Earnings season is upon us and three Singapore dividend-paying stocks are first to the dock in presenting their latest results.
First up is Frasers Centrepoint Trust (SGX: J69U), the real estate investment trust (REIT) with a focus on suburban shopping malls.
Next, Keppel DC REIT (SGX: AJBU) will give investors a peek into the latest developments in the data centre world.
Rounding out the trio is Mapletree Pan Asia Commercial Trust (SGX: N2IU), whose diversified portfolio spans retail and commercial properties across the region.
For dividend investors, these results will provide unique insight into their respective fields.
Here’s what to watch when the earnings drop.
Frasers Centrepoint Trust (SGX: J69U): Reporting on 22 October 2025
Frasers Centrepoint Trust is home to nine prime suburban malls with S$7.1 billion in assets under management and 2.7 million square feet of retail space.
With a retail spread like this, it’s as close as you can get to being a Singapore retail barometer.
But what metrics should investors watch?
Here are a few to get started.
For starters, FCT’s portfolio maintained an occupancy of 99.5% for the first half ended 30 September 2025 (1H’FY25). In addition, shopper traffic improved 1.0% year on year while tenant sales increased 3.3% compared to a year ago.
What do these figures tell you?
FCT’s properties remain in high demand, backed by higher shopper traffic, albeit a minor increase.
Here’s the important bit: the REIT achieved positive rental reversion of 9% for 1H’FY25, higher than the 7.5% logged a year ago.
Translation: high demand for its assets is supported by its ability to raise rent.
Overall, these are solid figures — but consistency is key.
It’s not about just one quarter’s results but whether the REIT is able to sustain these trends for the long run.
The REIT delivered solid results for 1H’FY25.
Gross revenue rose 7.1% year on year to S$184.4 million, while net property income (NPI) increased 7.3% year on year to S$133.7 million.
Distribution per unit (DPU) edged up 0.5% year on year to S$0.060.
In short, investors should be looking for more of the same.
In addition, the REIT is acquiring Northpoint City South Wing for S$1.133 billion, expected to complete in 2H’FY25.
This DPU-accretive acquisition will give FCT full ownership of Northpoint City, unlocking value creation opportunities through integrated management.
Keppel DC REIT (SGX: AJBU): Reporting on 24 October 2025
Next, there’s data centres.
Here’s a hint: Keppel DC REIT owns 24 data centres across 10 countries with assets under management of around S$5.0 billion.
According to the REIT, artificial intelligence (AI) workloads are projected to comprise 70% of global data centre demand by 2030, with Asia Pacific expected to become the largest colocation market.
The demand is showing up in its financials.
For the first half of 2025 (1H’25), gross revenue surged 34.4% year on year to S$211.3 million, while net property income jumped 37.8% to S$182.8 million.
Distribution per unit (DPU) rose 12.8% year on year to S$0.05133, reflecting strong operational performance.
Needless to say, unitholders would be happy to see more of the same.
Furthermore, the REIT maintained a healthy portfolio occupancy of 95.8% as at 30 June 2025 and achieved a remarkable rental reversion of around 51% during the period, including over 50% reversion for a major contract renewal in the second quarter.
Looking ahead, Keppel DC REIT is acquiring a 98.47% stake in Tokyo Data Centre 3, a freehold hyperscale facility in Greater Tokyo, for approximately S$707 million.
The asset is fully contracted to a leading global hyperscaler for 15 years with annual rent escalation, offering superior cash flow resilience versus typical fixed-rent Japanese contracts.
Here’s the important bit: this acquisition is 2.8% DPU-accretive on a pro forma 2024 basis.
To partially fund the transaction, the manager is conducting a preferential offering to raise S$404.5 million.
Beyond funding the acquisition (S$229.8 million), proceeds will support debt repayment (S$104.5 million), an asset enhancement initiative for Keppel DC Singapore 8 (S$53.9 million), and a 30-year land lease extension for Keppel DC Singapore 1 (S$10.7 million).
Combined with these value creation initiatives, total estimated DPU accretion reaches 3.4%.
Mapletree Pan Asia Commercial Trust (SGX: N2IU): Reporting on 23 October 2025
Unlike FCT, Mapletree Pan-Asia Commercial Trust or MPACT has a mixed portfolio consisting of 17 retail and commercial properties across Asia with assets under management of S$15.7 billion.
The key retail properties include Singapore’s VivoCity and Hong Kong’s Festival Walk.
Although they are both malls, the current performance is like night and day.
For the first quarter of the fiscal year ending 31 March 2026 (1Q’FY26), VivoCity recorded a rental reversion of 14.7%, with tenant sales rising 2.1% year on year.
The only blemish is shopper traffic which dipped 1.3% compared to a year ago.
On the other hand, Hong Kong’s Festival Walk experienced the opposite trend – shopper traffic jumped 7.8% year on year but tenant sales fell 3.2%.
Unitholders will be looking for better news here.
Already, the REIT is struggling to maintain its DPU payouts.
For the latest quarter, MPACT saw its distribution per unit dip 3.8% year on year despite Singapore properties delivering resilient performance.
The other area to watch is occupancy.
For 1Q’FY26, the portfolio posted a subpar occupancy of 89.3%, a marked decline from 94% a year ago.
The REIT can — and should do better.
Get Smart: A pitstop for the long haul
Not all earnings releases play the same role.
Ideally, for long-term investors, these reports are like a financial health check-up to make sure that the business engine continues to run smoothly.
FCT and Keppel DC REIT fit the bill here.
On the other hand, in the case of MPACT, its results can provide investors with insight into troubled properties such as Festival Walk.
Is there progress in turning around the situation?
What are the challenges? Are they temporary or permanent?
Remember: in the end, consistency counts.
If you have chosen your stock well, a single earnings report shouldn’t change your mind for the better or worse. The best outcomes happen from observing the REIT’s performance over time — and not just in one point of time.
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Disclosure: Chin Hui Leong owns all the shares mentioned.
