SGX:BUOU

Stock Analysis Report

Frasers Logistics & Industrial Trust

Executive Summary

Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Group”), is a multi-national company that develops, owns and manages a diverse, integrated portfolio of properties.


Snowflake Analysis

Proven track record second-rate dividend payer.


Similar Companies

Share Price & News

How has Frasers Logistics & Industrial Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BUOU's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-7.5%

BUOU

-9.6%

SG REITs

-4.8%

SG Market


1 Year Return

-30.0%

BUOU

-23.2%

SG REITs

-29.0%

SG Market

Return vs Industry: BUOU underperformed the SG REITs industry which returned -23.6% over the past year.

Return vs Market: BUOU matched the SG Market which returned -29% over the past year.


Shareholder returns

BUOUIndustryMarket
7 Day-7.5%-9.6%-4.8%
30 Day-36.6%-30.9%-22.1%
90 Day-34.6%-30.0%-27.5%
1 Year-25.8%-30.0%-18.7%-23.2%-26.0%-29.0%
3 Year0.09%-17.4%1.9%-15.3%-21.4%-29.7%
5 Yearn/a8.7%-21.6%-20.4%-33.9%

Price Volatility Vs. Market

How volatile is Frasers Logistics & Industrial Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Frasers Logistics & Industrial Trust undervalued compared to its fair value and its price relative to the market?

40.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BUOU (SGD0.81) is trading below our estimate of fair value (SGD1.36)

Significantly Below Fair Value: BUOU is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BUOU is poor value based on its PE Ratio (12.7x) compared to the REITs industry average (9.4x).

PE vs Market: BUOU is poor value based on its PE Ratio (12.7x) compared to the SG market (10.1x).


Price to Earnings Growth Ratio

PEG Ratio: BUOU is poor value based on its PEG Ratio (35.5x)


Price to Book Ratio

PB vs Industry: BUOU is overvalued based on its PB Ratio (0.9x) compared to the SG REITs industry average (0.6x).


Next Steps

Future Growth

How is Frasers Logistics & Industrial Trust forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

0.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BUOU's forecast earnings growth (0.4% per year) is below the savings rate (1.8%).

Earnings vs Market: BUOU's earnings (0.4% per year) are forecast to grow slower than the SG market (4.8% per year).

High Growth Earnings: BUOU's earnings are forecast to grow, but not significantly.

Revenue vs Market: BUOU's revenue (3.7% per year) is forecast to grow slower than the SG market (4% per year).

High Growth Revenue: BUOU's revenue (3.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BUOU's Return on Equity is forecast to be low in 3 years time (6.5%).


Next Steps

Past Performance

How has Frasers Logistics & Industrial Trust performed over the past 5 years?

17.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BUOU has a large one-off gain of A$49.4M impacting its December 31 2019 financial results.

Growing Profit Margin: BUOU's current net profit margins (62.9%) are higher than last year (60.7%).


Past Earnings Growth Analysis

Earnings Trend: BUOU's earnings have grown by 17.1% per year over the past 5 years.

Accelerating Growth: BUOU's earnings growth over the past year (19.7%) exceeds its 5-year average (17.1% per year).

Earnings vs Industry: BUOU earnings growth over the past year (19.7%) exceeded the REITs industry 4.4%.


Return on Equity

High ROE: BUOU's Return on Equity (6.8%) is considered low.


Next Steps

Financial Health

How is Frasers Logistics & Industrial Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BUOU has a high level of physical assets or inventory.

Debt Coverage by Assets: BUOU's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: BUOU's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if BUOU has a sufficient allowance for bad loans.

Low Risk Liabilities: BUOU reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if BUOU has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BUOU has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if BUOU has an appropriate level of bad loans.


Next Steps

Dividend

What is Frasers Logistics & Industrial Trust's current dividend yield, its reliability and sustainability?

7.82%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BUOU's dividend (7.82%) is higher than the bottom 25% of dividend payers in the SG market (3.28%).

High Dividend: BUOU's dividend (7.82%) is in the top 25% of dividend payers in the SG market (7.14%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, BUOU has been paying a dividend for less than 10 years.

Growing Dividend: BUOU's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (89.7%), BUOU's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BUOU's dividends in 3 years are not forecast to be well covered by earnings (114.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure


CEO

Robert Stuart Claude Wallace (47yo)

no data

Tenure

Mr. Robert Stuart Claude Wallace is Chief Executive Officer of Frasers Logistics & Industrial Asset Management Pte. Ltd, Manager of Frasers Logistics & Industrial Trust (the "Company"). Prior to joining th ...


