Frasers Centrepoint Trust May Benefit From Singapore's Reopening -- Market Talk

Dow Jones2022-04-29

0320 GMT - Frasers Centrepoint Trust may benefit from Singapore's reopening, based on its 1H FY 2022 results, OCBC Investment Research says in a research report, as it maintains its buy rating. A positive trend can be found in the recovery of its tenant sales, which reached 113%, 104% and 105% of pre-Covid-19 average levels in January, February and March, respectively, the bank notes. Although shopper traffic was below 70% of pre-pandemic levels, this should improve given the further easing of safe-management measures and with more employees returning to the workplace. OCBC raises the unit's fair value estimate to S$2.73 from S$2.67 after incorporating a lower cost of equity assumption of 6.0% versus 6.2% previously. The units are 0.4% higher at S$2.48. (ronnie.harui@wsj.com)

$(END)$ Dow Jones Newswires

April 28, 2022 23:20 ET (03:20 GMT)

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