Excerpts from CGS CIMB report
Frasers Logistics & Commercial Trust (SGX: BUOU)
- 1HFY9/22 DPU of 3.85 Scts slightly below expectations, at 47.3% of our full year forecast
- Robust financial metrics support potential inorganic growth
- Reiterate Add with an unchanged DDM-based TP of S$1.56
Frasers Logistics & Commercial Trust 1HFY9/22 results highlights
Frasers Logistics & Commercial Trust reported 1HFY9/22 revenue/NPI of S$235.7m/S$183.6m, up 1.7%/2.1% yoy.
The better performance was due to contributions from new acquisitions and a surrender fee received in 1H, partly offset by asset divestments and lower A$ and € exchange rates.
Distributable income rose 9% yoy to S$142.1m due to lower finance costs as well as capital distribution of S$6.4m. 1H DPU of 3.85 Scts (+1.3% yoy) was slightly below our estimate, at 47.3% of our FY22 forecast.
Book NAV grew 6.5% yoy to S$1.32/unit, due mainly to divestment gains from the sale of Cross Street Exchange.
Some near-term occupancy drag
Portfolio occupancy slipped to 96.1% (from 96.9%),...
