Basic Profile & Key Statistics
Performance Highlight
Related Parties Shareholding
- REIT sponsor's shareholding is low at 21.046%
- REIT manager's shareholding is low at 0.603%
- Directors of REIT manager's shareholding is high at 3.298%
Lease Profile
- Occupancy is slightly high at 96.2%
- WALE is long at 4.8 years
- Highest lease expiry within 5 years is low at 16.6% which falls in FY23
- Weighted average land lease expiry is long at 88.77 years
Debt Profile
- Gearing ratio is low at 33.7%
- Cost of debt is low at 1.6%
- Fixed rate debt % is moderate at 72.8%
- Unsecured debt % is high at 86.6%
- WADM is long at 3.4 years
- Highest debt maturity within 5 years is low at 27.5% which falls in FY25
- Interest coverage ratio is high at 7.3times
Diversification Profile
- Top geographical contribution is low at 22.9%
- Top property contribution is low at 7.7%
- Top 5 properties contribution is low at 22.1%
- Top tenant contribution is low at 4.8%
- Top 10 tenants contribution is low at 23.8%
- Top 3 countries contribution is from Australia, Germany and Singapore which contribute more than 85% of GRI
Key Financial Metrics
- Property yield is slightly high at 5.3%
- Management fees over distribution is slightly high at 14.7% in which unitholders receive S$ 6.80 for every dollar paid
- Distribution on capital is slightly high at 4%
- Distribution margin is high at 57.5%
Trends
- Uptrend - NAV per Unit, Interest Coverage Ratio
- Slight Uptrend - DPU
- Flat - Distribution on Capital, Distribution Margin
- Slight Downtrend - Property Yield
Relative Valuation
- P/NAV - Below -1SD for 1y; Average for 3y and 5y
- Dividend Yield - Average for 1y, Below average for 3y; Below -1SD for 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| Diversified Sector | Low REIT Sponsor's Shareholding |
| High Directors of REIT Manager's Shareholding | Low REIT Manager's Shareholding |
| Long WALE | |
| Well Spread Lease Expiry | |
| Long Weighted Average Land Lease Expiry | |
| Low Gearing Ratio | |
| Low Cost of Debt | |
| High Unsecured Debt % | |
| Long WADM | |
| Well Spread Debt Maturity | |
| High Interest Coverage Ratio | |
| Low Top Geographical Contribution | |
| Low Top Property & Top 5 Properties Contributions | |
| Low Top Tenant & Top 10 Tenants Contributions | |
| High Distribution Margin | |
| NAV per Unit Uptrend | |
| Interest Coverage Ratio Uptrend |
FLCT performance has improved as compared to the previous half yearly result due to contribution from the 6 newly acquired properties in June. From the above table, FLCT fundamental is solid as usual. With the full contribution from the 6 newly acquire properties moving forward, FLCT performance is set to be improved further.
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*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage as a result of the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.
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