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Frasers Logistic & Industrial Trust IPO
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john_ric
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23-Mar-2022 17:17
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next Q (2H) results should be some time early May. accordingly, those interetsed can starting mornitoring. frasersL& C reit share price used to be neck to neck with suntec reit , but now suntec is already 1.70. |
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PhillipTan
Supreme |
08-Feb-2022 22:37
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OCBC trims FLCT fair value estimate to S$1.66 post-Q1 FY22 updateOCBC Investment Research has maintained a " buy" call on Frasers Logistics and Commercial Trust (FLCT) but cut its fair value estimate to S$1.66 from S$1.71, it said in a report on Tuesday (Feb 8).This comes after the real estate investment trust (Reit) posted its business update for the first quarter ended Dec 31, 2021. The lower fair value was due to the research house trimming its FY2022 and FY2023 distribution per unit estimates by 2 per cent and 3 per cent respectively, after it factored in the Reit' s recently announced acquisitions and divestments. The fair value estimate of S$1.66 is a 20.3 per cent upside to its current unit price, which was down 0.7 per cent or S$0.01 at S$1.38 as at 4.04 pm on Tuesday. Of the recent deals, its analysts noted the proposed S$810.8 million divestment of Cross Street Exchange (CSE) was at a healthy premium of 28.3 per cent to its book value of S$632 million, and the proceeds from the deal are likely to decrease the Reit' s aggregate leverage to 29.8 per cent, as well as repay its floating debt. FLCT' s fixed rates debt amount is thus likely to increase from 71.6 per cent of its debt due to the floating debt repayment, the research team added. It also observed that CSE, a mixed-use commercial property, was from the Reit' s commercial portfolio that dragged its overall occupancy, which dropped slightly to 95.9 per cent in spite of its logistics and industrial portfolio logging 100 per cent occupancy. This led the research team to believe that FLCT is likely to pursue acquisitions in the logistics and business park sub-sectors, using the " significant debt headroom" gained from the divestment. Despite the drop in occupancy, the research team noted that FLCT' s occupancy level remains high and is a reason for its defensive profile that the team considers an investment merit, along with long weighted average lease to expiry, manageable lease expiries in FY2022 and a strong ESG focus. |
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Joelton
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08-Feb-2022 09:48
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Covid-19 had ' no material impact' on Frasers Logistics & Commercial Trust' s portfolio despite challenges to retail segment
THE Covid-19 pandemic has dented Frasers Logistics & Commercial Trust' s distributable income (FLCT) Frasers L& C Tr: BUOU -0.71% by about S$0.2 million for Q1 2022, but this has not been material to the real estate investment trust (Reit), said its manager in a business update on Monday (Feb 7).
The figure comprises mainly rental waivers and allowance for doubtful receivables attributable to the pandemic.
There has also been " no material impact" to FLCT' s porfolio to date, with only the retail segment of its commercial portfolio being " more challenged" . This segment represents about 1.7 per cent of FLCT' s overall income.
" Structural changes driven by the growth of e-commerce activities and ' hub-and-spoke' trend are expected to drive demand for logistics and suburban office spaces, respectively," FLCT' s manager said.
FLCT logged 69,274 sq m of leasing for Q1 2022, and overall portfolio reversion was down 1.6 per cent on an incoming versus outgoing basis.
Occupancy rate stood at 100 per cent for the logistics and industrial portfolio and 91 per cent for the commercial portfolio. The weighted average lease expiry was 4.6 years for its top 10 portfolio tenants who are based in Australia, Germany and Singapore.
The manager said FLCT had a well-spread out lease expiry profile, with no more than 17.4 per cent of gross rental income (GRI) expiring in any single year, translating to reduced concentration risk. 54.7 per cent of its GRI contribution comes from logistics and industrial tenants.
Six industrial and 38 commercial leases are up for renewal for the rest of FY2022, translating to GRI of 4.8 per cent.
In January, FLCT announced the divestment of Cross Street Exchange in Singapore for S$810.8 million. This is expected to raise occupancy rate and lower its aggregate leverage, the manager said.
