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Frasers Commercial Trust

MUN:V6JN
Snowflake Description

Undervalued with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
V6JN
MUN
SGD1B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Group”), is a multi-national company that develops, owns and manages a diverse, integrated portfolio of properties. The last earnings update was 76 days ago. More info.


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V6JN Share Price and Events
7 Day Returns
0%
MUN:V6JN
7.4%
DE REITs
9.9%
DE Market
1 Year Returns
16.6%
MUN:V6JN
1.7%
DE REITs
-17.5%
DE Market
V6JN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Frasers Commercial Trust (V6JN) 0% 16.6% 16.6% 16.6% 18.2% 1.6%
DE REITs 7.4% -19.6% -13.5% 1.7% -14.4% -22.4%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • V6JN outperformed the REITs industry which returned 1.7% over the past year.
  • V6JN outperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
V6JN
Industry
5yr Volatility vs Market

Value

 Is Frasers Commercial Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Frasers Commercial Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Frasers Commercial Trust.

MUN:V6JN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 4%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for MUN:V6JN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 5.4%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.46
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.461 (1 + (1- 17%) (61.76%))
0.797
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 5.44%)
3.96%

Discounted Cash Flow Calculation for MUN:V6JN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Frasers Commercial Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

MUN:V6JN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 3.96%)
2020 80.60 Analyst x2 77.53
2021 94.30 Analyst x2 87.25
2022 101.90 Analyst x1 90.69
2023 106.87 Est @ 4.88% 91.48
2024 110.39 Est @ 3.3% 90.90
2025 112.81 Est @ 2.19% 89.35
2026 114.40 Est @ 1.42% 87.16
2027 115.40 Est @ 0.87% 84.57
2028 115.98 Est @ 0.49% 81.75
2029 116.24 Est @ 0.23% 78.82
Present value of next 10 years cash flows SGD859.00
MUN:V6JN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= SGD116.24 × (1 + -0.39%) ÷ (3.96% – -0.39%)
SGD2,660.58
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD2,660.58 ÷ (1 + 3.96%)10
SGD1,803.97
MUN:V6JN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD859.00 + SGD1,803.97
SGD2,662.97
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,662.97 / 916.62
SGD2.46
MUN:V6JN Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in MUN:V6JN represents 0.84746x of SGX:ND8U
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.84746x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 2.46 x 0.84746
€2.09
Value per share (EUR) From above. €2.09
Current discount Discount to share price of €1.00
= -1 x (€1.00 - €2.09) / €2.09
52.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Frasers Commercial Trust is available for.
Intrinsic value
>50%
Share price is €1 vs Future cash flow value of €2.09
Current Discount Checks
For Frasers Commercial Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Frasers Commercial Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Frasers Commercial Trust's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Frasers Commercial Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Frasers Commercial Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
MUN:V6JN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in SGD SGD0.16
SGX:ND8U Share Price ** SGX (2020-03-31) in SGD SGD1.18
Germany REITs Industry PE Ratio Median Figure of 6 Publicly-Listed REITs Companies 7.58x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Frasers Commercial Trust.

MUN:V6JN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:ND8U Share Price ÷ EPS (both in SGD)

= 1.18 ÷ 0.16

7.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Frasers Commercial Trust is good value based on earnings compared to the DE REITs industry average.
  • Frasers Commercial Trust is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Frasers Commercial Trust's expected growth come at a high price?
Raw Data
MUN:V6JN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.17x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-1.6%per year
Germany REITs Industry PEG Ratio Median Figure of 5 Publicly-Listed REITs Companies 1.85x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

MUN:V6JN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.17x ÷ -1.6%

-4.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Frasers Commercial Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Frasers Commercial Trust's assets?
Raw Data
MUN:V6JN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in SGD SGD1.64
SGX:ND8U Share Price * SGX (2020-03-31) in SGD SGD1.18
Germany REITs Industry PB Ratio Median Figure of 6 Publicly-Listed REITs Companies 1.29x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
MUN:V6JN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:ND8U Share Price ÷ Book Value per Share (both in SGD)

