OTCPK:FSRP.F

Stock Analysis Report

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Executive Summary

Frasers Property Limited, an investment holding company, owns, develops, and manages an integrated portfolio of properties.


Snowflake Analysis

Fair value with worrying balance sheet.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: FSRP.F has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

FSRP.F

8.5%

US Real Estate

2.5%

US Market


1 Year Return

n/a

FSRP.F

-17.4%

US Real Estate

8.4%

US Market

Return vs Industry: Insufficient data to determine how FSRP.F performed against the US Real Estate industry.

Return vs Market: Insufficient data to determine how FSRP.F performed against the US Market.


Shareholder returns

FSRP.FIndustryMarket
7 Day0%8.5%2.5%
30 Day0%6.2%5.1%
90 Dayn/a-24.5%2.0%
1 Yearn/a-16.8%-17.4%10.9%8.4%
3 Year-13.7%-13.7%-18.9%-20.7%30.5%21.9%
5 Year-4.0%-4.0%-25.6%-27.9%56.9%39.2%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

7.79x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FSRP.F ($1.2) is trading above our estimate of fair value ($0.67)

Significantly Below Fair Value: FSRP.F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FSRP.F is good value based on its PE Ratio (7.8x) compared to the Real Estate industry average (13.8x).

PE vs Market: FSRP.F is good value based on its PE Ratio (7.8x) compared to the US market (14.4x).


Price to Earnings Growth Ratio

PEG Ratio: FSRP.F's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: FSRP.F is good value based on its PB Ratio (0.5x) compared to the US Real Estate industry average (1x).


Next Steps

Future Growth

How is Frasers Property forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-7.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FSRP.F's earnings are forecast to decline over the next 3 years (-7.7% per year).

Earnings vs Market: FSRP.F's earnings are forecast to decline over the next 3 years (-7.7% per year).

High Growth Earnings: FSRP.F's earnings are forecast to decline over the next 3 years.

Revenue vs Market: FSRP.F's revenue (4.4% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: FSRP.F's revenue (4.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FSRP.F's Return on Equity is forecast to be low in 3 years time (4.9%).


Next Steps

Past Performance

How has Frasers Property performed over the past 5 years?

-2.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FSRP.F has a large one-off gain of SGD413.0M impacting its March 31 2020 financial results.

Growing Profit Margin: FSRP.F's current net profit margins (11%) are lower than last year (15.4%).


Past Earnings Growth Analysis

Earnings Trend: FSRP.F's earnings have declined by -2.2% per year over the past 5 years.

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

Earnings vs Industry: FSRP.F had negative earnings growth (-40.9%) over the past year, making it difficult to compare to the Real Estate industry average (-6.4%).


Return on Equity

High ROE: FSRP.F's Return on Equity (7.3%) is considered low.


Next Steps

Financial Health

How is Frasers Property's financial position?


Financial Position Analysis

Short Term Liabilities: FSRP.F's short term assets (SGD10.0B) exceed its short term liabilities (SGD6.6B).

Long Term Liabilities: FSRP.F's short term assets (SGD10.0B) do not cover its long term liabilities (SGD17.3B).


Debt to Equity History and Analysis

Debt Level: FSRP.F's debt to equity ratio (135.3%) is considered high.

Reducing Debt: FSRP.F's debt to equity ratio has increased from 99.8% to 135.3% over the past 5 years.

Debt Coverage: FSRP.F's debt is not well covered by operating cash flow (0.4%).

Interest Coverage: FSRP.F's interest payments on its debt are not well covered by EBIT (2.7x coverage).


Balance Sheet


Next Steps

Dividend

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

4.80%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate FSRP.F's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate FSRP.F's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FSRP.F's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FSRP.F's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: FSRP.F is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FSRP.F's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Panote Sirivadhanabhakdi (42yo)

3.58yrs

Tenure

S$3,945,143

Compensation

Mr. Panote Sirivadhanabhakdi serves as Non-Executive Director of Frasers Logistics & Industrial Asset Management Pte. Ltd, Manager of Frasers Logistics & Industrial Trust since May 26, 2016. He serves as C ...


