Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

Frasers Centrepoint Trust / Equity Bottom-Up

<p>FY21 NPI/DPU met 94%/96% of our expectations as tenants’ sales continue to edge higher even as traffic wanes on Covid measures. We temper our expectations for FY22E spurt as we see potential for measures to be extended beyond the year and risk of further negative rental reversions. Nonetheless, gradual recovery story appears to be intact on resilient occupancies. We trim our DPU FY20-25E CAGR to 2.8% (prior: 3.2%). Reiterate BUY.</p>

FY21 NPI/DPU met 94%/96% of our expectations as tenants’ sales continue to edge higher even as traffic wanes on Covid measures. We temper our expectations for FY22E spurt as we see potential for measures to be extended beyond the year and risk of further negative rental reversions. Nonetheless, gradual recovery story appears to be intact on resilient occupancies. We trim our DPU FY20-25E CAGR to 2.8% (prior: 3.2%). Reiterate BUY.

Frasers Centrepoint Trust: Tempering Our Expectations Post Site Visits