Frasers Property Last:1.11 -

Frasers Cpt

I don' t understand why they try to privatise frasers trust instead of frasers property

The owner own almost 89% of frasers property shares, they should privatise this stock since this stock price always not much trading action due to the low public float of shares in the market.

Yah lor, they still have a lot of reserve funds since they didn' t manage to privatise frasers trust. Can use the funds to privates Frasers property

Actually the public float of this company not a lot in the market, the owner might as well privatise it.

Frasers Property' s capital idea as it reports 11.4% rise in net profit

Frasers Property (FPL) has been asked time and again whether it is interested in narrowing the discount between its share price - which ended at 92 cents on Nov 14, and its NAV as at Sept 30 of $2.64. &ldquo I have no control over the free float. The value of our company doesn&rsquo t justify the share price. There is a dilemma as shareholders see the value of this company being so much greater than it is. We just have to do good work, and hard work,&rdquo says Panote Sirivadhanabhakdi, group CEO of FPL on the sidelines of a results briefing on Nov 14.

As part of the company&rsquo s attempt to &lsquo create value&rsquo FPL has set up Frasers Property Capital. &ldquo We have set up Fraser Property Capital to invite like minded partners to pursue opportunities together, eg we have a joint venture with Mitsui Fudusan in Macquarie Park and to cultivate longer term partnerships, to share the risk and reward together and to work closely with our REITs,&rdquo Sirivadhanabhakdi says.

Group Chief Corporate Officer Chia Khong Shoong heads up Frasers Property Capital. In August, FPL announced the appointment of a chief investment officer for the unit reporting to Chia. Frasers Property Capital has a mandate to coordinate capital partnerships with like-minded investors keen to take part in the company&rsquo s growth, as it pursues investment opportunities aligned with its strategic objectives, the August press release says.

&ldquo It&rsquo s opportunity led. We do have existing assets that could be interesting for capital partners and if we monetise them we could have capital partners for those,&rdquo Chia acknowledges when asked if this is one way to monetise existing investment properties.

Analysts and market watchers are wondering if FPL is the likely winner of NTUC&rsquo s Mercatus portfolio of retail malls which was reported to be put on the market for more than $4 billion but scaled down to below $3 billion. Interestingly, FPL&rsquo s net debt to equity has been pared down to 64.8% and its management has articulated the group would be comfortable with 80% to 100% gearing ratio. At 80% FPL&rsquo s debt headroom would be around $2.9 billion.

As a result of the arithmetic, and the implementation of Frasers Property Capital, market watchers are wondering if this unit was formed to house the Mercatus portfolio.

&ldquo If there are new opportunities that come around, working with a capital partner could be ideal. So it&rsquo s a bit of both. I don&rsquo t think we&rsquo re constraining ourselves to say its one or the other,&rdquo Chia says when asked. However, he indicates that the Frasers Property Capital is unlikely to be the same model as Keppel Capital. He declines to reveal a target AUM.

&ldquo We&rsquo re not looking to set up a fund. What we are thinking about is seeding the joint venture with real assets that people can look at and touch and engaging with these partiners to look at those opportunities. It&rsquo s not like the private equity model. Its like a joint venture where we are looking for partners that would want to joint venture with us and we would identify a property,&rdquo Chia elaborates.

FPL&rsquo s Pbit (profit before tax) fell by 12.3% y-o-y to $1.249 billion in FY2022 due to a one-time accounting gain in FY2021 (FPL has a Sept year-end) caused by the transfer of unrealised gains from developing to investing properties. According to group CFO Loo Choo Leong, this was a strategic shift to grow industrial and logistics. &ldquo If you take out $355 million transfer in FY2021, net profit would have increased by 61%,&rdquo Loo says. In FY2022, attributable profit rose by 11.4% to $928.4 million. The company announced a three cents dividend which represented a 30% payout of core earnings.

To mitigate the effects of foreign currency movements on FPL&rsquo s balance sheet, the company opts for a natural hedge by funding foreign currency assets with debt in the same currency. In a statement, the property group said its foreign currency translation reserve, which reflects the effects of unrealised foreign currency movements on its net assets was lower by $456.8 million on a net basis in FY2022.

