Frasers Logistics and Industrial Trust (FLT) announced its 1QFY17 outcomes which lived up to our desires. Net income came in at A$39.7m, which was somewhat lower than its IPO Prospectus gauge (relatively expert evaluated for the quarter) by 1.5%.
The fluctuation can be credited to a great extent to the deferral in obtaining the Martin Brower call choice property. This was finished on 30 Nov 2016, versus the anticipated procurement date of 1 Oct 2016. Be that as it may, its DPU of 1.74 S pennies surpassed its IPO Prospectus figure by 6.1% and was driven for the most part by lower-than-anticipated back expenses. FLT’s gross income and DPU framed 24.3% and 25.9% of our FY17 projections, separately.
Looking ahead, we anticipate that FLT’s portfolio will stay flexible, as it just has 0.6% and 3.5% of rent expiries (by gross rental pay) amid the years finishing 31 Dec 2017 and 31 Dec 2018, separately. FLT’s portfolio inhabitance remained at a solid 99.3%, as at 31 Dec 2016, and it additionally has a long portfolio WALE of 6.9 years.
As far as budgetary position, FLT has a low equipping proportion 29.7%, as at end-1QFY17. We will give more points of interest after the expert telephone call. Keep up BUY on FLT, however we will audit our S$1.10 reasonable esteem.
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Source: OCBC Research