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Frasers Property set to see up to 70% fall in profit
Mainboard-listed Frasers Property (FPL) expects to report a decline of as much as 70 per cent in its attributable profit for this year.
Its profit guidance on the unaudited financial results for the financial year ended Sept 30 said that the pandemic and the resulting hit to the global economy have significantly hurt its overall performance.
The tenant-support packages that were given to the group' s commercial and retail tenants, the decline in occupancies and temporary closures of its hospitality properties have dented its financials.
It also expects impairment and fair-value losses on some of its properties, primarily hospitality assets, it said on Tuesday.
Attributable profit is expected to fall by 60 per cent to 70 per cent this year from the $560.3 million recorded last year.
" The group has been taking proactive action to strengthen its financial position, including optimising cash flows and liquidity, reducing operational costs, and deferring uncommitted capital expenditure," it said.
" FPL has sufficient liquidity to meet its operations and financial commitments, and the group continues to maintain a high level of business and financial discipline."
The firm will release its results before the start of trading on Nov 11.
Frasers Property expects FY2020 attributable profit to drop 60%-70%
MAINBOARD-LISTED Frasers Property Ltd (FPL), hard hit by the pandemic, expects to report a decline of as much as 70 per cent in its attributable profit for FY2020.
The company, in a profit guidance on Tuesday on the unaudited financial results for the financial year ended Sept 30, said the novel coronavirus pandemic and the resulting subdued global economic environment have significantly hit its overall business performance.
The tenant-support packages that were given to the group' s commercial and retail tenants, the decline in occupancies, and temporary closures of its hospitality properties have dented its financials.
Also, it expects impairment and fair-value losses on a portion of its portfolio of properties, primarily its hospitality properties.
Thus, Frasers' attributable profit is expected to reduce by 60 per to 70 per cent year on year from the S$560.3 million recorded last year.
" The group has been taking proactive action to strengthen its financial position, including optimising cash flows and liquidity, reducing operational costs, and deferring uncommitted capital expenditure. FPL has sufficient liquidity to meet its operations and financial commitments and the Group continues to maintain a high level of business and financial discipline," it said.
The company will release its financial results before the start of trading on Nov 11.
Oversold. Time for Fraser Property to rebound just like his peers Fraser L&C and Fraser CP TR
Anyone still holding this? Any dividend coming?
Frasers Property' s Q2 profit falls 38.1% bosses take pay cuts
THU, MAY 14, 2020 - 5:50 AM
Group CEO Panote Sirivadhanabhakdi' s salary reduced by 25%, salaries of other senior management cut by up to 10%
Singapore
FRASERS Property' s group chief executive, other members of senior management, as well as board members of the group and its subsidiaries, have taken base salary and fee cuts effective May 1, as the company looks to conserve its financial resources.
Group chief executive Panote Sirivadhanabhakdi took a 25 per cent reduction in his base salary, while other senior management accepted base salary cuts of up to 10 per cent.
Board members of Frasers Property and its subsidiaries also took a voluntary 10 per cent reduction in their directors' fees.
For the second quarter ended March 31, 2020, Frasers Property posted a 38.1 per cent year-on-year drop to S$74.5 million, from S$120.4 million a year ago as the company' s administrative expenses and interest expense rose for the quarter.
Revenue for Q2 rose 2.2 per cent to S$954.7 million, from S$934.3 million a year ago. This was mainly due to settlements of development projects in China, maiden contributions from PGIM Real Estate AsiaRetail Fund' s portfolio of retail assets, and the consolidation upon the step-up acquisition of Golden Land Property Development Public Company.
The revenue gains were partially offset by lower contributions from development projects in Australia and poorer operating results from hospitality properties due to the Covid-19 pandemic.
Meanwhile, earnings per share stood at 1.59 Singapore cents for the quarter (after fair value change and exceptional items), down from 2.81 cents a year ago.
No dividend was declared for the quarter, versus an interim dividend of 2.4 Singapore cents a year ago. Frasers Property' s board decided to temporarily suspend interim dividends as a precautionary measure to conserve the company' s financial resources in view of " significant" uncertainties due to the Covid-19 situation.
In an earnings briefing on Wednesday morning, Mr Sirivadhanabhakdi said that a priority for Frasers is to lower its net gearing. Its net gearing increased 20.9 percentage points from Sept 30, 2019, to 106.8 per cent as at March 31, 2020.
" The best way to do it is through our core strategy (of) injecting the asset into the Reits," he said, but added that as sponsor it has the responsibility of protecting the value of the Reit and making sure assets can be absorbed.
It depends on how the market plays out in the next one or two months here, he went on to say. At the same time, the group is curtailing any further investments to control the group' s gearing.
In response to a question on whether the group is aiming to bring gearing down by the end of this financial year, Mr Sirivadhanabhakdi said that Frasers is working as fast as it can, but will also take into consideration the state of the market.
The rise in net gearing was a result of the redemption and cancellation of perpetual securities in March, higher borrowings for the acquisition of a property in the United Kingdom, capital expenditure in Thailand and Australia as well as the redemption of shares in PGIM Real Estate AsiaRetail Fund.
For the half-year ended March 31, 2020, net profit was down 12.1 per cent to S$233.8 million, while revenue was up 5.7 per cent to S$2.13 billion.
" Along with many businesses around the world, we are facing an unprecedented crisis that has greatly disrupted the business environment and operating conditions in all our markets. Frasers Property' s H1 FY2020 results reflected only the initial impact of the Covid-19 outbreak on the group' s financial performance," said Mr Sirivadhanabhakdi. " Until there is clarity on the duration, severity and consequences of this pandemic, significant uncertainties will persist and the operating environment of the group' s various businesses will remain challenging."