FPL is sponsor and major unitholder to three S-REITs, Frasers Centrepoint Trust, Frasers Industrial & Commercial Trust and Frasers Hospitality Trust. The company is also sponsor to two REITs in Thailand.

Ignore the noise, focus on the fundamental. High profitable PE. Cheap PBV. Reasonable growth. Stable industry

This company earn so much this year, almost close to 1 billion, but the stock price lower than 0.90?

Frasers Property full-year earnings up 12.4% to S$871.4 million on easing of Covid-19 restrictions

https://www.businesstimes.com.sg/companies-markets/frasers-property-full-year-earnings-up-124-to-s8714-million-on-easing-of-covid-19

Frasers Property appoints new lead independent director, audit committee chair

FRASERS Property on Tuesday (Oct 25) announced changes to its board composition with effect from the same day.

Charles Mak has retired as the board&rsquo s lead independent director as well as chairman of the audit committee (AC). Together with Philip Eng, Mak has also retired as a member of the AC.

Both remain on the board as non-executive and non-independent directors together with Chan Heng Wing and Weerawong Chittmittrapap, who were also redesignated after serving more than nine years as independent directors.

All four redesignated directors &ndash Mak, Eng, Chan and Chittmittrapap &ndash will remain on the board and their respective board committees for a transitional period to facilitate the orientation of new appointments. This is to &ldquo effect an orderly and smooth handover&rdquo relating to the group&rsquo s annual reporting for the financial year ended Sep 30, and &ldquo for continuity of knowledge and experience&rdquo , said the group.

Chin Yoke Choong, who was named non-executive and independent director of the company effective Sep 19 this year, has been appointed in Mak&rsquo s place as lead independent director and chairman of the AC.

Wee Joo Yeow, a non-executive and independent director of the company, was appointed as a member of the nominating committee, the remuneration committee, as well as the sustainability and risk management committee (SRMC).

Non-executive and independent director Tan Pheng Hock has been appointed as a member of the SRMC.

Frasers Property said these appointments and changes to its board composition come in line with its plans for board refreshment and renewal.

The group said it will make further announcements on its board transition plans in due course.

Frasers Property prices S$420m green notes due 2027 at 4.49%

FRASERS Property late on Thursday (Sep 8) priced up to S$420 million of its 5-year green notes at 4.49 per cent under its S$5 billion multicurrency debt issuance programme, with an upsize option to increase the offer to a maximum amount of S$650 million in the event of oversubscription.

This comes after the group earlier in the day announced plans to offer up to S$375 million of the green notes due 2027.

The higher initial offer size will comprise a public offering of up to S$300 million to retail investors, as well as a placement of up to S$120 million to institutional investors and others. Each tranche represents 71.4 per cent or 28.6 per cent of the initial offer size of the notes, respectively.

The notes are expected to be redeemed on Sep 16, 2027, unless previously redeemed or purchased and cancelled. Noteholders will receive semi-annual interest payments on Mar 16 and Sep 16 each year starting from Mar 16, 2023.

According to Frasers Property, this green retail note offering represents Singapore&rsquo s first.

It also marks the group&rsquo s second retail bond offering issued by its subsidiary Frasers Property Treasury and guaranteed by the group. Full payment has been made for these retail bonds which matured on May 22 this year.

Based on the initial and maximum offer sizes of the notes, Frasers Property is estimating net proceeds to come in at around S$417.5 million to S$648 million. This will be used by the group to finance or refinance eligible green projects that meet criteria in accordance with the issuer&rsquo s green finance framework.

&ldquo We hope the introduction of this inaugural corporate green retail notes issuance in Singapore will help further fuel interest from both retail and institutional investors in green finance,&rdquo said Loo Choo Leong, group chief financial officer of Frasers Property.

&ldquo Proceeds from this issuance will help us to finance our sustainable property assets,&rdquo he added.

The public offering opens from 9 am on Friday and will close at noon, Sep 14. Retail applications may be made through the ATMs of participating banks DBS (including POSB), OCBC and UOB, through their internet banking websites or the mobile banking interfaces of DBS, POSB and UOB.

