Stock Investment Singapore : 1QFY17 results met our expectations

Image result for Frasers Logistics and Industrial Trust

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

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