Frasers Logistics & Commercial Trust - CGS-CIMB Research 2022-05-06: Stable Performance

Frasers Logistics & Commercial Trust - Stable Performance

FRASERS LOGISTICS & COMMERCIAL TRUST (SGX:BUOU) | SGinvestors.ioFRASERS LOGISTICS & COMMERCIAL TRUST (SGX:BUOU)
  • Frasers Logistics & Commercial Trust (SGX:BUOU) reported 1HFY22 (Oct 2021 to Mar 2022) revenue/NPI of S$235.7m/S$183.6m, up 1.7%/2.1% y-o-y. The better performance was due to contributions from new acquisitions and a surrender fee received in 1H, partly offset by asset divestments and lower A$ and € exchange rates.
  • Frasers Logistics & Commercial Trust's 1HFY22 DPU of S$0.0385 slightly below expectations, at 47.3% of our full-year forecast.
  • Frasers Logistics & Commercial Trust's gearing stood at 29.5% as at end-Mar, translating to a debt headroom of ~S$3bn, assuming 50% leverage limit. This puts Frasers Logistics & Commercial Trust in a strong position to tap inorganic growth including new acquisitions or development opportunities, particularly logistics/industrial or suburban office assets.
  • We keep our FY22-24F DPU estimates and S$1.56 DDM-based target price for Frasers Logistics & Commercial Trust. We have not assumed any pre-emptive new acquisitions in our estimates.



Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.



LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2022-05-06
SGX Stock Analyst Report ADD MAINTAIN ADD 1.560 SAME 1.560




Previous report by CGS-CIMB:
2022-02-08 Frasers Logistics & Commercial Trust - Tailwinds For Inorganic Growth

Target prices by 2 other brokers at Frasers Logistics & Commercial Trust Target Prices.
Listing of broker reports at Frasers Logistics & Commercial Trust Analyst Report.

Relevant links:
Frasers Logistics & Commercial Trust Share Price History,
Frasers Logistics & Commercial Trust Announcements,
Frasers Logistics & Commercial Trust Dividends & Corp Actions,
Frasers Logistics & Commercial Trust News Articles





Advertisement










Stock / REIT Search

Advertisement

Advertisement