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Frasers Centrepoint Trust

OTCPK:FRZC.F
Snowflake Description

6 star dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FRZC.F
OTCPK
SGD2B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Frasers Centrepoint Trust (“FCT”) is a leading developer-sponsored retail real estate investment trust (REIT). The last earnings update was 23 days ago. More info.


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FRZC.F Share Price and Events
7 Day Returns
0%
OTCPK:FRZC.F
0.2%
US REITs
-3.9%
US Market
1 Year Returns
-
OTCPK:FRZC.F
13%
US REITs
1.4%
US Market
FRZC.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Frasers Centrepoint Trust (FRZC.F) 0% 0% - - - 24.1%
US REITs 0.2% -1.4% 3.2% 13% 8.8% 24%
US Market -3.9% -3.6% 1.8% 1.4% 35.8% 40.8%
1 Year Return vs Industry and Market
  • No trading data on FRZC.F.
  • No trading data on FRZC.F.
Price Volatility
FRZC.F
Industry
5yr Volatility vs Market

Value

 Is Frasers Centrepoint 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 Centrepoint 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 Centrepoint Trust.

OTCPK:FRZC.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:FRZC.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 17%) (35.79%))
0.792
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for OTCPK:FRZC.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Frasers Centrepoint 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.

Frasers Centrepoint Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:FRZC.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 98.00 Analyst x2 91.16
2020 110.00 Analyst x2 95.19
2021 112.50 Analyst x2 90.56
2022 118.76 Est @ 5.57% 88.94
2023 124.36 Est @ 4.72% 86.64
2024 129.49 Est @ 4.12% 83.91
2025 134.28 Est @ 3.7% 80.95
2026 138.86 Est @ 3.41% 77.87
2027 143.32 Est @ 3.21% 74.76
2028 147.71 Est @ 3.06% 71.68
Present value of next 10 years cash flows SGD841.67
OTCPK:FRZC.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD147.71 × (1 + 2.73%) ÷ (7.5% – 2.73%)
SGD3,182.50
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD3,182.50 ÷ (1 + 7.5%)10
SGD1,544.42
OTCPK:FRZC.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD841.67 + SGD1,544.42
SGD2,386.09
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,386.09 / 929.48
SGD2.51
OTCPK:FRZC.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:FRZC.F represents 0.71429x of SGX:J69U
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.71429x
Value per Share
(Listing Adjusted, USD)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 2.51 x 0.71429
$1.79
Value per share (USD) From above. $1.79
Current discount Discount to share price of $1.75
= -1 x ($1.75 - $1.79) / $1.79
2.4%

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

Current Discount
Amount off the current price Frasers Centrepoint Trust is available for.
Intrinsic value
2%
Share price is $1.75 vs Future cash flow value of $1.79
Current Discount Checks
For Frasers Centrepoint Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Frasers Centrepoint Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Frasers Centrepoint 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 Centrepoint Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Frasers Centrepoint Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:FRZC.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.18
SGX:J69U Share Price ** SGX (2019-03-26) in SGD SGD2.45
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.37x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.79x

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

** Primary Listing of Frasers Centrepoint Trust.

OTCPK:FRZC.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:J69U Share Price ÷ EPS (both in SGD)

= 2.45 ÷ 0.18

13.61x

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

  • Frasers Centrepoint Trust is good value based on earnings compared to the US REITs industry average.
  • Frasers Centrepoint Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Frasers Centrepoint Trust's expected growth come at a high price?
Raw Data
OTCPK:FRZC.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
-0.4%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,113 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

OTCPK:FRZC.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.61x ÷ -0.4%

-33.41x

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

  • Frasers Centrepoint 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 Centrepoint Trust's assets?
Raw Data
OTCPK:FRZC.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD2.08
SGX:J69U Share Price * SGX (2019-03-26) in SGD SGD2.45
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:FRZC.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:J69U Share Price ÷ Book Value per Share (both in SGD)

= 2.45 ÷ 2.08

1.18x

* Primary Listing of Frasers Centrepoint Trust.

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

  • Frasers Centrepoint Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Frasers Centrepoint 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 Centrepoint Trust 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.

