|Bid||1.4300 x 0|
|Ask||1.4400 x 0|
|Day's range||1.4300 - 1.4600|
|52-week range||1.0400 - 1.6500|
|Beta (3Y monthly)||0.62|
|PE ratio (TTM)||13.21|
|Forward dividend & yield||0.04 (3.36%)|
|1y target est||1.27|
Frasers Logistics & Industrial Trust’s 3Q18 results came in within our expectations with gross revenue and NPI rising 22.6% and 21.7% respectively. This was driven largely by contribution from acquisitions in Australia, annual fixed rental increment in the group’s Australia portfolio as well as incremental NPI from its Europe portfolio acquired in May-18. As a result, DPU improved 3.2% to $0.0541. Overall portfolio metrics remained healthy with high occupancy at 99.3% and only 0.1% and 3.4% of its leases expiring for 4Q18 and FY19, while aggregate leverage stood at 36.3% following the completion of Europe portfolio acquisition. Although there has been an increase in industrial supply in Sydney and Melbourne, demand continues to be strong which can be seen from the 4.6% growth in prime grade net face rents for Sydney in 2Q18. For Melbourne, prime grade net face rents grew 1.1%. Maintain BUY. OCBC Investment (3 Aug)
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