Leadership Team

NamePositionTenureCompensationOwnership
Robert Stuart Claude Wallace
Chief Executive Officer of Frasers Logistics & Industrial Asset Management Pte. Ltdno datano data0.0020% A$36.8k
Mui Sim Cher
Chief Financial Officer of Frasers Logistics & Industrial Asset Management Pte. Ltd6.75yrsno datano data
Yi Wen Chew
Head of Investments of Frasers Logistics & Industrial Asset Management Pte. Ltd1.25yrsno datano data
Chung Keat Ng
Assistant Vice President of Investor Relations3.33yrsno datano data
Ru-Shi Sun
Compliance Officer of Frasers Logistics & Industrial Asset Management Pte. Ltdno datano datano data
James Jonathan Spong
General Manager of Asset Management of Frasers Logistics & Industrial Asset Management Pte. Ltdno datano datano data
Catherine Yeo
Company Secretary of Frasers Logistics & Industrial Asset Management Pte. Ltdno datano datano data
Shyang Lee Khung
Financial Controller of Frasers Logistics & Industrial Asset Management Pte. Ltdno datano datano data

3.3yrs

Average Tenure

45yo

Average Age

Experienced Management: BUOU's management team is considered experienced (3.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Yong Chian Goh
Independent Non-Executive Director of Frasers Logistics & Industrial Asset Management Pte. Ltd3.92yrsno data0.018% A$321.9k
Hon Ho
Independent Chairman of the Board of Frasers Logistics & Industrial Asset Management Pte. Ltd3.92yrsno data0.050% A$904.1k
Panote Sirivadhanabhakdi
Non-Executive Director of Frasers Logistics & Industrial Asset Management Pte. Ltd3.92yrsno data5.24% A$95.4m
Paul Say
Independent Non-Executive Director of Frasers Logistics & Industrial Asset Management Pte. Ltd3.92yrsno data0.0073% A$132.7k
Rodney Vaughan Fehring
Non-Executive Director of Frasers Logistics & Industrial Asset Management Pte. Ltd1.17yrsno data0.0058% A$106.3k
Khong Shoong Chia
Non-Executive Director of Frasers Logistics & Industrial Asset Management Pte. Ltd1.17yrsno data0.0097% A$177.2k

3.9yrs

Average Tenure

59yo

Average Age

Experienced Board: BUOU's board of directors are considered experienced (3.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 16.6%.


Top Shareholders

Company Information

Frasers Logistics & Industrial Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Frasers Logistics & Industrial Trust
  • Ticker: BUOU
  • Exchange: SGX
  • Founded:
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: S$1.821b
  • Shares outstanding: 2.26b
  • Website: https://www.frasersproperty.com/reits/flt

Number of Employees


Location

  • Frasers Logistics & Industrial Trust
  • 438 Alexandra Road
  • No. 21-00 Alexandra Point
  • Singapore
  • 119958
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BUOUSGX (Singapore Exchange)YesUnitsSGSGDJun 2016
BWQUSGX (Singapore Exchange)YesUnitsSGAUDJun 2016
4ZSDB (Deutsche Boerse AG)YesUnitsDEEURJun 2016
FRLO.FOTCPK (Pink Sheets LLC)YesUnitsUSUSDJun 2016

Biography

Frasers Property Limited (“Frasers Property” and together with its subsidiaries, the “Group”), is a multi-national company that develops, owns and manages a diverse, integrated portfolio of properties. Listed on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) and headquartered in Singapore, the Group has total assets of approximately S$37.6 billion as at 30 September 2019. Frasers Property's assets range from residential, retail, commercial & business parks, to logistics & industrial in Southeast Asia, Australia, Europe and China. Its well-established hospitality business owns and/or operates serviced apartments and hotels in over 70 cities across Asia, Australia, Europe, the Middle East and Africa. The Group is unified by its commitment to deliver enriching and memorable experiences to customers and stakeholders, leveraging its knowledge and capabilities from across markets and property sectors, to deliver value in its multiple asset classes. Frasers Property is also the sponsor of three real estate investment trusts and one stapled trust listed on the SGX-ST. Frasers Centrepoint Trust, Frasers Commercial Trust, and Frasers Logistics & Industrial Trust are focused on retail, commercial & business parks, and logistics & industrial properties respectively. Frasers Hospitality Trust (comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust) is a stapled trust focused on hospitality properties. In addition, Frasers Property Thailand is the sponsor of Frasers Property Thailand Industrial Freehold & Leasehold REIT, which is focused on logistics and industrial properties in Thailand and is listed on the Stock Exchange of Thailand. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/05 14:45
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.