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Frasers Property Thailand Industrial Freehold & Leasehold REIT

Frasers Property Thailand Industrial Freehold & Leasehold REIT

FTREIT.BK
Frasers Property Thailand Industrial Freehold & Leasehold REITTH flagStock Exchange of Thailand
12.00
THB
- -
- -
39.40BMarket Cap
Frasers Property Thailand Industrial Freehold & Leasehold REIT
FTREIT.BK
(Stock Exchange of Thailand)

Recent

price

12.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2014
2015
2016
2017
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
0.72
1.14
0.23
1.07
1.04
1.09
1.18
1.22
1.2
1.28
1.33
Revenue per Share
- -
0.28
0.85
0.09
0.71
0.42
0.7
0.78
0.93
0.73
1.06
0.99
Basic EPS, GAAP
- -
-5.5
0.79
0.46
-0.29
-0.88
-0.08
0.49
-0.05
0.69
0.58
0.47
Free Cash Flow per Basic Share
- -
0.19
0.6
0.15
0.66
0.65
0.66
0.69
0.75
0.74
0.76
0.77
Dividend per Share
- -
9.78
10.04
9.69
10.52
10.58
10.7
10.8
10.98
10.91
11.21
11.22
Book Value per Share
- -
9.78
10.04
9.69
10.52
10.58
10.7
10.8
10.98
10.91
11.21
11.22
Tangible Book Value per Share
- -
573
573
2,629
2,613
2,834
3,076
3,076
3,076
3,283
3,283
3,283
Basic Weighted Avg Shares
- -
413
650
592
2,787
2,948
3,366
3,620
3,748
3,955
4,218
4,367
Sales/Revenue/Turnover
- -
81.07
71.9
77.03
72.86
79.2
80.36
79.21
76.44
75.45
76.35
77.2
Operating Margin (%)
- -
- -
15
15
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
160
488
227
1,847
1,194
2,152
2,407
2,852
2,402
3,464
3,243
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
38.8
75.07
38.35
66.28
40.52
63.94
66.5
76.1
60.74
82.13
74.27
Profit Margin (%)
25
-211
44
-3,430
-2,021
-3,370
-1,234
-2,650
-4,656
-3,239
-1,271
-2,399
Working Capital
860
1,819
1,819
1,800
8,438
8,638
10,956
10,512
11,508
11,580
14,705
13,746
LT Debt
3,433
5,601
5,747
25,468
27,489
29,975
32,911
33,207
33,768
35,833
36,815
36,848
Total Equity
- -
5.66
6.21
2.36
5.94
5.93
6.29
6.37
6.08
6.07
6.36
6.65
Return on Invested Capital (%)
- -
3.39
7.5
1.56
6.21
3.83
5.86
6.14
6.9
5.78
7.74
7.33
Return on Capital (%)
- -
3.55
8.6
1.45
6.98
4.16
6.85
7.28
8.52
6.9
9.54
8.89
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'26
Mar'26
ST Debt
200
160
1,100
LT Borrowings
14,538
14,562
13,587
LT Finance Leases
167
169
160
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,283
3,283
3,283
Market Capitalization
33,491
38,744
35,132

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'26
Mar'26
Total Current Assets
745
339
487
Cash, Cash Equivalents & STI
562
163
307
Accounts Receivable, Net
94
88
101
Inventories
- -
- -
- -
Total Current Liabilities
2,016
1,896
2,886
Payables & Accruals
291
222
273
ST Debt
200
160
1,100
Deferred Revenue
1,525
1,515
1,513

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
44.72%
4.25%
2.74%
Free Cash Flow
- -
-469.95%
-15.62%
Net Income, GAAP
- -
27.8%
44.23%
Sales/Revenue/Turnover
- -
7.49%
6.67%
Total Cash Common Dividend
- -
6.1%
2.79%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
988
983
991
993
3,955
2025
1,031
1,053
1,067
1,068
4,218
2026
1,116
1,116
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.19
0.17
0.19
- -
0.73
2025
0.19
0.27
0.25
- -
1.06
2026
0.19
0.21
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.17
0.19
0.19
- -
0.74
2025
0.19
0.19
0.19
- -
0.76
2026
0.19
0.19
- -
- -
- -
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Business
Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT) operates as Thailand's largest industrial real estate investment trust, investing in freehold and leasehold rights to warehouses and factories; its portfolio encompasses a total net leasable area of approximately 2.26 million square meters, comprising 59% warehouses and 41% factories, with 72% freehold assets and the remainder leasehold featuring an average remaining lease term of over 20 years. The REIT's properties are strategically located across key industrial zones, including the Eastern Economic Corridor (58% of net leasable area in Chonburi, Rayong, and Chachoengsao), Northern Bangkok (23% in Ayutthaya and Pathum Thani), and Central Thailand (19% in areas such as Samut Prakan); tenants span logistics (32%), electronics (22%), automotive (19%), retail (6%), and other sectors, with top 10 tenants contributing 24% of gross rental income and a diverse nationality mix led by Japanese (37%), Asian ex-Japanese (22%), and European (21%) firms. Established on December 12, 2014, and listed on the Stock Exchange of Thailand in January 2015, FTREIT is externally managed by Frasers Property Industrial REIT Management (Thailand) Company Limited, with asset management handled by Frasers Property Industrial (Thailand) Company Limited and Sahathai Property and Development Company Limited; its headquarters are located at No. 944 Mitrtown Office Tower, 22nd-23rd Floor, Rama 4 Road, Wang Mai Sub-district, Pathum Wan District, Bangkok 10330, Thailand. In recent developments, FTREIT completed a preferential public offering of 220 million new shares in December 2023, raising net proceeds of THB2.08 billion to reduce debt following prior asset acquisitions and lowering its debt-to-total-asset-value ratio from 29.5% at end-FY2023 to 25.4% by June 2024; the REIT divested a vacant freehold factory in Rojana Industrial Park for THB52 million in August 2024 at a 7% premium to appraised value and approved the acquisition of additional freehold assets worth THB874 million from sponsor Frasers Property Thailand and third parties, comprising eight factories (25,350 sq m) and two warehouses (5,462 sq m) at 100% occupancy, slated for completion in 4QFY2024 via debt financing that will elevate leverage to approximately 26.4% while expanding net leasable area by 1.4%.