Frasers Logistics & Industrial Trust flying high Down Under

SINGAPORE (Nov 7): UOB Kay Hian is keeping Frasers Logistics and Industrial Trust (FLT) on “buy” with a higher target price of $1.11, from $1.08 previously, on the back of FLT’s better-than-expected 4Q results.

In a report of Thursday, UOB lead analyst Derek Chang says FLT’s results for the quarter ended Sept 30 exceeded its IPO forecast as well as the research house’s expectation.

The manager of newly-listed FLT on Wednesday declared a distribution per unit (DPU) of 1.84 cents for the period, 2.8% higher than the 1.79 cents forecast.

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