Positive Outlook on Frasers Logistics & Commercial Trust Driven by Strong Performance and Growth PotentialWe tweak down our FY26-27F DPU estimates by 1.16%-3.35% as we update our model for the latest results. Our DDM-based TP dips to S$1.10 (COE: 8.23%). We maintain our Add rating as we believe much of the the projected FY26F dividend yield of 5.6% has priced in much of the slower DPU outlook, while FLCT’s inorganic growth potential remains intact with a robust balance sheet. Key re-rating catalyst: accretive new acquisitions. Downside risks: inability to make accretive purchases, and weak macroeconomic outlook affecting demand for industrial and commercial spaces, thus impacting its portfolio occupancy and ability to price rents.