Frasers Logistics & Commercial Trust - DBS Research 2025-05-08: Recalibrating For More Sustainable Earnings

Frasers Logistics & Commercial Trust - Recalibrating For More Sustainable Earnings

Published:
Frasers Logistics & Commercial Trust (SGX:BUOU) | SGinvestors.io

Revenues and NPI higher y-o-y due mainly to acquisitions.

  • - Read this at SGinvestors.io -
  • However, the revenue uplift was partially offset by higher vacancy rates at Alexandra Technopark (ATP) and 357 Collins Street, which weighed on occupancy-driven income. In addition, an increase in taxes during the period also placed some pressure on overall revenue growth.

1HFY25 DPU of 3.00 cents was ~10% lower h-o-h – within our expectations, but below consensus.

  • - Read this at SGinvestors.io -
  • During the period, approximately 57% of management fees were paid in cash, a shift from the previous practice of paying fees entirely in units.
  • To help buffer DPU, management also utilised approximately S$18mil in distribution gains during the first half of the year. However, we understand that management intends to gradually reduce reliance on such distribution gains to support payouts moving forward, aiming for a more sustainable distribution profile over time.

Stable gearing and borrowing costs.

  • Read more at SGinvestors.io.



Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.



Dale LAI DBS Group Research | Derek TAN DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-05-08



Previous report by DBS:
2025-02-06 Frasers Logistics & Commercial Trust - Focused On Core Earnings.

Price targets by other brokers at Frasers Logistics & Commercial Trust Target Prices.

Listing of research reports at Frasers Logistics & Commercial Trust Analyst Reports.

Relevant links:
Frasers Logistics & Commercial Trust Share Price History,
Frasers Logistics & Commercial Trust Announcements,
Frasers Logistics & Commercial Trust Dividend Payout Dates & Corporate Actions,
Frasers Logistics & Commercial Trust News






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