Future Performance

 How is Frasers Centrepoint Trust expected to perform in the next 1 to 3 years based on estimates from 15 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
-0.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Frasers Centrepoint Trust expected to grow at an attractive rate?
  • Frasers Centrepoint Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Frasers Centrepoint Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Frasers Centrepoint Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:FRZC.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:FRZC.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts -0.4%
OTCPK:FRZC.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
OTCPK:FRZC.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:FRZC.F Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30 213 138 125 10
2020-09-30 207 130 126 14
2019-09-30 200 127 120 15
OTCPK:FRZC.F Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 200 128 167
2018-12-31 199 131 168
2018-09-30 198 137 167
2018-06-30 198 132 201
2018-03-31 193 125 197
2017-12-31 190 122 195
2017-09-30 186 122 194
2017-06-30 182 126 125
2017-03-31 183 126 126
2016-12-31 185 126 122
2016-09-30 188 126 123
2016-06-30 191 120 161

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Frasers Centrepoint Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Frasers Centrepoint Trust's revenue is expected to grow by 3% 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
OTCPK:FRZC.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Frasers Centrepoint Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:FRZC.F Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30
2022-09-30
2021-09-30 0.13 0.14 0.12 7.00
2020-09-30 0.13 0.17 0.12 9.00
2019-09-30 0.12 0.13 0.11 8.00
OTCPK:FRZC.F Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.18
2018-12-31 0.18
2018-09-30 0.18
2018-06-30 0.22
2018-03-31 0.21
2017-12-31 0.21
2017-09-30 0.21
2017-06-30 0.14
2017-03-31 0.14
2016-12-31 0.13
2016-09-30 0.13
2016-06-30 0.18

*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 Centrepoint 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 Centrepoint 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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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 Centrepoint Trust 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.

Past Performance

  How has Frasers Centrepoint 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 Centrepoint 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 Centrepoint Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Frasers Centrepoint Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Frasers Centrepoint Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Frasers Centrepoint 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 Centrepoint Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:FRZC.F Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 200.21 166.93 8.12
2018-12-31 199.24 167.58 8.07
2018-09-30 197.92 166.82 8.08
2018-06-30 197.68 200.71 7.97
2018-03-31 192.74 196.86 7.89
2017-12-31 189.68 194.85 8.24
2017-09-30 185.74 193.90 8.29
2017-06-30 181.88 125.23 8.44
2017-03-31 183.43 126.04 8.15
2016-12-31 185.00 122.12 7.77
2016-09-30 188.03 123.45 7.75
2016-06-30 191.35 160.87 7.91
2016-03-31 193.57 162.98 7.79
2015-12-31 194.06 171.11 7.79
2015-09-30 194.30 171.46 7.81
2015-06-30 193.51 176.31 5.22
2015-03-31 187.29 173.04 5.16
2014-12-31 181.09 169.69 5.17
2014-09-30 173.78 165.06 5.15
2014-06-30 167.15 286.60 5.37
2014-03-31 166.32 289.63 5.33
2013-12-31 164.83 288.76 5.33
2013-09-30 162.87 287.77 5.29
2013-06-30 161.56 194.44 5.01
2013-03-31 156.93 185.71 5.14
2012-12-31 153.71 185.86 5.07
2012-09-30 151.56 185.57 5.10
2012-06-30 146.68 176.90 4.31

*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 Centrepoint Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Frasers Centrepoint Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Frasers Centrepoint Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Frasers Centrepoint 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 Centrepoint Trust has a total score of 1/6, 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 Centrepoint 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 Centrepoint Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Frasers Centrepoint Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Frasers Centrepoint Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Frasers Centrepoint 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.
  • High level of physical assets or inventory.
  • 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 Centrepoint Trust Company Filings, last reported 1 month ago.

OTCPK:FRZC.F Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,934.30 814.92 13.45
2018-12-31 1,934.79 817.64 16.12
2018-09-30 1,933.76 812.59 21.92
2018-06-30 1,875.72 810.54 18.59
2018-03-31 1,876.96 806.56 15.82
2017-12-31 1,874.43 813.58 20.10
2017-09-30 1,872.20 797.86 13.55
2017-06-30 1,776.20 796.99 25.23
2017-03-31 1,778.12 777.02 14.20
2016-12-31 1,778.49 784.89 23.39
2016-09-30 1,775.65 734.60 18.71
2016-06-30 1,750.56 729.50 21.42
2016-03-31 1,754.82 724.28 21.45
2015-12-31 1,756.61 724.01 23.34
2015-09-30 1,754.54 718.06 17.55
2015-06-30 1,698.23 716.03 18.61
2015-03-31 1,701.94 714.80 18.50
2014-12-31 1,698.55 741.40 43.59
2014-09-30 1,698.68 743.15 41.74
2014-06-30 1,628.81 744.70 39.54
2014-03-31 1,466.63 595.20 30.55
2013-12-31 1,460.72 656.50 89.44
2013-09-30 1,462.36 597.03 39.71
2013-06-30 1,271.68 597.00 34.88
2013-03-31 1,268.30 600.30 33.66
2012-12-31 1,261.47 588.60 21.83
2012-09-30 1,263.03 588.89 22.87
2012-06-30 1,161.05 586.50 35.91
  • Frasers Centrepoint Trust's level of debt (42.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (40.6% vs 42.1% today).
  • Debt is not well covered by operating cash flow (15.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.9x coverage).
X
Financial health checks
We assess Frasers Centrepoint 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 Centrepoint Trust has a total score of 1/6, 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 Centrepoint 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
4.9%
Current annual income from Frasers Centrepoint Trust dividends. Estimated to be 5.21% next year.
If you bought $2,000 of Frasers Centrepoint Trust shares you are expected to receive $98 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 Centrepoint Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Frasers Centrepoint Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
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
OTCPK:FRZC.F 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 15 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1997 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

