Frasers Logistics & Industrial Trust - CGS-CIMB Research 2020-02-07: Results In Line, But Upside Limited For Now

FRASERS LOGISTICS & IND TRUST (SGX:BUOU) | SGinvestors.io FRASERS LOGISTICS & IND TRUST (SGX:BUOU)

Frasers Logistics & Industrial Trust - Results In Line, But Upside Limited For Now

  • Downgrade to HOLD due to limited upside pending completion of its merger with Frasers Commercial Trust (SGX:ND8U)
  • Frasers Logistics & Industrial Trust's 1QFY9/20 DPU of 1.74 Scts (-2.2% y-o-y, +0.5% q-o-q) was in line with our and consensus forecasts; DPU impacted by 2019 acquisitions and weaker A$.
  • Portfolio remains stable with 100% occupancy and limited lease expiries of 2.2% of gross rental income in FY20.



1QFY9/20 DPU in line at 25% of our FY20 forecast



Full marks for occupancy in 1Q



Declining cost of debt due to lower A$ cash rate



Downgrade to HOLD






LOCK Mun Yee CGS-CIMB Research | Ervin SEOW CGS-CIMB Research | https://www.cgs-cimb.com 2020-02-07
SGX Stock Analyst Report HOLD DOWNGRADE ADD 1.310 SAME 1.310



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