Frasers Property is off to a good start for the year

By Samantha Chiew / The Edge Singapore | February 21, 2019 11:08 AM SGT
SINGAPORE (Feb 20): CGS-CIMB Research is maintaining its “add” call on Frasers Property with a target price of $2.08, following the announcement of the group’s 1Q earnings results.
Frasers Property reported a 76.1% y-o-y increase in its 1Q19 earnings to $145.6 million, along with a 44.7% jump in revenue to $1.08 billion. Profit before interest and tax (PBIT) was 50.7% higher y-o-y at $354.4 million.
The strong performance came largely from the group’s Australia residential and China operations, while 63% of 1Q19 PBIT came from recurring sources.
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