Broker: UOB Kay Hian
Date of Report: 28 May 2026
Excerpt from UOB Kay Hian report.
Report Summary
- Stock: Frasers Logistics & Commercial Trust (FLT SP)
- Action: BUY (Maintained)
- Target Price: S\$1.33
- Current Share Price: S\$0.985
- Upside: +35.0%
- Key Idea: FLT is acquiring four freehold logistics properties in Germany and the Netherlands for €294.9m (S\$441.5m), fully funded by debt, and expected to be DPU-accretive by 1.7%.
- Highlights:
- Acquisition aligns with FLT’s strategy to increase exposure to logistics and industrial assets, aiming for 85% allocation.
- Properties enjoy 100% occupancy, long WALE (5.7 years), and are located in prime logistics corridors in Europe.
- Aggregate leverage to rise to 37.7% post-acquisition, with no equity dilution.
- FLT maintains a resilient logistics portfolio with full occupancies and positive rental growth potential.
- Implication: The acquisition strengthens FLT’s logistics focus, enhances income visibility, and supports further upside in distributions.
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