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Frasers Property

SGX:TQ5
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TQ5
SGX
SGD5B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Frasers Property Limited, a real estate company, owns, develops, and manages an integrated portfolio of properties. The last earnings update was 72 days ago. More info.


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TQ5 Share Price and Events
7 Day Returns
0%
SGX:TQ5
-1.1%
SG Real Estate
0.2%
SG Market
1 Year Returns
-7%
SGX:TQ5
-7.6%
SG Real Estate
-5.7%
SG Market
TQ5 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Frasers Property (TQ5) 0% 5.7% 5.1% -7% 13.3% 11%
SG Real Estate -1.1% 3.5% 5.6% -7.6% 5.9% -5%
SG Market 0.2% 4.1% 4.4% -5.7% 10.8% -2.6%
1 Year Return vs Industry and Market
  • TQ5 underperformed the Market in Singapore which returned -5.7% over the past year.
Price Volatility
TQ5
Industry
5yr Volatility vs Market

TQ5 Value

 Is Frasers Property 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 Property 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 Property.

SGX:TQ5 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 14.2%
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:TQ5
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.1
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.102 (1 + (1- 17%) (278.95%))
2.779
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (2 * 5.96%)
14.22%

Discounted Cash Flow Calculation for SGX:TQ5 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Frasers Property 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:TQ5 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 14.22%)
2019 1,296.50 Analyst x2 1,135.06
2020 1,241.50 Analyst x2 951.57
2021 830.50 Analyst x2 557.29
2022 808.31 Est @ -2.67% 474.86
2023 798.77 Est @ -1.18% 410.82
2024 797.70 Est @ -0.13% 359.18
2025 802.45 Est @ 0.6% 316.33
2026 811.35 Est @ 1.11% 280.01
2027 823.25 Est @ 1.47% 248.74
2028 837.39 Est @ 1.72% 221.51
Present value of next 10 years cash flows SGD4,955.38
SGX:TQ5 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD837.39 × (1 + 2.3%) ÷ (14.22% – 2.3%)
SGD7,186.87
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD7,186.87 ÷ (1 + 14.22%)10
SGD1,901.10
SGX:TQ5 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD4,955.38 + SGD1,901.10
SGD6,856.47
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD6,856.47 / 2,919.49
SGD2.35
SGX:TQ5 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD2.35
Current discount Discount to share price of SGD1.87
= -1 x (SGD1.87 - SGD2.35) / SGD2.35
20.4%

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

Current Discount
Amount off the current price Frasers Property is available for.
Intrinsic value
20%
Share price is SGD1.87 vs Future cash flow value of SGD2.35
Current Discount Checks
For Frasers Property to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Frasers Property's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Frasers Property'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 Property's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Frasers Property's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:TQ5 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.25
SGX:TQ5 Share Price ** SGX (2019-04-25) in SGD SGD1.87
Singapore Real Estate Industry PE Ratio Median Figure of 38 Publicly-Listed Real Estate Companies 9.35x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.19x

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

** Primary Listing of Frasers Property.

SGX:TQ5 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:TQ5 Share Price ÷ EPS (both in SGD)

= 1.87 ÷ 0.25

7.4x

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

  • Frasers Property is good value based on earnings compared to the SG Real Estate industry average.
  • Frasers Property is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Frasers Property's expected growth come at a high price?
Raw Data
SGX:TQ5 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-9.3%per year
Singapore Real Estate Industry PEG Ratio Median Figure of 14 Publicly-Listed Real Estate Companies -0.16x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

SGX:TQ5 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.4x ÷ -9.3%

-0.8x

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

  • Frasers Property 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 Property's assets?
Raw Data
SGX:TQ5 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD2.56
SGX:TQ5 Share Price * SGX (2019-04-25) in SGD SGD1.87
Singapore Real Estate Industry PB Ratio Median Figure of 46 Publicly-Listed Real Estate Companies 0.57x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.76x
SGX:TQ5 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:TQ5 Share Price ÷ Book Value per Share (both in SGD)

= 1.87 ÷ 2.56

0.73x

* Primary Listing of Frasers Property.

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

  • Frasers Property is overvalued based on assets compared to the SG Real Estate industry average.
X
Value checks
We assess Frasers Property'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Frasers Property has a total score of 3/6, 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.

