SINGAPORE (May 4): CGS-CIMB is maintaining its “add” or “buy” call on real estate investment company Frasers Logistics and Industrial Trust (FLT), but at a revised target price of $1.30. This is down 2 cents from its previous $1.32 call, analysts Lock Mun Yee and Eing Kar Mei say in an April 30 note.

Their move follows the REIT’s recent announcement which also marks its first result since its merger with Frasers Commercial Trust took off on April 29.

Collectively, the merged entity – Frasers Logistics Commercial Trust (FLCT) – booked a distribution per unit (DPU) of 1.73 cents for 2QFY20 ended March, down from the 1.76 cents logged the year before. 

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