# Frasers Centrepoint Trust (FRZCF.US)

Canonical: https://gigainvestors.com/s/FRZCF

Analysis as of: 2026-10-16T07:33:38.151Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.73 per share; close as of 2026-10-14.

Estimated value: low $0.89 per share, central $1.01 per share, high $1.16 per share. Buy at or below the central value $1.01 per share. Valuation as of 2026-10-16T07:33:38.151Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2019: 1.23×

- FY2020: 1.11×

- FY2021: 0.67×

- FY2022: 0.70×

- FY2023: 0.74×

- FY2024: 0.61×

- FY2025: 0.60×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.4%

- ROIC, second-lowest year: 3.5%

- Typical minus recent gross margin: 2.1 pp

- Typical gross margin (annual median): 63.0%

- Recent gross margin (lower of latest and 3-year median): 61.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 3.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 6.9%

- FY2020: 4.9%

- FY2021: 3.9%

- FY2022: 4.4%

- FY2023: 4.5%

- FY2024: 3.5%

- FY2025: 3.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 924M

- Net income, five-year total: SGD 986M

- Return on incremental invested capital: -10.3%

- Working capital / revenue, annual change: 0.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 0.97×

- FY2023: 0.96×

- FY2024: 0.79×

- FY2025: 1.00×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.9% vs 3.5%

- Per-share earnings: 0.14 to 0.11 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 11.4%

- Diluted shares, 5-year annual growth: 11.4%

- Per-share value growth: -5.0%

- Per-share value change: SGD -0.03

- Per-share value, starting three-year median: SGD 0.14

- Per-share value, ending three-year median: SGD 0.11

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 4.9%

- ROIC, last three-year median: 3.5%

Chart: Earnings per share; fiscal year observations.

- FY2019: SGD 0.21

- FY2020: SGD 0.14

- FY2021: SGD 0.10

- FY2022: SGD 0.12

- FY2023: SGD 0.12

- FY2024: SGD 0.11

- FY2025: SGD 0.10

### accounting: pass

- Sloan accruals: -0.5%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.19×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 2.1%

- FY2020: 1.9%

- FY2021: -0.5%

- FY2022: -0.4%

- FY2023: -0.5%

- FY2024: -0.3%

- FY2025: -0.5%

## Holders

## Price story

Down 21% since Sep 2024 · sales +11.1%

Story as of 2026-10-16T09:59:56.238Z; price observation 2026-10-14.

Price needs cash profits to grow 8% a year for ten years

### Sales · FY2024–2025

sales +11.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: SGD 196M 

- FY2020: SGD 164M 

- FY2021: SGD 341M 

- FY2022: SGD 357M 

- FY2023: SGD 370M 

- FY2024: SGD 352M 

- FY2025: SGD 391M 

### Gross margin · FY2025

gross margin 61%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 70.9% 

- FY2020: 67.5% 

- FY2021: 72.3% 

- FY2022: 63.0% 

- FY2023: 62.0% 

- FY2024: 61.2% 

- FY2025: 61.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are SGD 390.8 million.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2025-09-30 (filed 2026-10-16T07:33:38.151Z); FY2025: revenue 390778000; grossProfit 238344000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRZCF.US: Frasers Centrepoint Trust is a leading developer-sponsored retail real estate investment trust and one of the largest suburban retail mall owners in Singapore. With assets under management of approximately S6.5 billion dollars. FCT's property portfolio comprises nine retail malls and an office building located in the suburban regions of Singapore, near homes and within minutes to transportation amenities. The retail portfolio has approximately 2.9 million square feet of net lettable area with over 1,600 leases with a strong focus on providing for necessity spending, food & beverage and essential services. The portfolio comprises Causeway Point, Century Square, Hougang Mall, NEX (25.5% effective interest), Northpoint North Wing (including Yishun 10 Retail Podium), Tampines 1, Tiong Bahru Plaza, Waterway Point (50.0% interest), White Sands and an office property (Central Plaza). FCT's malls enjoy stable and recurring shopper footfalls supported by commuter traffic and residential population in the catchment areas. FCT is an index constituent of several benchmark indices including the FTSE EPRA/NAREIT Global Real Estate Index Series (Global Developed Index), the Straits Times Index, FTSE ST Real Estate Investment Trust Index, MSCI Singapore Small Cap Index and SGX iEdge S-REIT Leaders Index. Listed on the Main Board of the Singapore Exchange Securities Trading Limited since 5 July 2006, FCT is managed by Frasers Centrepoint Asset Management Ltd. (FCAM), a real estate management company and a wholly owned subsidiary of Frasers Property Limited. Frasers Centrepoint Trust was established on June 05, 2006 and incorporated in Singapore.