CEO Compensation Analysis

Compensation vs Market: Panote's total compensation ($USD2.76M) is below average for companies of similar size in the US market ($USD5.03M).

Compensation vs Earnings: Panote's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Panote Sirivadhanabhakdi
Group CEO and Executive & Non-Independent Director3.58yrsS$3.95mno data
Choo Leong Loo
Group Chief Financial Officer2.42yrsno datano data
Uten Lohachitpitaks
Group Chief Investment Officer6.58yrsno datano data
Gerry Wong
Head of Group Investor Relationsno datano datano data
Sebastian Tan
Group Chief Human Resources Officer4.75yrsno datano data
Khong Shoong Chia
Group Chief Corporate Officer3.83yrsno datano data
Jörg Schröder
Chief Investment Officer of Frasers Property Europe1.83yrsno datano data
Zheng Wanshi
Group Chief Strategy & Planning Officerno datano datano data
Chin Fen Eu
Chief Investment Officer of Frasers Hospitality0.83yrno datano data
Reini Otter
CEO of Frasers Property Industrial & Integrated Industrial and Logistics Operating Platform0.83yrno datano data

3.0yrs

Average Tenure

47yo

Average Age

Experienced Management: FSRP.F's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Panote Sirivadhanabhakdi
Group CEO and Executive & Non-Independent Director3.58yrsS$3.95mno data
Joo Yeow Wee
Non-Executive & Independent Director6.17yrsno datano data
Heng Nee Eng
Non-Executive & Independent Director6.58yrsno datano data
Charoen Sirivadhanabhakdi
Non-Executive & Non-Independent Chairman of the Board6.58yrsno datano data
Weerawong Chittmittrapap
Non-Executive & Independent Director6.58yrsno datano data
Sithichai Chaikriangkrai
Non-Executive & Non-Independent Director6.75yrsno datano data
Khunying Wanna Sirivadhanabhakdi
Non-Executive & Non-Independent Vice Chairman of the Boardno datano datano data
Chotiphat Bijananda
Non-Executive & Non-Independent Director7.17yrsno datano data
Heng Wing Chan
Non-Executive & Independent Director6.58yrsno datano data
Ming Ying Mak
Non-Executive & Lead Independent Director5yrsno datano data

6.6yrs

Average Tenure

69yo

Average Age

Experienced Board: FSRP.F's board of directors are considered experienced (6.6 years average tenure).


Ownership

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


Insider Trading Volume

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


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Frasers Property Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Frasers Property Limited
  • Ticker: FSRP.F
  • Exchange: OTCPK
  • Founded: 1963
  • Industry: Real Estate Development
  • Sector: Real Estate
  • Market Cap: S$3.365b
  • Listing Market Cap: S$2.357b
  • Shares outstanding: 2.93b
  • Website: https://www.frasersproperty.com

Number of Employees


Location

  • Frasers Property Limited
  • 438 Alexandra Road
  • No. 21-00 Alexandra Point
  • Singapore
  • 119958
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
TQ5SGX (Singapore Exchange)YesOrdinary SharesSGSGDJan 2014
FSRP.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 2014
1IQDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 2014

Biography

Frasers Property Limited, an investment holding company, owns, develops, and manages an integrated portfolio of properties. It operates through Singapore Strategic Business Unit, Australia Strategic Business Unit, Hospitality Strategic Business Unit, and Europe and Rest of Asia. The company’s asset portfolio includes business parks; and residential, retail, commercial, and industrial and logistics properties in Australia, Europe, China, and Southeast Asia. Its hospitality business owns and/or operates serviced apartments and hotels in approximately 70 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, commercial, and industrial and logistics 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/18 07:10
End of Day Share Price2020/02/19 00:00
Earnings2020/03/31
Annual Earnings2019/09/30


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