---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000784850.md"
description: "Frasers Centrepoint Trust: UOB Kay Hian's BUY Call Ignores a Two-Gate Balance Sheet Problem 🦖FCT just sold White Sands for an 8.4% premium and every broker headline reads like a clean-up win. What caught my eye was not the premium, it was what happened to the balance sheet after sacrificing 6.9% of group NPI to get there. Even after applying roughly S$454 million of net proceeds to repay debt, pro forma gearing only drops from 40% to 36.5%, and interest cover is still stuck below 4 times.If you hold FCT for retirement income, the yield near 5.4% to 5.6% looks comforting until you line it up against that 36.5% gearing and a 3.59x interest coverage ratio. The White Sands sale buys time, it does not remove the need for further deleveraging if you want your distributions to survive a nasty SORA spike.📺 YouTube: https://youtu.be/vNUXRt_a0XA📩 Substack: https://investingiguana.com/p/frasers-centrepoint-trust-uob-kay"
datetime: "2026-07-09T12:28:16.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000784850.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000784850.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000784850.md)
author: "[TheInvestingIguana](https://longbridge.com/en/profiles/22116548.md)"
generator: "portal-rs"
---

# Frasers Centrepoint Trust: UOB Kay Hian's BUY Call…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**