Earnings Predictions for the Week: Frasers Centrepoint Trust, Mapletree REITs, iFAST, Tractor Supply

Last week, ParkwayLife REIT (SGX: C2PU), or PLife, and Intuitive Surgical, Inc (NASDAQ: ISRG) reported their quarterly earnings.

For the coming week, I am looking forward to the reports from the following counters: Frasers Centrepoint Trust (SGX: J69U), Mapletree Logistics Trust‘s (SGX: M44U), Mapletree Pan Asia Commercial Trust (SGX: N2IU), iFAST Corporation Limited (SGX: AIY) and Tractor Supply Company (NASDAQ: TSCO).

Among the three REITs, I am most optimistic about FCT. Operational metrics such as occupancy and rental reversion should remain strong. With only 67% of its debt hedged to fixed rate interest, I hope for lower average cost of debt. I am expecting a similar S$0.06 dividend per unit (DPU) for the second half.

MLT and MPACT would likely still face pressure in occupancy for China properties and currency weakness in the last quarter. Additionally, average borrowing cost is likely to increase slightly. Hence, I am expecting a similar DPU as 1Q 2024/25 of around S$0.021, which is 7 to 9% lower as compared to previous year.

iFAST should report another set of strong results with net profit expected to surge by high double-digit percent year-on-year (YOY). I would be on the look out on the iFAST Global Bank (iGB) performance. Hopefully, the company can sustain the growth rate of its customer deposit amounts and narrow the quarterly loss to below S$1 million.

Finally, I expect another muted quarter from Tractor Supply. It is not the easiest year with the company guiding -0.5% to 1% for same store sales growth for FY 2024. Guided earnings per share of US$10.00 to US$10.40 will be similar to previous year’s US$10.15.

While not ideal, the ability to maintain sales and net income when overall retail landscape is challenging demonstrates the company’s resilience and strength.

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