= 1.18 ÷ 1.64

0.72x

* Primary Listing of Frasers Commercial Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Frasers Commercial Trust is good value based on assets compared to the DE REITs industry average.
X
Value checks
We assess Frasers Commercial Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Frasers Commercial Trust has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Frasers Commercial Trust expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Frasers Commercial Trust expected to grow at an attractive rate?
  • Frasers Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Frasers Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Frasers Commercial Trust's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
MUN:V6JN Future Growth Rates Data Sources
Data Point Source Value (per year)
MUN:V6JN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -1.6%
MUN:V6JN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 6.7%
Germany REITs Industry Earnings Growth Rate Market Cap Weighted Average -10.2%
Germany REITs Industry Revenue Growth Rate Market Cap Weighted Average 8.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
MUN:V6JN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
MUN:V6JN Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-09-30 169 108 89 4
2021-09-30 163 96 82 5
2020-09-30 150 85 65 6
2020-03-31
MUN:V6JN Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-12-31 140 69 149
2019-09-30 133 67 148
2019-06-30 132 78 146
2019-03-31 134 72 145
2018-12-31 137 83 143
2018-09-30 139 84 142
2018-06-30 142 83 92
2018-03-31 146 99 98
2017-12-31 152 87 106
2017-09-30 157 97 111
2017-06-30 158 101 74
2017-03-31 158 92 73

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Frasers Commercial Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Frasers Commercial Trust's revenue is expected to grow by 6.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
MUN:V6JN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Frasers Commercial Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MUN:V6JN Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-09-30 0.10 0.12 0.09 3.00
2021-09-30 0.09 0.10 0.08 4.00
2020-09-30 0.07 0.08 0.06 3.00
2020-03-31
MUN:V6JN Past Financials Data
Date (Data in SGD Millions) EPS *
2019-12-31 0.16
2019-09-30 0.16
2019-06-30 0.16
2019-03-31 0.16
2018-12-31 0.16
2018-09-30 0.17
2018-06-30 0.11
2018-03-31 0.12
2017-12-31 0.13
2017-09-30 0.14
2017-06-30 0.09
2017-03-31 0.09

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Frasers Commercial Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Frasers Commercial Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Frasers Commercial Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Frasers Commercial Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Frasers Commercial Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Frasers Commercial Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Frasers Commercial Trust's 1-year earnings growth is less than its 5-year average (4.6% vs 14.7%)
  • Frasers Commercial Trust's earnings growth has not exceeded the DE REITs industry average in the past year (4.6% vs 35.5%).
Earnings and Revenue History
Frasers Commercial Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Frasers Commercial Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

MUN:V6JN Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 139.54 149.07 16.60
2019-09-30 132.94 148.25 15.94
2019-06-30 132.09 145.91 16.25
2019-03-31 134.24 144.86 16.26
2018-12-31 136.60 142.57 15.91
2018-09-30 138.80 141.72 15.85
2018-06-30 142.09 92.15 15.64
2018-03-31 146.31 98.02 15.41
2017-12-31 152.19 105.91 15.52
2017-09-30 156.55 111.44 15.45
2017-06-30 157.58 73.51 15.35
2017-03-31 157.80 73.46 15.34
2016-12-31 156.55 72.28 15.25
2016-09-30 156.50 71.24 15.30
2016-06-30 154.39 83.37 14.80
2016-03-31 150.53 81.07 14.83
2015-12-31 146.35 77.53 14.81
2015-09-30 142.19 75.20 14.78
2015-06-30 136.80 93.07 13.67
2015-03-31 131.74 92.17 13.69
2014-12-31 125.53 90.28 13.79
2014-09-30 118.84 87.20 13.85
2014-06-30 115.82 143.51 13.71
2014-03-31 116.17 145.20 14.10
2013-12-31 117.27 142.61 14.17
2013-09-30 118.20 154.34 14.25
2013-06-30 124.97 182.24 15.69

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Frasers Commercial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Frasers Commercial Trust used its assets more efficiently than the DE REITs industry average last year based on Return on Assets.
  • Frasers Commercial Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Frasers Commercial Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Frasers Commercial Trust has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Frasers Commercial Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Frasers Commercial Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Frasers Commercial Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Frasers Commercial Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Frasers Commercial Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Frasers Commercial Trust Company Filings, last reported 3 months ago.

MUN:V6JN Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,497.97 668.06 16.26
2019-09-30 1,481.49 651.85 21.53
2019-06-30 1,398.44 631.18 26.67
2019-03-31 1,412.60 626.23 23.97
2018-12-31 1,418.67 608.92 20.66
2018-09-30 1,430.83 614.18 31.59
2018-06-30 1,349.80 811.68 43.88
2018-03-31 1,352.97 797.48 37.76
2017-12-31 1,274.89 742.46 44.88
2017-09-30 1,289.35 750.85 74.61
2017-06-30 1,240.02 744.89 72.36
2017-03-31 1,248.90 748.73 58.48
2016-12-31 1,234.43 742.62 70.70
2016-09-30 1,228.42 749.48 71.49
2016-06-30 1,206.81 739.38 64.03
2016-03-31 1,222.06 742.51 59.90
2015-12-31 1,221.03 736.26 64.44
2015-09-30 1,206.87 734.34 69.87
2015-06-30 1,068.00 682.47 53.11
2015-03-31 1,072.60 685.85 48.70
2014-12-31 1,076.89 686.60 47.92
2014-09-30 1,091.40 693.27 47.76
2014-06-30 1,066.15 700.33 30.29
2014-03-31 1,052.35 695.73 36.89
2013-12-31 1,044.12 692.86 35.49
2013-09-30 1,061.39 702.89 43.17
2013-06-30 981.71 706.54 51.30
  • Frasers Commercial Trust's level of debt (44.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (63.8% vs 44.6% today).
  • Debt is not well covered by operating cash flow (10.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.2x coverage).
X
Financial health checks
We assess Frasers Commercial Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Frasers Commercial Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Frasers Commercial Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
8.14%
Current annual income from Frasers Commercial Trust dividends. Estimated to be 8.48% next year.
If you bought €2,000 of Frasers Commercial Trust shares you are expected to receive €163 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Frasers Commercial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Frasers Commercial Trust's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
MUN:V6JN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Germany REITs Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

