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Mapletree REITs have always been traded at a slightly higher than average BV
So if we compare FLT with other log REITs like ARA LOGOS, FLT seems to be already at the market average for BV and its share price has already exceeded pre-covid levels
But for other financial indicators like EPS growth or Revenue growth etc, FLT is considerably higher than the others
So it does seem that there is indeed potential upside for FLT
$2 seems a bit high to me though
I would think the range of $1.70-$1.80 is more probable in the next one year
So if we compare FLT with other log REITs like ARA LOGOS, FLT seems to be already at the market average for BV and its share price has already exceeded pre-covid levels
But for other financial indicators like EPS growth or Revenue growth etc, FLT is considerably higher than the others
So it does seem that there is indeed potential upside for FLT
$2 seems a bit high to me though
I would think the range of $1.70-$1.80 is more probable in the next one year
Lobster ( Date: 16-Jul-2021 00:22) Posted:
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FLCT raises $150 mil in maiden sustainability notes
The manager of Frasers Logistics & Commercial Trust (FLCT) has, on July 15, issued $150 million worth of sustainability notes due July 26, 2028.The notes were issued and guaranteed by FLCT Treasury, as trustee of the REIT.
The notes were issued under a newly established sustainable finance framework, and were the first-ever sustainability notes to be priced in the SGD bond market.
Proceeds will go towards the financing or refinancing of eligible sustainable projects described in the framework.
The Series 001 notes will carry a coupon of 2.18% per annum and will be drawn down under FLCT' s $1 billion Multicurrency Debt Issuance Programme.
The notes will be issued in registered form and in denominations of $250,000 each.
The notes are expected to be issued on July 26.
According to FLCT, the deal was underpinned by " exceptionally strong demand" from institutional investors, leading to an orderbook of over $450 million, with orders across 39 accounts.
Of the notes, 75% were allocated to fund managers and insurance accounts, 19% to banks and public sector accounts, and 6% went to private banking accounts.
" Sustainability has been integral to FLCT' s business activities since our inception, and we are delighted with this opportunity to match the diversification of our financing needs via the debt capital markets with sustainability notes. We are thankful to investors for their strong support of FLCT' s maiden debt issuance, which illustrates confidence in FLCT' s financial strength and growth strategy," says Robert Wallace, CEO of the manager.
On April 15, S& P Global Ratings assigned a " BBB+" long-term issuer credit rating with stable outlook to the REIT.
DBS Bank and Oversea-Chinese Banking Corporation (OCBC) acted as joint lead managers and bookrunners.
Units in FLCT closed flat at $1.52 on July 15.
I want to talk about this up and coming reit before it flies further. If you notice, it has been movely up strongly the past few weeks. It standard pattern is usually in the 1.36- 142 range, but it has since moved out of it
Lately as I understand, it has attracted a lot of funds, including some who have moved out of Keppel KC.
It has also quietly becoming a retailer' s firm favourite. They must have seen the attractiveness and prospects of the company. Surely both sets of eyes cannot be wrong. I am not a technical man, but if you compare this with another similar size and reit sector, Mapletree Log, you will notice that while MLT is trading above $2 consistently, Fraser is still lagging behind at 1.3x BV. Plus it is eps is only 12. Shareholders must have realised in terms of epu, and % dpu, Fraser gives better yields. Not to say MLT is not an attractive reit, but that FLCT has a longer runway in terms of capital gains. Vested in both FLCT and MLT
I trust my black market.... once it breaks its record high of $1.57, two dollars beckons.
bpdyohwadfmb
Lately as I understand, it has attracted a lot of funds, including some who have moved out of Keppel KC.
It has also quietly becoming a retailer' s firm favourite. They must have seen the attractiveness and prospects of the company. Surely both sets of eyes cannot be wrong. I am not a technical man, but if you compare this with another similar size and reit sector, Mapletree Log, you will notice that while MLT is trading above $2 consistently, Fraser is still lagging behind at 1.3x BV. Plus it is eps is only 12. Shareholders must have realised in terms of epu, and % dpu, Fraser gives better yields. Not to say MLT is not an attractive reit, but that FLCT has a longer runway in terms of capital gains. Vested in both FLCT and MLT
I trust my black market.... once it breaks its record high of $1.57, two dollars beckons.