For Q1 2022, FLCT aggregate leverage stood at 34.3 per cent, average weighted debt maturity stood at 3.1 years while debt headroom was down S$139 million to S$2.32 billion. Total gross borrowings stood at S$2.56 billion.
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Lobster
Elite |
07-Feb-2022 23:02
Yells: "Even Adam Khoo believes in the Black Market!" |
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RHB expects S-REITs to navigate through interest rate hikes aheadRHB Group Research analysts Loong Kok Wen, Vijay Natarajan and Raja Nur Aqilah Raja Ali remain overweight on Singapore REITs (S-REITs), with average yields currently at 5.8%.Of the S-REITs, the analysts have indicated their top picks as Ascendas REIT, Suntec REIT, and ESR REIT. &ldquo Despite the impending interest rate hike, we believe S-REITs will still outperform, due to stronger growth prospects as the economy reopens, and better demand and supply dynamics, which underpin healthy rental reversions,&rdquo say the analysts. Although interest rate hikes are generally unfavourable to REITs, the analysts think the impact is lesser for S-REITs given the expectation of a stronger economic rebound, as well as earnings growth for the sector. Of the S-REIT and Malaysian REIT (M-REIT) sub-sectors, the RHB analysts continue to favour industrial REITs in the region &ldquo given the robust demand from the technology and e-commerce sectors&rdquo . &ldquo [The] industrial [industry was the most active segment in Singapore and Malaysia, while S-REITs also expanded their presence in overseas markets,&rdquo the analysts add, as they note that industrial REITs in the region continued to be most preferred for their resilience and growth. &ldquo While the Singapore Government is initiating a longer-term push to transform Singapore into a smart nation, the semiconductor and electronics industries in Malaysia and Singapore are fast expanding due to global demand,&rdquo the analysts explain. &ldquo The rising e-retailing space in Southeast Asia is another driving factor for the warehouse segment.&rdquo Moreover, as Singapore has achieved high vaccination rates and is shifting towards a &ldquo living with Covid-19&rdquo strategy, the analysts view office S-REITs as the best proxies for recovery play. &ldquo Despite the emergence of the Omicron variant, many countries chose to manage via vaccinations and booster shots instead of lockdowns. Singapore&rsquo s Grade-A office segment continues to see positive rental reversions,&rdquo they say. In addition, the analysts expect acquisition momentum to ease on expectation of higher interest rates. &ldquo As interest rates are expected to rise this year, we believe REITs in the region will slow down their acquisition pace,&rdquo they say. &ldquo S-REITs were on an acquisition spree in the last two years, as the sector took advantage of low interest rates.&rdquo |
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Lobster
Elite |
07-Feb-2022 20:22
Yells: "Even Adam Khoo believes in the Black Market!" |
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Covid-19 had ' no material impact' on Frasers Logistics & Commercial Trust' s portfolio despite challenges to retail segmentTHE Covid-19 pandemic has dented Frasers Logistics & Commercial Trust' s distributable income (FLCT) by about S$0.2 million for Q1 2022. but this has not been material to the real estate investment trust (Reit), said its manager in a business update on Monday (Feb 7). The figure comprises mainly rental waivers and allowance for doubtful receivables attributable to the pandemic. There has also been " no material impact" to FLCT' s porfolio to date, with only the retail segment of its commercial portfolio being " more challenged" . This segment represents about 1.7 per cent of FLCT' s overall income. Structural changes driven by the growth of e-commerce activities and ' hub-and-spoke' trend are expected to drive demand for logistics and suburban office spaces, respectively," FLCT' s manager said. FLCT logged 69,274 sq m of leasing for Q1 2022, and overall portfolio reversion was down 1.6 per cent on an incoming versus outgoing basis. Occupancy rate stood at 100 per cent for the logistics and industrial portfolio and 91 per cent for the commercial portfolio. The weighted average lease expiry was 4.6 years for its top 10 portfolio tenants who are based in Australia, Germany and Singapore. The manager said FLCT had a well-spread out lease expiry profile, with no more than 17.4 per cent of gross rental income (GRI) expiring in any single year, translating to reduced concentration risk. 54.7 per cent of its GRI contribution comes from logistics and industrial tenants. Six industrial and 38 commercial leases are up for renewal for the rest of FY2022, translating to GRI of 4.8 per cent. In January, FLCT announced the divestment of Cross Street Exchange in Singapore for S$810.8 million. This is expected to raise occupancy rate and lower its aggregate leverage, the manager said. For Q1 2022, FLCT aggregate leverage stood at 34.3 per cent, average weighted debt maturity stood at 3.1 years while debt headroom was down S$139 million to S$2.32 billion. Total gross borrowings stood at S$2.56 billion. |
