SINGAPORE (June 9): The merger between Frasers Logistics and Industrial Trust and Frasers Commercial Trust has yielded good results, with the merged Frasers Logistics & Commercial Trust (FLCT) being among the top 10 S-REITs, say DBS analysts Dale Lai and Derek Tan.

“We like FLCT for its resilience in income [and] steady organic growth profile of 3.3% CAGR over the next two years,” they elaborate in their June 9 note.

This is “driven by (i) enlarged portfolio through the accretive merger, (ii) contribution from the more than $777 million worth of acquisitions over the past [year] and (iii) annual rental escalations in leases,” they add.

The brokerage is hence maintaining its “buy” call and target price for FLCT at $1.40. This gives the counter a 16% upside from its $1.21 close on Monday.

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