TQ5 Future Performance

 How is Frasers Property 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
-9.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Frasers Property expected to grow at an attractive rate?
  • Frasers Property'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 Property's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Frasers Property's revenues are expected to decrease over the next 1-3 years, this is below the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:TQ5 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:TQ5 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -9.3%
SGX:TQ5 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts -9.4%
Singapore Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -10.1%
Singapore Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.9%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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:TQ5 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months 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:TQ5 Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-09-30 2,685 443 1
2021-09-30 3,473 502 447 5
2020-09-30 3,650 713 462 6
2019-09-30 3,933 1,117 505 6
SGX:TQ5 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 4,646 1,020 736
2018-09-30 4,312 493 680
2018-06-30 3,902 22 580
2018-03-31 3,940 -62 572
2017-12-31 3,804 728 519
2017-09-30 4,027 945 624
2017-06-30 4,264 1,284 597
2017-03-31 3,548 820 569
2016-12-31 3,740 975 621
2016-09-30 3,440 1,097 533
2016-06-30 3,289 969 557
2016-03-31 3,617 467 584

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Frasers Property's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Frasers Property's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:TQ5 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

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

SGX:TQ5 Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-09-30 0.15 0.15 0.15 1.00
2021-09-30 0.16 0.20 0.08 3.00
2020-09-30 0.17 0.22 0.10 5.00
2019-09-30 0.18 0.24 0.14 5.00
SGX:TQ5 Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.25
2018-09-30 0.23
2018-06-30 0.20
2018-03-31 0.20
2017-12-31 0.18
2017-09-30 0.21
2017-06-30 0.21
2017-03-31 0.20
2016-12-31 0.21
2016-09-30 0.18
2016-06-30 0.20
2016-03-31 0.21

*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 Property is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Frasers Property'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 Property has a total score of 0/6, 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.

TQ5 Past Performance

  How has Frasers Property 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 Property's growth in the last year to its industry (Real Estate).
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 Property's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Frasers Property's 1-year earnings growth exceeds its 5-year average (41.8% vs -0.4%)
  • Frasers Property's earnings growth has exceeded the SG Real Estate industry average in the past year (41.8% vs 7.3%).
Earnings and Revenue History
Frasers Property'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 Property Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:TQ5 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 4,646.38 735.65 413.03
2018-09-30 4,311.61 679.69 378.00
2018-06-30 3,902.38 580.08 332.94
2018-03-31 3,939.51 571.82 308.83
2017-12-31 3,803.53 518.98 292.83
2017-09-30 4,026.64 623.84 288.79
2017-06-30 4,264.05 597.20 276.09
2017-03-31 3,547.53 569.28 264.62
2016-12-31 3,739.64 621.14 258.53
2016-09-30 3,439.59 532.76 259.39
2016-06-30 3,288.94 556.88 286.20
2016-03-31 3,617.35 584.32 268.34
2015-12-31 3,161.13 636.13 258.47
2015-09-30 3,561.53 724.35 248.43
2015-06-30 3,338.74 694.38 37.93
2015-03-31 2,720.72 639.80 86.19
2014-12-31 2,722.93 566.77 122.11
2014-09-30 2,203.03 500.71 143.02
2014-06-30 2,358.00 551.15 336.60
2014-03-31 2,372.79 695.17 318.65
2013-12-31 2,267.79 712.55 308.90
2013-09-30 2,052.75 722.30 297.49
2013-06-30 1,588.51 938.38 295.10
2012-09-30 1,411.77 643.26 309.02

*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 Property has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Frasers Property used its assets less efficiently than the SG Real Estate industry average last year based on Return on Assets.
  • Frasers Property has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Frasers Property'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 Real Estate 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 Property has a total score of 3/6, 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.

TQ5 Health

 How is Frasers Property'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 Property's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Frasers Property is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Frasers Property's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Frasers Property'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 0.5x 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 Property Company Filings, last reported 3 months ago.

