BUY
Last Traded Price (18 Jun 2021): S$1.40 (STI : 3,144.16)
Price Target 12-mth: S$1.85 (32% upside)
Analyst
Dale LAI +65 66823715 dalelai@dbs.com
Derek TAN +65 6682 3716 derektan@dbs.com

More expensive, yet more value for money
Investment Thesis
Cheapest large-cap logistics REIT in Singapore. With a TP of S$1.85, FLCT’s target yields are 4.2-4.3% for FY21F-FY22F, which is fair given its substantially freehold portfolio. In our view, there is room for further compression if we compare FLCT to its large-cap peers which are trading at target yields of 3.5-4.0%.