### Why customers stay

Margins ranged from 61% to 62% during 2023–25; it earns 4.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2023-09-30 (filed 2026-10-16T07:33:38.151Z); FY2023: grossProfit / revenue = 62%.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2024-09-30 (filed 2026-10-16T07:33:38.151Z); FY2024: grossProfit / revenue = 61.2%.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2025-09-30 (filed 2026-10-16T07:33:38.151Z); FY2025: grossProfit / revenue = 61%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.151Z); 7-year return on capital observations [[2019,0.06930806639523876],[2020,0.048588817047997404],[2021,0.039248046262115394],[2022,0.04371327386603785],[2023,0.04459724886229811],[2024,0.034647051902580724],[2025,0.03242803877063758]]; median 0.04371327386603785. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2019-09-30 (filed 2026-10-16T07:33:38.151Z); FY2019: growth capex 0; upkeep 5019000; owner earnings 201031000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2020-09-30 (filed 2026-10-16T07:33:38.151Z); FY2020: growth capex 0; upkeep 11107000; owner earnings 140625000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2021-09-30 (filed 2026-10-16T07:33:38.151Z); FY2021: growth capex 137819.25021890923; upkeep 5688180.749781091; owner earnings 163002819.2502189. Growth capex / owner earnings = 0.0008455022486902426.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2022-09-30 (filed 2026-10-16T07:33:38.151Z); FY2022: growth capex 10621.056223684922; upkeep 5890378.943776315; cash acquisitions 0; owner earnings 201437621.0562237. Growth capex plus acquisitions / owner earnings = 0.00005272627907336364.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2023-09-30 (filed 2026-10-16T07:33:38.151Z); FY2023: growth capex 7219.213008604944; upkeep 8324780.786991395; cash acquisitions 399975000; owner earnings 203672219.2130086. Growth capex plus acquisitions / owner earnings = 1.9638526096418238.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2024-09-30 (filed 2026-10-16T07:33:38.151Z); FY2024: growth capex 0; upkeep 41651000; cash acquisitions 279408000; owner earnings 155924000. Growth capex plus acquisitions / owner earnings = 1.7919499243221055.

- Source: https://eodhd.com/api/fundamentals/FRZCF.US.json#2025-09-30 (filed 2026-10-16T07:33:38.151Z); FY2025: growth capex 0; upkeep 0; cash acquisitions 329487000; owner earnings 200175040. Growth capex plus acquisitions / owner earnings = 1.645994425678646.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.151Z); Dividend observations: [[2019,113650000],[2020,84755000],[2021,150043000],[2022,207979000],[2023,208456000],[2024,207971000],[2025,222000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRZCF.US SharesStats.PercentInsiders = 38.067 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.151Z); Ten-year compound average after fade. Initial solved rate 0.10169470039111828. Price 1.73; FX 0.7802; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