bpdyohwadfmb
我 只 是 买 来 收 取 股 息
发 霉 了 也 没 事
哈 哈 哈
yumsang ( Date: 21-Jun-2021 11:04) Posted:
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多 买 的 13k 都 发 霉 了
PhillipTan ( Date: 21-Jun-2021 10:36) Posted:
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可 以 考 虑 买 来 留 着
我 买 了 7k
yumsang ( Date: 21-Jun-2021 10:18) Posted:
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not sure this stock is 贱 在 弦 上 or 躺 平
DBS - Ideas of the Day
Stocks to Watch
Frasers Logistics & Commercial Trust: BUY
Last Traded Price: S$1.400 Price Target (12-mth): S$1.85
(Upside 32.1%)
More expensive, yet more value for money
- Recent acquisitions drive an acceleration in DPU growth into FY21-22F
- Potential c.20% upside to NAV if book values are marked to market
- Potential drop in P/NAV from 1.3x to 1.0x not priced in
- Maintain BUY with a TP of S$1.85
Stocks to Watch
Frasers Logistics & Commercial Trust: BUY
Last Traded Price: S$1.400 Price Target (12-mth): S$1.85
(Upside 32.1%)
More expensive, yet more value for money
- Recent acquisitions drive an acceleration in DPU growth into FY21-22F
- Potential c.20% upside to NAV if book values are marked to market
- Potential drop in P/NAV from 1.3x to 1.0x not priced in
- Maintain BUY with a TP of S$1.85
240 million new units of the trust will be issued on Thursday at an issue price of S$1.399 per new unit, in connection with the previously announced private placement, said its manager on Thursday morning. The total number of units of FLCT in issue will be 3,668,683,921 units as at Thursday. Other than the distribution prior to the issuance of the new units, the new units issued pursuant to the private placement will, upon issue, rank pari passu in all respects with the units in issue immediately prior. The new units will be listed and quoted on the SGX-ST mainboard at 9am on Thursday. Units of FLCT closed at S$1.42 on Wednesday, up S$0.01 or 0.7 per cent.
Nothing is so easy.
It comes with risks, but so simple as it is on growth path.
Higher risk as well to be accurate
From CIMB. Vested
Frasers Logistics & Commercial Trust
On an acquisition growth path
■ FLCT is acquiring six pro
perties in Europe for a total of S$548.7m
■ The acquisitions are DPU and NAV accretive while post-acquisition gearing
would be 36.2%
■ Reiterate Add with an unchanged DDM-based TP of S$1.57
Post-acquisition gearing remains low at 36.2%
The total transaction cost of S$501.1m will be financed via debt as well as a private 3.5 placement of 220m new units at S$1.363-1.399 each, with an option to upsize the offer by 20m units to raise a maximum of S$335.8m. We estimate FLCT&rsquo s post-acquisition gearingat 36.2%.
Reiterate Add rating
We leave our FY21-23F DPU estimates unchanged pending the completion of the deal and private placement exercise. We continue to like FLCT&rsquo s visible inorganic growth potential and income resilience, backed by a long WALE. Potential re-rating catalyst: accretive new acquisitions. Downside risks: drag from retail operations which account for a small 1.8% of FLCT&rsquo s overall income at end-1HFY21, and A$ and &euro volatility
FLCT proposes to acquire six Europe properties for S$548.7m, four from sponsor
THE manager of Frasers Logistics & Commercial Trust (FLCT) has proposed to acquire six freehold properties in Germany, the Netherlands and the UK for an agreed property price of S$548.7 million.
Four of the properties, three located in Germany and one in the Netherlands, will be injected into the real estate investment trust (Reit) by sponsor Frasers Property.
Meanwhile, the two UK properties - a business park known as Blythe Valley Park and a logistics and industrial property known as Connexion - will come from unrelated parties, making this the Reit&rsquo s maiden third-party acquisition.
The manager expects the proposed deal to be distribution per unit (DPU) and net asset value (NAV) accretive, it said in a bourse filing on Monday.
Based on pro forma estimates, assuming the proposed acquisition was completed on Oct 1, 2020 and FLCT operated the new properties for the first half of fiscal 2021, it would boost DPU by 1.8 per cent to 3.868 Singapore cents. If the proposed acquisition was completed on March 31, 2021, NAV would rise to S$1.15 per unit from S$1.14.
The agreed property price of S$548.7 million represents a 2.5 per cent discount to the property&rsquo s total appraised value of S$564.2 million by independent valuers JLL, Savills (UK) and Knight Frank.
The purchase consideration of S$469.7 million will be paid in cash to all the sellers of the properties - comprising 93.6 million euros (S$150.9 million) for the Germany and Netherlands properties and about £ 170.2 million (S$318.8 million) for the UK properties.
The 93.6 million euro consideration is based on 142.7 million euros in estimated net assets and liabilities of the Germany and Netherlands properties, adjusted for the effective interests that FLCT' s trustee will hold. It is also based on the amount of inter-company loans owed by the four property holding companies which own the four properties which will be satisfied in full.
The manager estimates the whole deal to cost about S$501.1 million, which consists of the S$469.7 million purchase consideration, a S$4.3 million acquisition fee payable to FLCT' s manager and S$27.1 million in estimated fees and expenses.
The manager plans to finance the transaction, minus the acquisition fee, through a combination of debt financing and proceeds from an equity fundraising. The S$4.3 million acquisition fee will be paid in FLCT units to the manager, who is not allowed to sell the units for one year.
The manager on Monday launched a private placement of 220 million new units in FLCT at an issue price of between S$1.363 and S$1.399 apiece to raise at least S$299.8 million. The placement is subject to an upsize option which will bring the total amount raised to a maximum of S$335.8 million.
The issue price range of between S$1.363 and S$1.399 per new unit represents a discount of about 2.4 per cent and 4.9 per cent to the volume-weighted average price of S$1.4332 per unit on Friday - the preceding market day up to the time the placement agreement was signed on Monday.