OTCPK:FRZC.F Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2023-09-30 0.13 1.00
2022-09-30 0.13 1.00
2021-09-30 0.13 13.00
2020-09-30 0.13 17.00
2019-09-30 0.12 16.00
OTCPK:FRZC.F Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-10-23 0.120 5.317
2017-10-24 0.119 5.361
2016-12-29 0.118 5.668
2016-10-21 0.118 5.971
2015-12-29 0.116 5.736
2015-10-21 0.116 6.146
2014-12-26 0.112 5.567
2014-10-23 0.112 5.843
2013-11-12 0.109 5.980
2013-10-21 0.109 5.935
2012-10-23 0.100 5.050
2012-07-19 0.104 5.779
2011-12-27 0.083 5.356
2011-10-21 0.083 5.683
2011-04-21 0.083 5.597
2010-11-29 0.082 5.489
2010-10-26 0.082 5.577
2010-04-26 0.082 5.922
2010-01-05 0.075 5.544
2009-10-22 0.075 5.985
2009-07-23 0.078 7.185

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Frasers Centrepoint Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (900.9x coverage).
X
Income/ dividend checks
We assess Frasers Centrepoint Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Centrepoint Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Frasers Centrepoint Trust has a total score of 6/6, 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 Centrepoint 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
Tuan Chiong Chew
COMPENSATION SGD0
AGE 60
TENURE AS CEO 9.2 years
CEO Bio

Dr. Tuan Chiong Chew serves as the Chief Executive Officer of Frasers Centrepoint Asset Management Ltd., the manager of Frasers Centrepoint Trust and oversees the general management. Dr. Chew served as the Chief Executive Officer of Science Centre Singapore, a government statutory board, from 1995 to 2010, during which time he transformed the place into a vibrant world class venue and doubled visitorship to above one million per annum. Dr. Chew worked with the National University of Singapore, Daimler Benz in Germany and British Gas PLC in the UK. He was also an Adjunct Professor with the Lee Kong Chian School of Business at the Singapore Management University. He is the AC Chairman. He has been an Executive & Non-Independent Director of Frasers Centrepoint Asset Management Ltd. since July 14, 2010. He has been a Director of FCT MTN Pte. Ltd. since March 12, 2012. He has been a Non-Executive Director of Hektar Asset Management Sdn Bhd, the Manager of Hektar Real Estate Investment Trust since May 5, 2010. He serves as a Director of CityNet Infrastructure Management Pte Ltd. He served as an Independent Non-Executive Director at NetLink Trust until April 13, 2017. He served as an Independent Director of OpenNet Pte. Ltd. He was awarded the IPS Cadi Scientific Medal by the Institute of Physics Singapore and President’s Award by Asia Pacific Association of Science & Technology Centers. He was awarded the Sugden Award by the Combustion Institute (UK), the Public Administration Medal (Silver) (Singapore) and Justice of the Peace. Dr. Chew has been Chartered Engineer of The Engineering Council UK since 1990 and Member of Energy Institute since 1990. He has been a Fellow of Institution of Engineers Singapore since 2006. He is a Fellow of Academy of Engineering Singapore. Dr. Chew holds a Bachelor of Engineering (1st Class Hons) from Monash University, Australia in 1979, a Master of Engineering from National University of Singapore in 1986 and a Doctor of Philosophy from University of Cambridge, United Kingdom in 1988.

CEO Compensation
  • Insufficient data for Tuan Chiong to compare compensation growth.
  • Tuan Chiong's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Frasers Centrepoint Trust management team in years:

4.8
Average Tenure
  • The tenure for the Frasers Centrepoint Trust management team is about average.
Management Team

Tuan Chiong Chew

TITLE
CEO and Executive & Non-Independent Director of Frasers Centrepoint Asset Management Ltd.
AGE
60
TENURE
9.2 yrs

Hwee Pio Tay

TITLE
Chief Financial Officer of Frasers Centrepoint Asset Management Ltd.
AGE
49
TENURE
7 yrs

Rene Lee

TITLE
Vice President of Investment - Frasers Centrepoint Asset Management Ltd.

