Frasers Centrepoint Trust (J69U) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Frasers Centrepoint Trust S$1.31, price S$2.07, upside -36.7%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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.
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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.
Stock analysis
Frasers Centrepoint Trust (J69U) currently trades at 2.07 SGD, while our model-based Fair Value estimate is 1.31 SGD, 36.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 1.53 SGD per share, and 0 of the 14 models we run sit above the 2.07 SGD price.
Bear case: the Growth DCF group reads lowest at 0.6600 SGD, and 14 of the 14 models stay below the price. Evidence for this calculation is high.
Scenario range: 0.7400 SGD (bear) to 2.29 SGD (bull), the price of 2.07 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Frasers Centrepoint Trust reported revenue of 352M SGD in FY2024 versus 164M SGD in FY2020, a compound +20.9%/yr. Reported net income was 198M SGD in FY2024, compounding +6.8%/yr from FY2020.
Key figures
Market cap 4.2B SGD (≈ $3.3B) · P/E ratio 18.8 · P/S ratio 10.6 · EPS (TTM) 0.1100 SGD · Dividend yield 5.8% · Net margin 56.2% · Return on equity 5.1% · Return on assets (EBIT) 3.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at −37%, J69U screens richer than that median.
Fair Value models
Bear 0.7400 SGDFair Value 1.31 SGDBull 2.29 SGD
Price 2.07 SGD · Upside -36.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.4%
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−3.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.4%
Dividend (yield on the price)5.8%
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.43% → 61%
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +12.5% a year for the price and +4.0% for the forecasts.
Compare Frasers Centrepoint Trust with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 92 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score54 · Below median
Fair Value upside−36.7% · Below median
Profitability
Return on equity (TTM)5.1% · Below median
Return on assets2.9% · Below median
Net margin (TTM)45.6% · Above median
Operating margin (TTM)66.5% · Above median
Growth and dividend
Revenue growth21.9% · Top 25%
Dividend yield (TTM)5.8% · Below median
Balance sheet
Debt / equity0.41× · Lowest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
P/E (TTM)18.8× · Pricier than median
P/B1.00× · Pricier than median
P/S (TTM)8.38× · Priciest 25%
P/FCF24.0× · Priciest 25%
EV/EBITDA17.8× · Priciest 25%
PEG3.57× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)100· sector 25
PAST (return on equity)20· sector 32
HEALTH (low debt)79· sector 69
DIVIDEND (yield)100· sector 100
VALUE 0: the price sits above our fair-value range.
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Is Frasers Centrepoint Trust (J69U) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of 1.31 SGD versus a price of 2.07 SGD, about −37% upside (overvalued).
What is the fair value of J69U?
Our model-based fair value for Frasers Centrepoint Trust is 1.31 SGD (as of Oct 1, 2026), built from audited fundamentals. The current price: 2.07 SGD.
What is the quality score of J69U?
Frasers Centrepoint Trust has a Quality Score of 54/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Frasers Centrepoint Trust (J69U)?
Our model-based price target is the fair value of 1.31 SGD (as of Oct 1, 2026) from 14 valuation models. Cautious scenario 0.7400 SGD, optimistic scenario 2.29 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Frasers Centrepoint Trust stock forecast for 2026?
Our models put fair value at 1.31 SGD, about −37% upside versus a price of 2.07 SGD (overvalued). Cautious scenario 0.7400 SGD, optimistic scenario 2.29 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Frasers Centrepoint Trust (J69U)?
Frasers Centrepoint Trust reported trailing-twelve-month revenue of about 499M SGD (latest available figure, as of Oct 1, 2026).
Does Frasers Centrepoint Trust pay a dividend?
Frasers Centrepoint Trust currently shows a dividend yield of about 5.84% relative to its recent price (as of Oct 1, 2026).
What growth is priced into Frasers Centrepoint Trust (J69U)?
For today's price to be fair in a discounted-cash-flow model, Frasers Centrepoint Trust would have to grow free cash flow by +14.7 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.4 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of J69U use?
Our models discount Frasers Centrepoint Trust at 8.3 %: a base by market capitalisation (mid), damped by beta 0.35, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Frasers Centrepoint Trust that is +14.7 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Frasers Centrepoint Trust (J69U) delivered so far?
Over the past 5 years revenue at Frasers Centrepoint Trust grew +12.4 % a year. The price currently implies +14.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Frasers Centrepoint Trust (J69U) growing?