## Monthly share-price history (USD per share)

- 2016-10: $1.30 per share

- 2016-11: $1.49 per share

- 2016-12: $1.49 per share

- 2017-01: $1.49 per share

- 2017-02: $1.38 per share

- 2017-03: $1.38 per share

- 2017-04: $1.38 per share

- 2017-05: $1.38 per share

- 2017-06: $1.38 per share

- 2017-07: $1.38 per share

- 2017-08: $1.38 per share

- 2017-09: $1.38 per share

- 2017-10: $1.38 per share

- 2017-11: $1.62 per share

- 2017-12: $1.69 per share

- 2018-01: $1.69 per share

- 2018-02: $1.66 per share

- 2018-03: $1.67 per share

- 2018-04: $1.67 per share

- 2018-05: $1.67 per share

- 2018-06: $1.62 per share

- 2018-07: $1.68 per share

- 2018-08: $1.70 per share

- 2018-09: $1.70 per share

- 2018-10: $1.62 per share

- 2018-11: $1.62 per share

- 2018-12: $1.62 per share

- 2019-01: $1.62 per share

- 2019-02: $1.62 per share

- 2019-03: $1.75 per share

- 2019-04: $1.75 per share

- 2019-05: $1.75 per share

- 2019-06: $1.79 per share

- 2019-07: $1.89 per share

- 2019-08: $1.89 per share

- 2019-09: $1.89 per share

- 2019-10: $1.89 per share

- 2019-11: $1.89 per share

- 2019-12: $1.89 per share

- 2020-01: $1.89 per share

- 2020-02: $1.89 per share

- 2020-03: $1.89 per share

- 2020-04: $1.40 per share

- 2020-05: $1.42 per share

- 2020-06: $1.42 per share

- 2020-07: $1.42 per share

- 2020-08: $1.42 per share

- 2020-09: $1.42 per share

- 2020-10: $1.76 per share

- 2020-11: $1.69 per share

- 2020-12: $1.77 per share

- 2021-01: $1.77 per share

- 2021-02: $1.91 per share

- 2021-03: $1.75 per share

- 2021-04: $1.75 per share

- 2021-05: $1.75 per share

- 2021-06: $1.75 per share

- 2021-07: $1.75 per share

- 2021-08: $1.75 per share

- 2021-09: $1.75 per share

- 2021-10: $1.75 per share

- 2021-11: $1.77 per share

- 2021-12: $1.77 per share

- 2022-01: $1.67 per share

- 2022-02: $1.67 per share

- 2022-03: $1.67 per share

- 2022-04: $1.67 per share

- 2022-05: $1.82 per share

- 2022-06: $1.82 per share

- 2022-07: $1.82 per share

- 2022-08: $1.82 per share

- 2022-09: $1.82 per share

- 2022-10: $1.40 per share

- 2022-11: $1.49 per share

- 2022-12: $1.49 per share

- 2023-01: $1.47 per share

- 2023-02: $1.66 per share

- 2023-03: $1.76 per share

- 2023-04: $1.65 per share

- 2023-05: $1.64 per share

- 2023-06: $1.58 per share

- 2023-07: $1.75 per share

- 2023-08: $1.63 per share

- 2023-09: $1.66 per share

- 2023-10: $1.43 per share

- 2023-11: $1.70 per share

- 2023-12: $1.74 per share

- 2024-01: $1.77 per share

- 2024-02: $1.54 per share

- 2024-03: $1.55 per share

- 2024-04: $1.56 per share

- 2024-05: $1.65 per share

- 2024-06: $1.53 per share

- 2024-07: $1.69 per share

- 2024-08: $2.15 per share

- 2024-09: $2.20 per share

- 2024-10: $1.90 per share

- 2024-11: $1.97 per share

- 2024-12: $1.57 per share

- 2025-01: $1.58 per share

- 2025-02: $1.58 per share

- 2025-03: $1.64 per share

- 2025-04: $1.50 per share

- 2025-05: $1.85 per share

- 2025-06: $1.76 per share

- 2025-07: $1.71 per share

- 2025-08: $1.76 per share

- 2025-09: $1.81 per share

- 2025-10: $1.58 per share

- 2025-11: $1.73 per share

- 2025-12: $1.73 per share

- 2026-01: $1.73 per share

- 2026-02: $1.73 per share

- 2026-03: $1.73 per share

- 2026-04: $1.73 per share

- 2026-05: $1.73 per share

- 2026-06: $1.73 per share

- 2026-07: $1.73 per share

- 2026-08: $1.73 per share

- 2026-09: $1.73 per share

- 2026-10: $1.73 per share

## Annual estimated value (USD per share)

- FY2023: low $1.05 per share, central $1.19 per share, high $1.38 per share

- FY2024: low $0.93 per share, central $1.06 per share, high $1.23 per share

- FY2025: low $0.93 per share, central $1.05 per share, high $1.21 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.