MUN:V6JN Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2022-09-30 0.10 4.00
2021-09-30 0.10 6.00
2020-09-30 0.10 6.00
2020-03-31
MUN:V6JN Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2020-01-15 0.096 6.447
2019-12-02 0.096 5.796
2019-10-21 0.096 5.901
2019-07-22 0.096 5.904
2019-01-18 0.096 6.349
2018-12-19 0.096 6.896
2018-10-18 0.096 6.928
2017-12-21 0.098 6.914
2017-10-20 0.098 6.887
2016-12-20 0.098 7.325
2016-10-20 0.098 7.541
2015-12-16 0.097 7.512
2015-10-23 0.097 7.324
2014-12-26 0.085 5.863
2014-10-20 0.085 5.947
2013-11-12 0.078 5.991
2013-10-23 0.078 6.080
2013-07-24 0.087 7.031
2013-04-29 0.080 5.552
2013-01-25 0.063 4.590
2012-10-25 0.069 5.453
2012-07-25 0.065 5.684
2012-04-19 0.065 6.721
2011-12-27 0.058 7.146
2011-10-24 0.058 7.518
2011-04-21 0.034 4.208
2011-01-03 0.056 6.814
2010-10-22 0.056 6.883
2010-01-05 0.038 5.090
2009-10-23 0.038 5.260
2009-04-20 0.318 34.196

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Frasers Commercial Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Frasers Commercial Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Frasers Commercial Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Frasers Commercial Trust has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Frasers Commercial Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jack Lam Lam
AGE 50
TENURE AS CEO 3.2 years
CEO Bio

Mr. Jack Ngai Lam, also known as Jack Lam, serves as a Chief Executive Officer at Frasers Commercial Asset Management Ltd., the Manager of Frasers Commercial Trust since January 1, 2017. Mr. Lam served as a Deputy Chief Executive Officer and Head of Investments of Frasers Centrepoint Asset Management Ltd., Manager of Frasers Centrepoint Trust. He was responsible for various research initiatives that provide key market information and performance benchmarks for the management of CMT and its property portfolio. His work covers the realms of the general economy, financial market, real estate market and retail industry and he implements shopper surveys, focus group discussions and other consumer research for the malls. Mr. Lam served as a Research Manager of CapitaMall Trust Management Limited, External Manager of Capitamall Trust. He served with the Singapore office of property consultants, Cushman & Wakefield and also served as Head of Advisory Services. Mr. Lam holds a Master of Business Administration degree in Finance (with distinction) from the University of Leeds and a Bachelor of Engineering (Civil) degree from the National University of Singapore.

CEO Compensation
  • Insufficient data for Jack Lam to compare compensation growth.
  • Insufficient data for Jack Lam to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Frasers Commercial Trust management team in years:

2.9
Average Tenure
41
Average Age
  • The tenure for the Frasers Commercial Trust management team is about average.
Management Team

Jack Lam Lam

TITLE
Chief Executive Officer of Frasers Commercial Asset Management Ltd
AGE
50
TENURE
3.2 yrs

Tricia Yeo

TITLE
Chief Financial Officer of Frasers Commercial Asset Management Ltd
AGE
41
TENURE
2.6 yrs

Soon Yean Wong

TITLE
Senior VP & Head of Investment of Frasers Commercial Asset Management Ltd

Mei Ling Wang

TITLE
VP & Head of Investor Relations - Frasers Commercial Asset Management Ltd

Vincent Lee

TITLE
Senior Vice President of Asset Management - Frasers Commercial Asset Management Limited
TENURE
1.4 yrs

Chiu Chew

TITLE
Financial Controller of Frasers Centrepoint Asset Management (Commercial) Ltd
AGE
41