The median revenue growth in the sector is +2.2 % a year. That is the yardstick for the growth priced into Frasers Centrepoint Trust (+14.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Frasers Centrepoint Trust (J69U)?
The free-cash-flow yield on the price is 4.64 %: that much free cash flow Frasers Centrepoint Trust produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Frasers Centrepoint Trust (J69U)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Frasers Centrepoint Trust it is 1.31 SGD per share (as of Oct 1, 2026), against a price of 2.07 SGD. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Frasers Centrepoint Trust stock overvalued or undervalued in 2026?
As of Oct 1, 2026, J69U trades above its calculated fair value: price 2.07 SGD, fair value 1.31 SGD, a gap of about −37% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of J69U?
No. The price is what the market pays today (2.07 SGD); the fair value is what the company's own numbers justify (1.31 SGD). For Frasers Centrepoint Trust the two are 0.7600 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Frasers Centrepoint Trust worth?
The market values Frasers Centrepoint Trust at about 4.2B SGD (market capitalisation, as of Oct 1, 2026). Per share that is 2.07 SGD; our models calculate a fair value of 1.31 SGD per share.
What do the bullish and bearish scenarios say about J69U?
Our models span a range for Frasers Centrepoint Trust: cautious scenario 0.7400 SGD, base 1.31 SGD, optimistic 2.29 SGD per share (as of Oct 1, 2026, price 2.07 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of J69U?
Frasers Centrepoint Trust trades at a price-to-earnings ratio of 18.8 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.31 SGD is built from several models across several years. Other multiples: PEG 3.6, P/B 1.0, P/S 8.4, EV/EBITDA 17.8.
What is the PEG ratio of J69U?
The PEG ratio of Frasers Centrepoint Trust is 3.57 (P/E divided by earnings growth, as of Oct 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Frasers Centrepoint Trust (J69U)?
Balance-sheet figures for Frasers Centrepoint Trust (as of Oct 1, 2026): return on equity 5.1%, debt of 0.41 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is J69U from its 52-week high?
Frasers Centrepoint Trust trades at 2.07 SGD, about 11% below its 52-week high of 2.32 SGD and 1% above the low of 2.05 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 1.31 SGD is for.
Which stocks are comparable to Frasers Centrepoint Trust?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Frasers Centrepoint Trust stock attractive at the current price?
The data as of Oct 1, 2026: price 2.07 SGD, calculated fair value 1.31 SGD (−37%), Quality Score 54/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of J69U calculated?
We run Frasers Centrepoint Trust through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1.31 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Frasers Centrepoint Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Frasers Centrepoint Trust (J69U)?
The closing price on Oct 2, 2026 was 2.07 SGD. Our model-based fair value is 1.31 SGD, about −37% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Frasers Centrepoint Trust right now?
The model range is unusually wide (0.7400 SGD to 2.29 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Frasers Centrepoint Trust
How large is the market capitalisation of Frasers Centrepoint Trust (J69U)?
The market capitalisation of Frasers Centrepoint Trust is 4.2B SGD (≈ $3.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Frasers Centrepoint Trust (J69U)?
The price-to-sales ratio of Frasers Centrepoint Trust is 10.6 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Frasers Centrepoint Trust (J69U)?
Earnings per share at Frasers Centrepoint Trust are 0.1100 SGD (price ÷ EPS = P/E 18.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Frasers Centrepoint Trust (J69U)?
The dividend yield of Frasers Centrepoint Trust is 5.8% (payout 110%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Frasers Centrepoint Trust (J69U)?
The net margin of Frasers Centrepoint Trust is 56.2% (fiscal year 2024). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Frasers Centrepoint Trust (J69U)?
The return on equity (ROE) of Frasers Centrepoint Trust is 5.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Frasers Centrepoint Trust (J69U)?
On an EBIT basis the return on assets of Frasers Centrepoint Trust is 3.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Frasers Centrepoint Trust (J69U)?
The operating margin of Frasers Centrepoint Trust is 66.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Frasers Centrepoint Trust (J69U)?
Revenue at Frasers Centrepoint Trust is growing +21.9% versus a year earlier (3y avg +1.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Frasers Centrepoint Trust (J69U)?
Earnings per share at Frasers Centrepoint Trust are growing +10.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Frasers Centrepoint Trust (J69U) carry?
The net debt of Frasers Centrepoint Trust is 2.0B SGD (fiscal year 2024, ≈ 11.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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