SINGAPORE (May 2): CGS-CIMB Research and OCBC Investment Research have downgraded Frasers Logistics & Industrial Trust (FLT) to “hold” from “buy” with price targets of $1.21 and $1.20 respectively.
In 2Q19, FLT’s manager declared a DPU to 1.76 cents, 2.8% lower than a year ago due to the softening of AUD and EUR against SGD.
Revenue was 36.9% higher y-o-y at A$59.7 million, while adjusted NPI was up 43.3% to A$47.9 million from A$33.4 million in the previous year.
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