The notes are not intended to be sold to retail investors in the European Economic Area, nor in the UK.

DBS, OCBC and UOB are the joint lead managers and bookrunners of the offer, while OCBC has been appointed green finance adviser.

Frasers Property should go private to address its depressed stock

The shares not already owned by its controlling shareholder are worth S$530.2 million at current market price and S$1.28 billion at book value

AFTER taking Frasers Hospitality Trust (FHT) private, Frasers Property (FPL) should perhaps look into organising a privatisation deal for itself.

Much like FHT, the property group has performed poorly and struggled to garner a decent market valuation. Shares in FPL closed at S$1.05 on Friday (Aug 26), which is a 58.5 per cent discount to the group&rsquo s book value as at Mar 31 of S$2.53 per share.

FPL also happens to be 87.1 per cent-owned by corporate entities linked to Charoen Sirivadhanabhakdi. The 504.9 million FPL shares not already owned by his corporate vehicles currently have a market value of less than S$530.2 million.

At FPL&rsquo s book value, these shares would be worth about S$1.28 billion.

To put this in context, the Thai billionaire&rsquo s corporate vehicles injected more than S$1.11 billion into FPL last year in a poorly received rights issue.

As a privately held group, FPL might have more flexibility to reorganise itself and tap debt and equity capital providers to fund its growth ambitions.

Interestingly, FPL said this past week that it had formed Frasers Property Capital (FPC) &ndash a unit that will &ldquo coordinate capital partnerships with like-minded investors keen to take part in the company&rsquo s growth&rdquo .

Real estate investment management veteran Wong Ping has been appointed chief investment officer of FPC. Wong previously held senior positions at CBRE Investment Management and Allianz Real Estate Asia Pacific.

A great deal depends on the attitude of FPL&rsquo s board and controlling shareholders, of course. Yet, the gumption that the board of FHT&rsquo s manager has displayed in addressing the poor market valuation of its stapled securities is something FPL&rsquo s own board should emulate.

FHT&rsquo s privatisation

The way FHT&rsquo s manager tells it, the proposal for the trust to go private arose from a strategic review by its independent directors (IDs) to unlock value for investors &ndash which was announced on Apr 8.

FHT has grown its portfolio over the years through acquisitions and asset enhancement initiatives, and it now owns 14 assets across 9 cities in Asia, Australia and Europe valued at some S$2 billion.

Yet, its net asset value (NAV) and distributions per stapled security (DPS) have been declining. This has been attributed to weak growth in the hospitality sector in markets where FHT operates, as well as the strengthening Singapore dollar.

In the course of the strategic review, FPL had indicated to the IDs of FHT&rsquo s manager that hospitality remained a core business for the group and that FPL was prepared to consider a privatisation of FHT.

On Jun 13, the proposal for FHT to be taken private was announced. Under the deal, a unit of FPL will acquire all of FHT&rsquo s stapled securities other than those already owned by FPL and TCC Group Investments at S$0.70 each &ndash which is equivalent to 1.07 times FHT&rsquo s book value.

Over the 5-year period until Apr 7, FHT had traded at an average discount to NAV of 19 per cent. Over a shorter 3-year period, FHT traded at an even bigger discount to NAV of 25 per cent.

TCC Group Investments holds more than 707.3 million (or 36.7 per cent) of FHT&rsquo s total outstanding 1.9 billion stapled securities. FPL holds almost 497 million (or 25.8 per cent) of FHT&rsquo s stapled securities.

Under the privatisation deal, FPL would be acquiring nearly 721.8 million FHT stapled securities for S$505.3 million.

Holders of FHT&rsquo s stapled securities will vote on the proposed deal on Sep 12.

Waning profitability

The parallels between FPL and FHT are obvious.

FPL has interests in more than S$42 billion of real estate assets at home and abroad, spanning residential developments, commercial buildings and business parks, shopping malls, industrial and logistics assets, and hospitality properties.

Yet, FPL shares have been steadily sliding against the backdrop of waning profitability and reduced dividends.

FPL&rsquo s return on equity (ROE) before fair value changes and exceptional items was just 2 per cent in FY2020, and 4 per cent in FY2021. (FPL has a Sep 30 year end).