SGX:TQ5 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 14,678.43 15,228.85 2,887.34
2018-09-30 14,628.07 15,460.77 2,585.19
2018-06-30 14,207.12 14,892.29 2,141.83
2018-03-31 13,292.55 14,306.97 1,529.34
2017-12-31 13,011.11 12,795.83 1,742.02
2017-09-30 13,049.20 11,903.11 2,409.48
2017-06-30 12,237.85 10,512.10 1,793.55
2017-03-31 12,245.16 10,617.59 1,626.84
2016-12-31 12,291.93 10,045.45 1,986.64
2016-09-30 11,843.48 10,037.29 2,168.68
2016-06-30 11,459.87 9,754.70 1,551.93
2016-03-31 10,541.33 10,757.38 1,481.47
2015-12-31 10,727.07 10,339.12 1,330.44
2015-09-30 10,650.95 10,420.83 1,373.14
2015-06-30 10,273.10 10,729.57 1,349.66
2015-03-31 10,259.96 10,224.23 1,478.95
2014-12-31 9,634.80 9,000.98 939.33
2014-09-30 9,623.55 9,536.00 873.38
2014-06-30 6,358.90 3,987.75 796.98
2014-03-31 6,311.71 3,701.64 655.70
2013-12-31 6,256.97 3,851.92 707.03
2013-09-30 5,478.29 3,024.48 506.78
2013-06-30 5,234.52 2,016.05 981.17
2012-09-30 4,955.67 1,736.58 1,266.66
  • Frasers Property's level of debt (103.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (61.5% vs 103.7% today).
  • Debt is not well covered by operating cash flow (6.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.9x coverage).
X
Financial health checks
We assess Frasers Property'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 Property 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.

TQ5 Dividends

 What is Frasers Property'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
4.6%
Current annual income from Frasers Property dividends. Estimated to be 4.31% next year.
If you bought SGD2,000 of Frasers Property shares you are expected to receive SGD92 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 Property's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.49%).
  • Frasers Property's dividend is below the markets top 25% of dividend payers in Singapore (5.46%).
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:TQ5 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 Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 34 Stocks 3.1%
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:TQ5 Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2022-09-30 0.06 1.00
2021-09-30 0.08 5.00
2020-09-30 0.08 6.00
2019-09-30 0.08 6.00
SGX:TQ5 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-12-10 0.086 4.940
2018-01-02 0.086 4.780
2017-11-09 0.086 4.141
2017-05-11 0.086 4.384
2017-01-05 0.086 5.028
2016-05-09 0.086 5.599
2015-11-06 0.086 5.258
2015-01-30 0.086 5.055
2014-08-11 0.048 2.876
2014-05-09 0.048 2.632
2014-01-09 0.017 1.113

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

  • Whilst dividend payments have been stable, Frasers Property has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Frasers Property only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Frasers Property's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Frasers Property'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 Property afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Frasers Property has a total score of 3/6, see the detailed checks below.


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

TQ5 Management

 What is the CEO of Frasers Property'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
Christopher Tang
AGE 57
TENURE AS CEO 2.8 years
CEO Bio

Mr. Kai Tang Kok, also known as Christopher, BSc, MBA has been Chief Executive Officer of Singapore at Frasers Centrepoint Limited since July 1, 2016. Mr. Kok served as Chief Executive Officer of Greater China at Frasers Centrepoint Limited from October 2010 to July 1, 2016. Mr. Kok was responsible for strategic planning, corporate development and Centrepoint Properties Ltd.'s asset portfolio management. He served as Chief Executive Officer of Frasers Centrepoint Commercial of Frasers Centrepoint Limited since October 01, 2006. Mr. Kok oversaw FCL’s business in the Commercial real estate space of Retail Malls and Offices. He oversaw the entire value chain of investment, development and property management to asset and fund management. He also oversaw FCL’s property interests in China, providing leadership to the China team in the residential and commercial business. He served as the Chief Executive Officer of Frasers Centrepoint Asset Management Limited from July 2006 to February 2010 and also served as its General Manager of Strategic Planning & Business Development for F&N. He served as General Manager - Strategic Planning & Asset Management at Frasers Centrepoint Ltd from 2001 to 2002. Mr. Kok oversaw strategic planning and asset management in a large property group. He was responsible for several of Singapore's high profile property asset securitization deals. He was also actively involved in investments, acquisitions and structuring of joint ventures. His extensive management experience also included retail and sales management in a multi-national oil company. He has over 19 years of experience in asset management, investment management, marketing and operations in the real estate and manufacturing industries. He is one of the pioneers of real estate securitization, having led many high profile real estate securitization transactions with total value exceeding S$2.5 billion in the past eight years. Mr. Kok joined the Fraser & Neave Group in 2001 and was part of the senior management team responsible for strategic planning, business development as well as the mergers and acquisition activities of Fraser & Neave. He held senior positions with British Petroleum. He serves as Non-Executive Director at Frasers Commercial Trust. He served as a Vice President in Private Equity, Investment Banking Group of DBS Bank Ltd from 2000 to 2001 and a Senior Manager in Strategic Asset Management and Planning of DBS Land Limited from 1997 to 2000. He was responsible for several of Singapore's high profile property asset securitization deals. He was also actively involved in investments, acquisitions and structuring of joint ventures. His extensive management experience also included retail and sales management in a multi-national oil company. He serves as a Director of Fcot Treasury Pte. Ltd. and FCT MTN Pte. Ltd. He has been a Non-Executive and Non-Independent Director of Frasers Centrepoint Asset Management (Commercial) Ltd since August 14, 2008. Mr. Kok has been a Non-Executive and Non-Independent Director of Frasers Centrepoint Asset Management Ltd. since January 27, 2006. He served as a Director of Hektar Asset Management Sdn Bhd - Manager of Hektar Real Estate Investment Trust since April 17, 2008 until 2018. He served as a Non-Executive Director at Gemdale Properties and Investment Corporation Limited from May 2, 2006 to August 18, 2009. He served as a Non-Executive Director of Gemdale Properties and Investment Corporation Limited from January 14, 2011 to November 20, 2012. He served as Non-Executive Director of China Dairy Group Ltd from June 2004 to April 27, 2009. He Member of the Board of Governors of Republic Polytechnic and Member of the Executive Committee of REIT Association of Singapore. Mr. Kok holds a Master's in Business Administration and a Bachelor of Science degree from the National University of Singapore.