To better weather the Covid-19 crisis, the group has made capital and liquidity management its strategic priorities. Cashflow management, collections and projects are a key focus. The group is also taking appropriate action to reduce operational costs, and is deferring uncommitted capital expenditure given uncertainties around the Covid-19 pandemic.
Shares in Frasers closed two cents lower at S$1.19 on Wednesday.
https://www.businesstimes.com.sg/companies-markets/frasers-propertys-q2-profit-falls-381-bosses-take-pay-cuts
Gonna fly soon... $1.60 coming by June. Good luck.. Hold tight... Buy when cheap....
Let's push up
Hi all. Anyone know what happen here.. Why this counter not much movement
We&rsquo ve Only Just Begun
DBS maintain BUY rating on Frasers Property Ltd (FPL) and raised TP to S$2.30 from S$1.98, due to its limited exposure to Singapore residential property and its strong recurring income profile as a landlord in the commercial space. FPL&rsquo s valuation remains attractive at 0.7x P/NAV and its dividend yield is the highest among developers at 5%.
&bull Propelling Frasers to second largest in Singapore retail with the acquisition of PGIM Fund
&bull Potential Singapore pipeline to bulk up FCT that could command higher premium to NAV
&bull Strategic benefit outweighs financial benefit gearing remains below 1x
&bull Potential upside from management fees in the medium-to-long term
Frasers Property in talks to potentially sell Frasers Tower
THU, APR 04, 2019 - 1:20 PM
FRASERS Property said on Thursday that it " has been in discussions with certain parties who have expressed interest&rdquo in its Frasers Tower office property, located at 182 Cecil Street.
It said that there is no certainty that any transaction would result from such discussions, according to a bourse filing in response to Bloomberg queries.
Frasers Property also added that it continually reviews opportunities to enhance shareholder value. This includes potential opportunities to collaborate with new investors, as well as divesting its interests in projects or assets.
" In the course of such review, we may from time to time enter into discussions with parties for potential investments in or divestment of our interest in our projects/assets," it said.
https://www.businesstimes.com.sg/companies-markets/frasers-property-in-talks-to-potentially-sell-frasers-tower
Frasers Property to buy 17.8% stake in PGIM Real Estate Retail Fund for estimated S$356.4m
MON, FEB 18, 2019 - 9:33 AM
FRASERS Property Limited has entered into a conditional sale and purchase agreement to acquire a 17.8 per cent stake in PGIM Real Estate Asia Retail Fund Limited (PGIM Real Estate) for some S$356.4 million, subject to determination of the dividend amount amount payable in respect of the sale shares for the fourth quarter of 2018.
In a regulatory filing on Monday, Frasers Property said its subsidiary, Frasers Property Crystal, has entered into an agreement with a shareholder of PGIM Real Estate to purchase some 94,013 shares, representing a 17.8265 per cent stake in the company.
PGIM Real Estate is an open-end private investment vehicle set up as a company incorporated in Bermuda, and the largest non-listed retail mall fund in Singapore. It owns and manages six retail malls in Singapore - namely Tiong Bahru Plaza, White Sands, Liang Court, Hougang Mall, Century Square and Tampines 1, as well as office property, Central Plaza.
PGIM Real Estate is also the property investment business of PGIM, the global investment management arm of New York Stock Exchange-listed Prudential Financial Inc.
As at Dec 31, the book value and net asset value of the sale shares amount to S$355.5 million, which includes the fourth quarter 2018 dividend.
Frasers Property intends to finance the acquisition via internal funds or external borrowings or a combination of both, it said.
Separately, it noted that the acquisition is in line with the group' s strategy to grow recurring income sources in one of its key asset classes, as PGIM Real Estate' s assets consist primarily of suburban retail properties.
It added that the deal will enhance the group' s portfolio of investment properties, as suburban retail is an asset class that has demonstrated " resilience across property cycles" .
https://www.businesstimes.com.sg/companies-markets/frasers-property-to-buy-178-stake-in-pgim-real-estate-retail-fund-for-estimated
The ugly BBs come out pattern again. Every day drop like stone.
It is FRASER COM TRUST (FCOT) not Fraser Property.
HP vacated / vacatiing Alex Techno Park).
HP vacated / vacatiing Alex Techno Park).
Wow, Google wants to build a giant nest in Frasers Property' s Alexandra Technopark.
Google in talks for 400,000 sq ft space at Alexandra TechnoparkTech giant already occupies 500,000 sq ft of space at Mapletree Business City II
THU, JAN 17, 2019 - 5:50 AM
GOOGLE is planning to expand in Singapore, going by market talk that it plans to boost its real estate footprint on the island.
The tech giant is understood to be in advanced talks to lease close to 400,000 sq ft at Alexandra Technopark, which is next to Mapletree.....
https://www.businesstimes.com.sg/real-estate/google-in-talks-for-400000-sq-ft-space-at-alexandra-technopark
What' s wrong with this company?
When markets up, its either Red or No Change.
When markets down, it' s down more than the rest.
Why this giant keeps dropping when the rest of the big property counters keep marching up??
I have the same question.. why drop of 2.5%?
Sudden drop in price today??
https://www.theedgesingapore.com/frasers-centrepoint-limited-acquiring-4-uk-business-parks-12-bil
it will breakover 2 dollars and sustain ober that for long periods ... megajackpot hold tight and derp freeze foe good rewards