Friday, 20 April 2018

Frasers Commercial Trust (FCOT) Q2FY18

The result for Q2 FY2018 result is expected

  • Gross revenue drop from $35m to $33m
  • Dividend is supported by 
    • gain from disposal of hotel development rights $2.9m, in Q1 FY2018 it was supported $1.9m
    • Manager fees is paid fully in unit

For Q3 FY2018 performance, I guess

  • The acquisition in Feb will start to fully contribute to the revenue 
  • The impact of losing 131,149 sf due to HP will start to fully impact the revenue and additional 42,561 sf will also materialize by Apr 2018
  • Alexandra occupancy rate currently still around 70%
  • Q3 Dividend will again likely be supported by
    • Gain from disposal of hotel development (currently it has paid around $10m out of $44m)
    • Manager fees to be paid full in unit 

For the threat from rate increase, 

I think it should be minimal as currently the average interest rate is at almost 3%.

For the lease expire, 

Only 11% to expire in FY18 and 19.3% in FY19. With the demand and rental is stabilising, FCOT should be fine even there is a chance the rental reversion will be negative for the office segment as looking back at 3 years back which is 2015, the rental is pretty on the peak side

In summary,

My view is nothing much to be expected from the DPU, if it can remain flat it will be good enough which yield around 6.5% as the Manager is trying to stabilize the occupancy rate and catch up for the amount of the dividend that is currently paid from gain of hotel development and fee that is paid in unit.

Q1 FY2018 Post

Monday, 2 April 2018

Singapore Reit Result Announcement - Updated as 19 Apr 18

- Frasers Logistic
- Frasers Commercial Trust
- Capitaland Mall Trust

Company NameReleaseDiv (cent)Ex-datePay DayRemarks
AIMS AMP Capital Industrial REIT25 AprBefore
Ascendas Hospitality Trust
Ascendas Real Estate Investment Trust23-AprAfter
Ascott Residence Trust18-Apr1.35N.AN.ABefore
CapitaLand Commercial Trust24-Apr
CapitaLand Mall Trust20-Apr2.7830 Apr30 MayAfter
Cache Logistic Trust25-MarAfter
CapitaLand Retail China Trust26 AprAfter
CDL Hospitality Trusts28 Apr
ESR-REIT20 Apr0.84726 Apr31 MayBefore
Far East Hospitality Trust26-AprBefore
First Real Estate Investment Trust17-Apr2.1523 Apr25 MayAfter
Fortune Real Estate Investment Trust
Frasers Centrepoint Trust25-AprBefore
Frasers Commercial Trust20-Apr1.6 (*2.4)26 Apr30 MayBefore
Frasers Hospitality Trust26 AprBefore
Frasers Logistic and Industrial Trust7 MayAfter
IREIT Global
Keppel DC REIT16-Apr1.8N.AN.AN.A
Keppel-KBS US17-Apr*2.37(1.5)N.AN.AN.A
Keppel REIT18-Apr1.4224 Apr30 May
Lippo Malls Indonesia Retail Trust3 MayAfter
Manulife US REIT30 AprBefore
Mapletree Commercial Trust24-AprAfter
Mapletree Greater China Commercial Trust25-AprAfter
Mapletree Industrial Trust24-AprBefore
Mapletree Logistics Trust26 AprAfter
OUE Commercial Real Estate Investment Trust
OUE Hospitality Trust
Parkway Life Real Estate Investment Trust30 AprAfter
Soilbuild Business Space REIT16-Apr1.32420 Apr21 MayAfter
Sabana REIT23-AprAfter
SPH REIT6-Apr1.412-Apr16-May
Starhill Global Real Estate Investment Trust26 AprAfter
Suntec Real Estate Investment Trust25-AprBefore
Viva Industrial Trust

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