FPL generated ROE of 6.1 per cent and 5.5 per cent back in FY2017 and FY2018, respectively,

Dividends of S$0.015 per share and S$0.02 per share were paid for FY2020 and FY2021, respectively. Dividends back in FY2017 and FY2018 came in at S$0.086.

Meanwhile, the group&rsquo s NAV per share has drifted sideways over the past 5 years.

Poorly received rights

With FPL shares trading at a steep discount to NAV, the group has struggled to raise money for growth.

In February 2021, FPL proposed a renounceable 37-for-100 rights issue of nearly 1.1 billion new shares priced at S$1.18 each.

Of the S$1.28 billion that was to have been raised, FPL planned to use S$700 million to expand its portfolio of industrial, logistics and business park assets.

A further S$250 million was earmarked for the establishment of private funds and joint ventures to invest in real estate assets.

The remaining S$330 million was for general corporate purposes and other strategic investments.

Despite the rights shares being priced at a 47.5 per cent discount to FPL&rsquo s NAV per share as at Dec 31, 2020, the take-up was very poor.

Valid acceptances and excess applications were received for only 982.9 million rights shares &ndash or 90.6 per cent of total rights shares available.

This included the 940.2 million rights shares taken up by FPL&rsquo s controlling shareholders TCC Assets and Thai Beverage.

TCC Assets and Thai Beverage hold about 87.1 per cent of FPL&rsquo s shares. Only 12.9 per cent (or some 504.9 million) FPL shares are held by minority investors.

While the formation of FPC to coordinate capital partnerships could negate the need for further equity issues by FPL, it might not address the undervaluation of FPL&rsquo s shares.

Even CapitaLand - which had a formidable asset securitisation platform &ndash once stubbornly traded at a deep discount to its book value.

This was eventually addressed by a major restructuring last year, which saw its property development businesses being taken private by its controlling shareholder while its real estate investment management activities and lodging business remained in the public market under an entity called CapitaLand Investment.

Shares in CapitaLand Investment closed Friday at S$3.77, or a 25.7 premium to its book value as at Jun 30 of S$3.00 per share.

Perhaps the time has come for FPL to take a leaf from FHT and begin negotiating with its controlling shareholders to go private at a fair price.

Frasers Property to preview Sky Eden@Bedok on Aug 27 prices start from S$1.3m

FRASERS Property : TQ5 +0.96% will be previewing its 158-unit residential project Sky Eden@Bedok this weekend from Aug 27, with sales bookings to start from Sep 10.

In a press statement on Thursday (Aug 25), the property developer said indicative prices will start from about S$1.3 million for a 2-bedroom unit at 657 square feet (sq ft), S$1.7 million for a 3-bedroom unit (893 sq ft), and S$2.6 million for a 1,302 sq ft 4-bedroom unit.

Pricing for the project on a per-square-foot (psf) basis starts from S$1,937 psf, according to Frasers Property.

Sky Eden@Bedok marks Bedok Town Centre&rsquo s first residential launch in 10 years. It is scheduled to achieve Temporary Occupation Permit in H1 of 2027.

Lorraine Shiow, acting chief operating officer of Singapore residential at Frasers Property, believes the development will be a &ldquo green focal point in the vicinity&rdquo given its emphasis on biophilic design and green features such as landscaped sky bridges on every level, an environmental deck, and an eco-pond.

Noting that Frasers Property&rsquo s recent developments Parc Greenwich and Seaside Residences have now been fully sold, Shiow also highlighted luxury residential development Riviè re as &ldquo one of the bestselling projects in recent months&rdquo .

&ldquo We look forward to another successful property launch with our wellness-inspired Sky Eden@Bedok, as we continue to build on our strong track record of building quality homes over the years and healthy sales momentum,&rdquo she added.

Beyond its residential component, Sky Eden@Bedok will also offer homebuyers a retail podium comprising 12 shops on the ground floor. Facility highlights include a social clubhouse with a kitchen, dining area and lounge a community farm garden and a co-working space extending to a patio.