CEO Compensation
  • Insufficient data for Christopher to compare compensation growth.
  • Insufficient data for Christopher 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 Property management team in years:

2.8
Average Tenure
52
Average Age
  • The tenure for the Frasers Property management team is about average.
Management Team

Choo Leong Loo

TITLE
Group Chief Financial Officer
AGE
50
TENURE
1.3 yrs

Uten Lohachitpitaks

TITLE
Group Chief Investment Officer
AGE
44
TENURE
5.5 yrs

Gerry Wong

TITLE
Head of Investor Relations & Corporate Communications

Sebastian Tan

TITLE
Group Chief Human Resources Officer
AGE
54
TENURE
3.7 yrs

Peng Sum Choe

TITLE
Senior Advisor
AGE
58
TENURE
0.2 yrs

Khong Shoong Chia

TITLE
Group Chief Corporate Officer
AGE
46
TENURE
2.8 yrs

Zheng Wanshi

TITLE
Chief Strategy & Planning Officer
AGE
37

Christopher Tang

TITLE
Chief Executive Officer of Frasers Property Singapore
AGE
57
TENURE
2.8 yrs

Rod Fehring

TITLE
Chief Executive Officer of Frasers Property Australia
AGE
59
TENURE
3.8 yrs

Catherine Yeo

TITLE
Company Secretary
TENURE
2.5 yrs
Board of Directors Tenure

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

5.5
Average Tenure
68
Average Age
  • The tenure for the Frasers Property board of directors is about average.
Board of Directors

Charoen Sirivadhanabhakdi

TITLE
Non-Executive & Non-Independent Chairman of the Board
AGE
74
TENURE
5.5 yrs

Khunying Wanna Sirivadhanabhakdi

TITLE
Non-Executive & Non-Independent Vice Chairman of the Board
AGE
75

Charles Mak

TITLE
Non-Executive & Lead Independent Director
AGE
66
TENURE
3.9 yrs

Philip Eng

TITLE
Non-Executive & Independent Director
AGE
72
TENURE
5.5 yrs

Weerawong Chittmittrapap

TITLE
Non-Executive & Independent Director
AGE
60
TENURE
5.5 yrs

Chotiphat Bijananda

TITLE
Non-Executive & Non-Independent Director
AGE
55
TENURE
6.1 yrs

Heng Wing Chan

TITLE
Non-Executive & Independent Director
AGE
71
TENURE
5.5 yrs

Sithichai Chaikriangkrai

TITLE
Non-Executive & Non-Independent Director
AGE
64
TENURE
5.7 yrs

Joo Yeow Wee

TITLE
Non-Executive & Independent Director
AGE
70
TENURE
5.1 yrs

Pheng Hock Tan

TITLE
Non-Executive & Independent Director
AGE
60
TENURE
2.1 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 Property'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 Property 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.

TQ5 News

Simply Wall St News

Frasers Property Limited (SGX:TQ5): Time For A Financial Health Check

While small-cap stocks, such as Frasers Property Limited (SGX:TQ5) with its market cap of S$5.6b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Assessing first and foremost the financial health is. … Let's work through some financial health checks you may wish to consider if you're interested in this stock.

Simply Wall St -

Do You Like Frasers Property Limited (SGX:TQ5) At This P/E Ratio?