Out of the S$299.8 million in gross proceeds, about 93.7 per cent or S$281 million will be used to partially fund the proposed acquisition of the six properties. The remaining S$18.8 million will be used to pay estimated fees and expenses in connection with the proposed deal and private placement.
If the gross proceeds exceed S$299.8 million, the excess will be used towards further funding of the proposed acquisition, future acquisitions, asset enhancement works, developments or for general corporate and working capital purposes, the manager said.
The new units in the private placement will be offered to institutional and accredited investors. DBS, JPMorgan and OCBC are the joint lead managers and underwriters for the private placement.
Together, the six properties have a total lettable area of about 123,328 square metres (sq m).
The Netherlands and Germany logistics and industrial properties have a total lettable area of about 62,115 sq m. They are located within the key logistics hubs of Frankfurt and Mannheim, as well as the east of the Netherlands at the Food & Business Park Ede, which is close to key trading routes, the manager said.
Meanwhile, the UK properties have a total lettable area of about 61,213 sq m. They are situated in the West Midlands - within close proximity to Birmingham, the country&rsquo s second-largest populated city after London.
Tenants include logistics service provider Hermes Germany, fitness apparel brand Gymshark, English underwear manufacturer Lounge Underwear and German chemical company BASF.
The manager said the Germany and the Netherlands properties are fully occupied with leases that have built-in consumer price indexation.
If completed, the proposed acquisition will raise the proportion of freehold assets in FLCT&rsquo s portfolio to 67.9 per cent from 65.1 per cent. The weighted average lease to break (WALB) will also extend to 4.7 years from 4.4 years.
As at March 31, the six properties have a blended occupancy rate of 97.4 per cent with a WALB of 7.6 years.
The proposed deal will also strengthen the Reit&rsquo s portfolio, further diversifying its tenant base and reducing tenant concentration. Gross rental income contribution from FLCT&rsquo s top 10 tenants will drop to 23.4 per cent from 24 per cent after completion.
Robert Wallace, chief executive of the manager, said the new properties are complementary to FLCT&rsquo s portfolio and also provide the Reit with a long-term income stream from a lineup of high-quality and diversified tenants.
&ldquo The tenants also strengthen our global customer network and provide further exposure to attractive growth sectors,&rdquo he added.
The manager expects the proposed acquisition to be completed by June 2021.
One observation is have so far is well covered REITs, esp the ' ' blue chip one" tend to tap their institutional support for funds via direct placements. Those less covered have no choice but to tap existing shareholder base via rights issues. So if one don' t like to be diluted without a chance to particulate in equity fund raising, can choose to avoid the blue chip ones. DYODD :P
Raising cash to finance via private placement, not rights issue. Not sure if existing shareholders will become diluted.
On the other hand, existing shareholders will get a capital distribution, so not sure if that evens it out.
On the other hand, existing shareholders will get a capital distribution, so not sure if that evens it out.
New private placement enhances the portfolio in Europe especially in the UK. Any comments?
think price already factor in, lots of BIG sellers the past 2 weeks
Target price 是 隨 便 你 說 的 啦
你 要 講 多 少 都 可 以 。 如 果 有 誰 知 道 哪 天 有 哪 個 價 ， 這 人 早 退 休 了
你 要 講 多 少 都 可 以 。 如 果 有 誰 知 道 哪 天 有 哪 個 價 ， 這 人 早 退 休 了
PhillipTan ( Date: 16-Apr-2021 10:22) Posted:
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DBS - Frasers Logistics & Commercial Trust: BUY
Last Traded Price: S$1.47 Price Target (12-mth): S$1.85 (Upside 25.9%)
S& P assigns BBB+ credit rating with stable outlook
- S& P has assigned a BBB+ rating to FLCT and believes that the REIT' s outlook is stable with the next 12 &ndash 24 months to see predictable cash flows
- FLCT' s resilient earnings and outlook is underpinned by geographical and asset class portfolio diversification
- Earnings growth will continue to be supported by a lease structure with 70% of leases on annual escalations
Last Traded Price: S$1.47 Price Target (12-mth): S$1.85 (Upside 25.9%)
S& P assigns BBB+ credit rating with stable outlook
- S& P has assigned a BBB+ rating to FLCT and believes that the REIT' s outlook is stable with the next 12 &ndash 24 months to see predictable cash flows
- FLCT' s resilient earnings and outlook is underpinned by geographical and asset class portfolio diversification
- Earnings growth will continue to be supported by a lease structure with 70% of leases on annual escalations
Try entrance at this price now S$1.46
then ask and sell at 1.49 (better nearly 5pm) then you will hit another few hundred dollars
I just buy in again 10 lots
then ask and sell at 1.49 (better nearly 5pm) then you will hit another few hundred dollars
I just buy in again 10 lots
cheng8888 ( Date: 13-Apr-2021 10:42) Posted:
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It is true...That why I also no all in..just bought a bit only.
Share no 100% one...
Share no 100% one...
alimama ( Date: 13-Apr-2021 09:22) Posted:
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