中国市场显现触底迹象：丰树物流信托

Financial Performance - Frasers Logistics Trust reported a DPU of 5.443 cents for the first nine months of FY2026, a year-on-year decline of 10.7%[5] - The Q3 FY2026 DPU was 1.816 cents, a slight increase of 0.1% quarter-on-quarter but a decrease of 9.3% year-on-year due to the sale of 12 Chinese assets[6] Market Trends - The overall portfolio occupancy rate improved by 0.3 percentage points to 96.4%, driven by increases in Singapore (+1.3%), South Korea (+1.2%), and Japan (+0.6%)[7] - The negative rental reversion rate in China narrowed from -3.0% to -2.2%, indicating potential market stabilization[7] Strategic Initiatives - The leverage ratio improved by 40 basis points to 40.7%, with a financing cost stable at 2.6%[8] - The management aims to dispose of SGD 150 million worth of assets in FY2026, with SGD 99.2 million already completed this year[8] Catalysts and Risks - Potential catalysts include a pause or reduction in interest rates, which could lower refinancing costs and improve DPU growth prospects[9] - Risks include a sharp slowdown in regional trade in Singapore, which may reduce demand for industrial space and lead to rental declines[11]