Fung Leng Chen

TITLE
Vice President of Investor Relations - Frasers Centrepoint Asset Management Ltd.

Molly Lim

TITLE
SVP & Head of Retail Prop. of Frasers Property Singapore - Frasers Property Mgmt. Svcs. Pte Ltd.

Jill Ng

TITLE
VP and Head of Strat. Mktg.

San San See

TITLE
Head of Leasing of Frasers Centrepoint Asset Management Ltd.

Chai Hong Foo

TITLE
VP & Head of Leasing of Frasers Property Singapore - Frasers Property Management Services Pte Ltd.

Catherine Yeo

TITLE
Company Secretary of Frasers Centrepoint Asset Management Ltd.
TENURE
2.6 yrs

Stephanie Ho

TITLE
General Manager of Retail Properties - Frasers Centrepoint Asset Management Ltd.
TENURE
2.3 yrs
Board of Directors Tenure

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

5.5
Average Tenure
59
Average Age
  • The tenure for the Frasers Centrepoint Trust board of directors is about average.
Board of Directors

Choong Kong Cheong

TITLE
Independent Chairman of Frasers Centrepoint Asset Management Ltd
COMPENSATION
SGD114K
AGE
77
TENURE
1.2 yrs

Tuan Chiong Chew

TITLE
CEO and Executive & Non-Independent Director of Frasers Centrepoint Asset Management Ltd.
AGE
60
TENURE
8.8 yrs

Simon Ho

TITLE
Non-Executive & Independent Director of Frasers Centrepoint Asset Management Ltd.
COMPENSATION
SGD111K
AGE
57
TENURE
2.3 yrs

Chai Seng Ho

TITLE
Non-Executive & Independent Director of Frasers Centrepoint Asset Management Ltd.
COMPENSATION
SGD89K
AGE
58
TENURE
2.3 yrs

Philip Eng

TITLE
Non-Executive Non-Independent Director of Frasers Centrepoint Asset Management Ltd.
COMPENSATION
SGD99K
AGE
72
TENURE
13.1 yrs

Christopher Tang

TITLE
Non-Executive Non-Independent Director of Frasers Centrepoint Asset Management Ltd.
COMPENSATION
SGD59K
AGE
57
TENURE
13.3 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 ($) Value ($)
15. Mar 19 Buy Schroder Investment Management Limited Company 13. Mar 19 13. Mar 19 836,300 $1.67 $1,392,598
15. Aug 18 Sell Schroder Investment Management Limited Company 13. Aug 18 13. Aug 18 -1,571,300 $1.62 $-2,546,695
X
Management checks
We assess Frasers Centrepoint 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 Centrepoint 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

Company Info

Description

Frasers Centrepoint Trust (“FCT”) is a leading developer-sponsored retail real estate investment trust (REIT). FCT’s property portfolio comprises the following suburban retail properties in Singapore: Causeway Point, Northpoint City North Wing (including Yishun 10 Retail Podium), Anchorpoint, YewTee Point, Bedok Point and Changi City Point. The combined appraised value of FCT’s property portfolio is $2.75 billion as at 31 December 2018. FCT malls are strategically located in various established residential townships and have a large and diversified tenant base covering a wide variety of trade sectors. FCT also holds a 31.15% stake in Hektar Real Estate Investment Trust, a retail-focused REIT in Malaysia listed on the Main Market of Bursa Malaysia Securities Berhad. FCT is focused on increasing shareholder value by pursuing organic, enhancement and acquisition growth strategies. With proactive lease management initiatives, FCT is well placed to achieve sustainable rental growth. To unlock the full potential of its assets, FCT continues to enhance existing assets to maximise their performance. The potential acquisitions of new assets will help FCT gain greater scale and drive further income growth for unitholders. Listed on the Main Board of the Singapore Exchange Securities Trading Limited since 5 July 2006, FCT is managed by Frasers Centrepoint Asset Management Ltd., a real estate management company and a subsidiary of Frasers Property Limited.

Details
Name: Frasers Centrepoint Trust
FRZC.F
Exchange: OTCPK
Founded: 2006
SGD1,663,855,643
929,477,301
Website: http://www.frasersproperty.com/reits/fct
Address: Frasers Centrepoint Trust
No.16-00 Alexandra Point,
438 Alexandra Road,
Singapore,
119958,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX J69U Units Singapore Exchange SG SGD 05. Jul 2006
OTCPK FRZC.F Units Pink Sheets LLC US USD 05. Jul 2006
Number of employees
Current staff
Staff numbers
0
Frasers Centrepoint Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/16 02:19
End of day share price update: 2019/03/26 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/04/23
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.