This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … Frasers Property has a price to earnings ratio of 7.17, based on the last twelve months. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Can We See Significant Institutional Ownership On The Frasers Property Limited (SGX:TQ5) Share Register?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … With a market capitalization of S$5.1b, Frasers Property is rather large. … Companies of this size are usually well known to retail investors, too.

Simply Wall St -

Was Frasers Property Limited's (SGX:TQ5) Earnings Growth Better Than The Industry's?

When Frasers Property Limited (SGX:TQ5) released its most recent earnings update (31 December 2018), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were Frasers Property's average earnings over the past couple of years, and its industry performance. … TQ5's trailing twelve-month earnings (from 31 December 2018) of S$736m has.

Simply Wall St -

Does Frasers Property Limited's (SGX:TQ5) Debt Level Pose A Problem?

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Frasers Property Limited (SGX:TQ5), with a market cap of S$5.0b, are often out of the spotlight. … Despite this, the two other categories have lagged behind the risk-adjusted returns of commonly ignored mid-cap stocks. … View our latest analysis for Frasers Property

Simply Wall St -

2 Days Left To Cash In On Frasers Property Limited (SGX:TQ5) Dividend

On the 20 February 2019, Frasers Property Limited (SGX:TQ5) will be paying shareholders an upcoming dividend amount of S$0.062 per share. … Below, I will explain how holding Frasers Property can impact your portfolio income stream, by analysing the stock's most recent financial data and dividend attributes. … Will the company be able to keep paying dividend based on the future earnings growth

Simply Wall St -

Frasers Property Limited (SGX:TQ5): Are Analysts Right About The Drop In Earnings?

In September 2018, Frasers Property Limited (SGX:TQ5) released its latest earnings announcement, whicha

Simply Wall St -

Here's What Frasers Property Limited's (SGX:TQ5) P/E Ratio Is Telling Us

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … Frasers Property has a price to earnings ratio of 7.02, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

What Investors Should Know About Frasers Property Limited's (SGX:TQ5) Financial Strength

Small-caps and large-caps are wildly popular among investors, however, mid-cap stocks, such as Frasers Property Limited (SGX:TQ5), with a market capitalization of S$4.7b, rarely draw their attention from the investing community. … TQ5’s financial liquidity and debt position will be analysed in this article, to get an idea of whether the company can fund opportunities for strategic growth and maintain strength through economic downturns. … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis.

Simply Wall St -

Is Frasers Property Limited (SGX:TQ5) A Great Dividend Stock?

Historically, Frasers Property Limited (SGX:TQ5) has been paying a dividend to shareholders. … Let's dig deeper into whether Frasers Property should have a place in your portfolio. … Check out our latest analysis for Frasers Property

Simply Wall St -

TQ5 Company Info

Description

Frasers Property Limited, a real estate company, owns, develops, and manages an integrated portfolio of properties. It operates through four business units: Singapore, Australia, Hospitality, and Europe and rest of Asia. The company’s assets range from residential, retail, commercial, and business parks to industrial and logistics in Singapore, Australia, Europe, China, and Southeast Asia. Its hospitality business owns and/or operates serviced apartments and hotels in approximately 80 cities across Asia, Australia, Europe, the Middle East, and Africa. The company also acts as a sponsor of four vehicles listed on the SGX-ST comprising three real estate investment Trusts, including Frasers Centrepoint Trust, Frasers Commercial Trust, and Frasers Logistics & Industrial Trust, focused on retail properties, office and business space properties and business parks, and logistics and industrial properties, as well as one stapled trust, Frasers Hospitality Trust, focused on hospitality properties. The company was formerly known as Frasers Centrepoint Limited and changed its name to Frasers Property Limited in February 2018. Frasers Property Limited was incorporated in 1963 and is headquartered in Singapore. Frasers Property Limited is a subsidiary of TCC Assets Limited.

Details
Name: Frasers Property Limited
TQ5
Exchange: SGX
Founded: 1963
SGD5,459,442,408
2,919,487,919
Website: http://www.frasersproperty.com
Address: Frasers Property Limited
438 Alexandra Road,
No. 21-00 Alexandra Point,
Singapore,
119958,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX TQ5 Ordinary Shares Singapore Exchange SG SGD 09. Jan 2014
OTCPK FSRP.F Ordinary Shares Pink Sheets LLC US USD 09. Jan 2014
DB 1IQ Ordinary Shares Deutsche Boerse AG DE EUR 09. Jan 2014
Number of employees
Current staff
Staff numbers
4,635
Frasers Property employees.
Industry
Real Estate Development
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 13:49
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/12
Last earnings reported: 2018/12/31
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.