Frasers Centrepoint's Strong Performance and Growth Potential Underpin Buy RatingWe expect FCT to continue to achieve positive, albeit more moderate, rental reversions of mid-single-digits in FY26F. The AEI at Hougang Mall is progressing well with over 80% leasing pre-commitment, of which 40% are new-to-Hougang concepts. The makeover is targeted to be completed by Sep 2026F. In terms of potential future growth drivers, management continues to explore a potential AEI for value creation at NEX shopping mall.