All apartments will come fitted with Bosch kitchen provisions as well as Geberit and Hansgrohe sanitary fittings. They will also be equipped with a digital door lock and smart home hub system with optional additional smart home features.

The outside central region (OCR) residence is located within walking distance from Bedok MRT station and bus interchange, and is also within 1 kilometre from Red Swastika School, Yu Neng Primary School, and Temasek Junior College.

Actually I agree with you about analysts. However they provide additional research material. No one says you should buy because there is a Buy recommendation somewhere. On FP matter with regards to debt, I am sharing the company official statements. Not an analysts view. Of course we can always debate about company shenanigans in their statements which is true even with glowing financial metrics (think of all the Chinese companies on SGX that came and went). Then better to do FD and SSB and not bother to buy SGX equities.

finjungle ( Date: 23-Aug-2022 18:51) Posted:

Always be wary of analysts' report. Do they take resposibilities for what they write? Who are thry accountable to?

Loads of DEBTS and interest rates are scaling up!

In this iflationary environment beware of debts!

Be alert and not be blinded by rcommendation

paul1688 ( Date: 23-Aug-2022 18:44) Posted:

Always good to look at all financial metrics and not just one. However, buy FP only if you believe it is undervalued with strong growth stream. If bothered by D-E ratio, then move on to other stocks.

From Company Statements &hellip &hellip .

Our net debt over total equity was 69.6% as at 31 March 2022, down from 73.7% as at 30 September 2021. These numbers reflect positions at specific points in time, but importantly, we have been able to prove, repeatedly, our ability to maintain our net gearing within our comfort zone of between 80% to 100% over time. This is a clear testament to the effectiveness of our active capital management.

Managing our debt maturities profile is also equally important, especially in a rising interest environment. With a high proportion of fixed rate debt at 76.2% as at 31 March 2022, the Group is well-positioned to cope with rising interest rates. Overall, the Group has ample resources to repay or refinance all debts due in FY22, supported by a larger recurring income base, cash and bank deposits of S$3.9 billion and unrecognised revenue of S$2.4 billion.

Always be wary of analysts' report. Do they take resposibilities for what they write? Who are thry accountable to?

Loads of DEBTS and interest rates are scaling up!

In this iflationary environment beware of debts!

Be alert and not be blinded by rcommendation

paul1688 ( Date: 23-Aug-2022 18:44) Posted:

Always good to look at all financial metrics and not just one. However, buy FP only if you believe it is undervalued with strong growth stream. If bothered by D-E ratio, then move on to other stocks.

From Company Statements &hellip &hellip .

Our net debt over total equity was 69.6% as at 31 March 2022, down from 73.7% as at 30 September 2021. These numbers reflect positions at specific points in time, but importantly, we have been able to prove, repeatedly, our ability to maintain our net gearing within our comfort zone of between 80% to 100% over time. This is a clear testament to the effectiveness of our active capital management.

Managing our debt maturities profile is also equally important, especially in a rising interest environment. With a high proportion of fixed rate debt at 76.2% as at 31 March 2022, the Group is well-positioned to cope with rising interest rates. Overall, the Group has ample resources to repay or refinance all debts due in FY22, supported by a larger recurring income base, cash and bank deposits of S$3.9 billion and unrecognised revenue of S$2.4 billion.

Huge debt....

Another forgotten unloved stock. Seemed management is too passive in their market communications. Sharing an uncommon analyst report.