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john_ric
Supreme |
07-Feb-2022 10:21
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Today. Result 1q
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Lobster
Elite |
06-Feb-2022 13:47
Yells: "Even Adam Khoo believes in the Black Market!" |
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Yes, your response maybe dumb, but you are sinister in making those general comments... so as to be able to profit from them, just like that karaoke singer who talked down the banks after having sold them. I don' t normally comment on every negative post, but when people have ulterior motives, I will respond vigorously. Like in all the three banks threads... I never make any postings in these threads even though I have large holdings of them, because banks are, to me, safe stocks and generally not exciting to comment but when my very good friend, the karaoke singer, kept screaming to ask people to sell, and calling those people who didn' t follow him " fools, idiots " , I have to go in to expose him, because he, like you, did it without justification, just an ulterior motive to profit hopefully by talking down the stock... And what happen here?.... when the Karaoke singer sold on 11 January (when he implied), OCBC was $12.11, DBS was $35.42, UOB was $29.33... since then DBS went on to break its ATH several times, breaking $36 for the first time ever, and closing at $35,95 last Friday UOB broke its ATH twice last week, closing at $31.30 last Friday OCBC broke its 52 week high several times, closing at $12.80 last Friday.... And all these banks are not done yet..... so, you see, I was not wrong in putting down such sinister people like you and the karaoke singer. If what you said, with full justification, is correct or would be correct, I will shiut up and stay out. But not the way you do it. I will now go all the way with you if you keep,shouting without justification, for the sake of spreading fear, to self benefit at the expense of some gong kias and newbies...... in time, REITS will rebound strongly, but not the way you try to showcase it.
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Lobster
Elite |
06-Feb-2022 12:40
Yells: "Even Adam Khoo believes in the Black Market!" |
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I merely said your answer is dumb, because it is dumb. Any thing wrong with that? This is only the second time I commented on your proliferation of general comments talking down the various REIT stocks. The first time,couple of weeks ago, you make similar generalisation, without justification or solid reasons, and I asked you to verify it but you run away to hide... I can' t remember the exact words, but roughly like this: you said " many years ago" ... I asked you how many years ago, which years? = no answer you said " many REITs lost " ... I asked you which REITs? = no answer you said " prices dropped a lot " .... I asked dropped how much? = no answer You cannot make such general statements, as if people here don' t know already, and then left things hanging in the air.... it' s like you standing at a bus stop on a raining day, then every time some one walked past you, you shouted to him " Raining, ah!" ... as if people don' t know it' s raining! If you keep repeating this all over the bus stops in Singapore, people may be thinking something wrong with you mentally. If you make a GENERAL comment, once okay, but if you repeat too many times and all over the places, take ownership and be responsible and why you think so, and back out with solid justification. My point is if you make the comments at the height of the REITS prices and you know of pending rates hikes and we still don' t know, then okay for you to shout.... but you are making the remarks, and repeating and repeating when prices already dropped, and we already know of the impending hikes......and now prices are lower, you should know that every thing REITs prices drop, and if lower the % yields for some REITs would have increase SUBSTANTIALLY.... if you are able to make good calls for buy, at the right prices, and turn out true, of course we will respect you... But now we know... you are actually talking about buying REITs soon, so your real motive has to be to talk down the stocks so you can gain a few cents more ... isn' t it? I think it is alright to say you are quite sinister, isn' t it?
