust (SGX:ND8U)?

Frasers Commercial Trust (SGX:ND8U), a reits company based in Singapore, saw significant share price volatility over the past couple of months on the SGX, rising to the highs of SGD1.55 and falling to the lows of SGD1.38. … Let’s take a look at Frasers Commercial Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … Frasers Commercial Trust’s share price also seems relatively stable compared to the rest of the market, as indicated by its low beta.

Simply Wall St -

Company Info

Description

Frasers Commercial Trust (FCOT) is a commercial real estate investment trust (REIT) focused on growing shareholder value for its unitholders through active asset management, sound financial management and strategic investments. FCOT is sponsored by Frasers Property Limited (Frasers Property). FCOT invests primarily in quality income-producing commercial properties. As at 31 December 2018, its portfolio includes six quality commercial buildings located in Singapore, Australia and the United Kingdom, representing a combined appraised value of approximately S$2.1 billion.

Details
Name: Frasers Commercial Trust
ND8U
Exchange: SGX
Founded: 2005
SGD1,342,629,721
901,093,773
Website: http://www.fraserscommercialtrust.com
Address: Frasers Commercial Trust
438 Alexandra Road,
No. 21-00 Alexandra Point,
Singapore,
119958,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX ND8U Ordinary Units Singapore Exchange SG SGD 30. Mar 2006
MUN V6JN Ordinary Units Boerse Muenchen DE EUR 30. Mar 2006
Number of employees
Current staff
Staff numbers
0
Frasers Commercial Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 12:42
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/04/24
Last earnings filing: 2019/04/22
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.