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Another positive year by FCT. The drop in Q4 DPU by 3.6% was lower due to higher maintenance and repair expense; professional fees expense; and higher utilities and water charges. Dr Chew, the CEO has guided a great part of it is due to one-off expense.

Some other positives include:

  • Increase in NAV to $2.08 from $2.02 last year.
  • Portfolio occupancy increases to 94.7% and all malls (with exception of Causeway Point due to transition) have increased in occupancy compared to previous quarter.
  • The three big malls continue to have good positive rental reversion.
  • Continue increase in shopper traffic and tenants’ sale

I am pleasantly surprised that the group did a webcast of the 4Q results briefing together with the presentation slides. It’s good to hear from the CEO directly as he does add a bit more colour to the presentation slides. Unfortunately, the webcast did not include the Q&A. Nonetheless, it’s a good effort and would love to see more companies doing that.

You can hear the webcast at

I am going to hold on to my current stake and probably would not add more at this moment.