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HVRRVH
Elite |
06-Feb-2022 10:24
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There are opportunities now to add holding with some good reits since the prices are driving down by rate hike fear. Those reits you mentioned are good candidate. Before CMT became CICT, it traded down as the investors then, just like investors now with MCT and MNACT, didn' t like the idea of its merger with CCT. However, CICT price has since recovered. We won' t know when will be the bottom prices so it' s good to buy bit by bit starting now, with good reits.
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PhillipTan
Supreme |
05-Feb-2022 23:57
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I have same thinking as you But being a Singaporean, I am naturally kiasu Already bought one batch when it went down At the first interest hike, I am prepared to buy again if it dropped further And should still have enough for another round for the second rate hike if I am not too greedy REITs that I am monitoring and invested in - AREIT, CICT, FCT, FLCT, MCT, MNAC, Parkway and Suntec Nibbled at AREIT, FCT, FLCT and MNAC Missed nibbling CICT on Monday morning, last minute Sales meeting $1.94-$2.08 in just two trading days, a bit heart pain Hahaha
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bystander1965
Supreme |
05-Feb-2022 23:04
Yells: "What I say is just my assessment. DYODD" |
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A simple question to ask ourselves: why does interest rate increase? Or for a simplistic view plot the chart together with us interest rate and see. Can go back to a long time ago. Try it out with a few good and strong REITs and see for yourselves. A couple of people also posted some technical explanations on interest rates effect on REITs. On other threads though. Without understanding all these one will just get oneself scared to sh*t for no good reasons. As always dyodd though. | ||||
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PhillipTan
Supreme |
05-Feb-2022 20:25
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AREIT is slowly going up from the lowest of 2.76 to Fri' s closing of 2.79 So is FLCT, from 1.37 to 1.40 Maybe next week AREIT and FLCT will fly already Then maybe followed by Parkway next
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Lobster
Elite |
05-Feb-2022 17:04
Yells: "Even Adam Khoo believes in the Black Market!" |
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Really dumb answer, as would expected.... like this, I can go anywhere and anyhow cry ell when ever rates hikes and buy whenever rates drop. I asking you simpily don' t generalise your comment, back it with stats or facts, and since you said don' t buy, then tell the funds when can buy. Since simple question also cannot understand, and yet act like financial guru. You cannot come and kpkb, and then just leave it as that. I bet when prices go up, you sure to say, why you didn' t buy? This type of jlb, we find them every day in Sungei Road.
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Lobster
Elite |
05-Feb-2022 14:22
Yells: "Even Adam Khoo believes in the Black Market!" |
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So? Tell me when is the right time then.... tell us. The funds, the BBS, the institutions, the insiders, the uncles and aunties, all like to know. When? |
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Lobster
Elite |
05-Feb-2022 14:00
Yells: "Even Adam Khoo believes in the Black Market!" |
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Do you know what you are talking about or not? Do you know what is floating rate and fixed rate or not? You talked like all those loans aready secured need to be reset to the new rates.... like macham financial guru, talking with saliva dripping on the floor ... And if prices are low you don' t buy, especially dividends period, then when? When prices hit record highs?
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john_ric
Supreme |
04-Feb-2022 17:12
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volume is high today. | ||||
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CleanNGreen
Member |
29-Jan-2022 10:25
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https://www.edgeprop.sg/property-news/industrial-rents-02-4q21-sees-best-full-year-performance-eight-yearsIndustrial rents up 0.2% in 4Q21, sees best full-year performance in eight years |
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HVRRVH
Elite |
28-Jan-2022 17:32
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Today SG reits continue on sales. I have added AIT [yesterday and today], MLT [last week], OUE Com Reit [today and maybe next week]. Wanted to add FLCT and MCT but admittedly I don' t have bottomless bullets haiz. Shall monitor and will still try to squeeze $ somewhere and buy a bit more if the prices continue to get cheaper. | ||||
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john_ric
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28-Jan-2022 17:22
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also depends on the leverage level of that reit. is FLCT' s leverage level high? |
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Omega88
Senior |
28-Jan-2022 16:26
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Saw this article before I bought some FLCT today. https://www.spglobal.com/spdji/en/documents/research/the-impact-of-rising-interest-rates-on-reits.pdf Hope it will be useful for the people here. DYODD. |
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