Frasers Centrepoint Trust: Suburban malls continue to outperform

  • Retail reversions were positive at 1.7%; occupancy, tenant sales and NPI margin were above pre-pandemic levels.

  • Downgrade from BUY to ACCUMULATE, DDM TP (COE 6.41%) raised from S$2.64 to S$2.71.

  • FY23e-26e DPUs have been raised by 1.0-1.3% on better rental growth outlook and higher NPI margin.
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