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Frasers Logistics Trust kept at ‘buy’ by CGS-CIMB after FY18 results met forecast

PC Lee
PC Lee11/8/2018 11:52 AM GMT+08  • 2 min read
Frasers Logistics Trust kept at ‘buy’ by CGS-CIMB after FY18 results met forecast
SINGAPORE (Nov 8): CGS-CIMB Securities is maintaining Frasers Logistics & Industrial Trust (FLT) at “buy” after FY18 DPU came in at 7.19 cents, 2.6% above FY17 and forming 100% of its FY18 forecast.
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SINGAPORE (Nov 8): CGS-CIMB Securities is maintaining Frasers Logistics & Industrial Trust (FLT) at “buy” after FY18 DPU came in at 7.19 cents, 2.6% above FY17 and forming 100% of its FY18 forecast.

4Q18 DPU of 1.78 cents was 0.6% higher y-o-y due to inorganic contributions from new acquisitions in Europe and Australia, inbuilt rental escalations as well as a distribution of a A$2 million ($2 million) divestment gain, partly offset by an enlarged unit base after a rights issue and a weaker hedge rate of A$1:$1.0011.

FLT also revalued its portfolio up by 1.9% y-o-y, translating into a book value of A$0.95/unit.

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