Catherine Yeo

TITLE
Company Secretary of Frasers Commercial Asset Management Ltd
TENURE
3.4 yrs
Board of Directors Tenure

Average tenure and age of the Frasers Commercial Trust board of directors in years:

6.7
Average Tenure
56
Average Age
  • The tenure for the Frasers Commercial Trust board of directors is about average.
Board of Directors

Bobby Chin

TITLE
Independent Chairman of the Board of Frasers Commercial Asset Management Ltd
AGE
68
TENURE
2.3 yrs

Tou Chen Chang

TITLE
Independent Non Executive Director of Frasers Commercial Asset Management Ltd
AGE
50
TENURE
3 yrs

Margaret Jane Soh

TITLE
Non-Executive Independent Director of Frasers Commercial Asset Management Ltd
AGE
62
TENURE
0.7 yrs

Khong Shoong Chia

TITLE
Non-Executive & Non Independent Director of Frasers Commercial Asset Management Ltd
AGE
47
TENURE
10.4 yrs

Christopher Tang

TITLE
Non-Executive & Non-Independent Director of Frasers Commercial Asset Management Ltd
AGE
58
TENURE
11.6 yrs

Chee Wah Low

TITLE
Non-Executive Director of Frasers Commercial Asset Management Ltd
AGE
54
TENURE
11.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
24. Mar 20 Sell Merrill Lynch & Co. Inc., Banking Investments Company 23. Mar 20 23. Mar 20 -3,700 €0.61 €-2,261
24. Feb 20 Sell Merrill Lynch & Co. Inc., Banking Investments Company 21. Feb 20 21. Feb 20 -5,900 €1.13 €-6,649
20. Jan 20 Sell Merrill Lynch & Co. Inc., Banking Investments Company 17. Jan 20 17. Jan 20 -14,000 €1.12 €-15,734
16. Jan 20 Sell Merrill Lynch & Co. Inc., Banking Investments Company 15. Jan 20 15. Jan 20 -103,900 €1.09 €-113,469
15. Jan 20 Sell Merrill Lynch & Co. Inc., Banking Investments Company 14. Jan 20 14. Jan 20 -25,500 €1.09 €-27,909
14. Jan 20 Sell Merrill Lynch & Co. Inc., Banking Investments Company 13. Jan 20 13. Jan 20 -36,300 €1.10 €-39,686
14. Jan 20 Buy Merrill Lynch & Co. Inc., Banking Investments Company 13. Jan 20 13. Jan 20 626,100 €1.09 €684,424
13. Jan 20 Sell Merrill Lynch & Co. Inc., Banking Investments Company 10. Jan 20 10. Jan 20 -83,200 €1.10 €-91,143
08. Jan 20 Buy Merrill Lynch & Co. Inc., Banking Investments Company 07. Jan 20 07. Jan 20 114,500 €1.10 €126,318
X
Management checks
We assess Frasers Commercial Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Frasers Commercial Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Group”), is a multi-national company that develops, owns and manages a diverse, integrated portfolio of properties. Listed on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and headquartered in Singapore, the Group has total assets of approximately S$37.6 billion as at 30 September 2019. Frasers Property's assets range from residential, retail, commercial & business parks, to logistics & industrial in Southeast Asia, Australia, Europe and China. Its well-established hospitality business owns and/or operates serviced apartments and hotels in over 70 cities across Asia, Australia, Europe, the Middle East and Africa. The Group is unified by its commitment to deliver enriching and memorable experiences to customers and stakeholders, leveraging its knowledge and capabilities from across markets and property sectors, to deliver value in its multiple asset classes. Frasers Property is also the sponsor of three real estate investment trusts and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust, Frasers Commercial Trust, and Frasers Logistics & Industrial Trust are focused on retail, commercial & business parks, and logistics & industrial properties respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties. In addition, Frasers Property Thailand is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on logistics and industrial properties in Thailand and is listed on the Stock Exchange of Thailand.

Details
Name: Frasers Commercial Trust
V6JN
Exchange: MUN
Founded: 2005
SGD688,286,691
916,622,020
Website: http://www.fraserscommercialtrust.com
Address: Frasers Commercial Trust
438 Alexandra Road,
No. 21-00 Alexandra Point,
Singapore,
119958,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX ND8U Ordinary Units Singapore Exchange SG SGD 30. Mar 2006
OTCPK FRSC.F Ordinary Units Pink Sheets LLC US USD 30. Mar 2006
MUN V6JN Ordinary Units Boerse Muenchen DE EUR 30. Mar 2006
Number of employees
Current staff
Staff numbers
0
Frasers Commercial Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 21:03
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/19
Last earnings filing: 2020/01/15
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.