From CGS-CIMB 10 Aug 2022

Frasers Property - Resilient Operations

* In its 9MFY22 business update, Frasers Property reported that its residential portfolio continued to enjoy healthy sales across its geographic footprint, while there was strong leasing demand for its industrial & logistics (I&L) segment in Australia, Europe and Thailand. Meanwhile, its hospitality portfolio benefited from improved resilience and operational efficiency on the back of a recovery in global travel.
* Frasers Property?s unbilled residential revenue in Singapore rose q-o-q to S$0.7bn on higher take-up rate of 65.1% at Riviere and Parc Greenwich (100% sold). With its ongoing projects largely pre-sold, we believe plans for the launch of Sky Eden @ Bedok are underway.
* In Australia, Frasers Property sold 1,296 units and settled 703 units in 9MFY22. Unbilled revenue in Australia remained stable at S$1.3bn as at end-Jun.
* In Thailand, there were 8 new projects launched in 9MFY22 and 3,404 units were sold during this period. As at Sep, Thailand and UK have a total of S$0.3bn unrecognised revenue.
* The industrial & logistics (I&L) portfolio remained robust, with a high occupancy rate of 97.8-100% as at 9MFY22, amid strong leasing activity. Frasers Property is developing 16 new assets totalling 476k sq m in Australia and Europe.
* The hospitality portfolio, particularly in Asia Pacific (ex-North Asia) and Europe enjoyed a 28.4-209.2% surge in RevPAR, led by a recovery in global travel and pick-up in long-stay demand (in Singapore), partly offset by weaker portfolio performance in North Asia.
* Frasers Property?s balance sheet metrics held steady q-o-q in 3Q/9MFY22. Recovery in all segments, except for its Australian commercial portfolio. We leave our FY22-24F estimates for Frasers Property unchanged, and maintain our RNAV at S$2.56 and target price for Frasers Property at S$1.41 (still based on a 45% discount to RNAV).

Disclaimer : Vested. Pls DYODD.

This stock very strange, a lot of good news on it for the past few weeks, but the share price never move at all, trading volume very low.

Actually this stock the public share market float just 11% very little.

I wonder why the director don' t want to privatize this stock?

Frasers Property creates new platform to focus on growing network of capital partners

FRASERS Property has established a new group corporate function, Frasers Property Capital, to team up with capital partners on new projects, in order to pursue investment opportunities while sharing risks with like-minded joint venture partners.

With over 25 years of experience in real estate investment management, Wong Ping has been tapped to lead Frasers Property Capital as chief investment officer. Prior to joining Frasers in July, she held senior leadership positions with CBRE Investment Management, and Allianz Real Estate Asia Pacific. Wong reports to Frasers&rsquo group chief corporate officer, Chia Khong Shoong.

In an interview with The Business Times, Chia said: &ldquo Real estate is a capital intensive industry. Increasingly, projects seem to get larger and larger in the different markets that we operate in. It does make sense to share some of the risk with capital partners who have similar long-term aspirations and strategic objectives as us.&rdquo

Potential partners could include sovereign wealth funds, institutional investors, pension funds and insurers.

Frasers Property Capital, which provides an opportunity for the group to diversify funding sources, will also better position the group to navigate headwinds in the current environment, he added.

Chia highlighted that Frasers has grown its business in a very deliberate manner over the last eight years, with a focus on building strong platforms in the markets it operates in. &ldquo We&rsquo ve reached a stage where these platforms can add value in significant ways by working for third party capital as well,&rdquo he added, pointing out that partners could leverage on Frasers&rsquo exposure to various asset classes as well as its on-the-ground market knowledge and capabilities in its different markets.

Similarly, Frasers Property Capital&rsquo s growth will also be carried out in a deliberate fashion. &ldquo Growth will be opportunity led,&rdquo he went on to say. &ldquo The key for us is bringing in the right partners for the right opportunity. It&rsquo s not about growing assets under management (AUM) for the sake of AUM.&rdquo

According to Chia, Frasers Property Capital will continue to focus on core asset classes as well as its existing markets. Frasers&rsquo business units operate across five asset classes - residential, retail, commercial & business parks, industrial & logistics as well as hospitality - with a footprint in Southeast Asia, Australia, Europe and China. As at Mar 31, 2022, Frasers had S$40.7 billion worth of assets across its portfolio.

And while Frasers has teamed up with capital partners in the past, Frasers Property Capital will enable more co-ordinated conversations to take place and bring the right partners to the table, Chia reckons. In January this year, for instance, Frasers&rsquo Australian unit tied up with diversified group Mitsui Fudosan on MAC Residences, a 269-unit development in Sydney.

Chief investment officer, Wong, said: &ldquo The group has earned its reputation by purposefully growing its business, where we have accumulated local and sector knowledge with the support of our tenants and customers. This approach is complementary to how we intend to scale and align sustainably with our partners.&rdquo