Frasers Property: Strategic Growth and Stability Drive 'Buy' RatingWe attended Frasers Property's (FPL) and visited some of its industrial & logistics (I&L) and residential projects, as well as the One Bangkok development. During the meetings with management, the group reiterated its three pillars of “creating value, sustaining value and unlocking value” to deliver resiliency to shareholders. With 86% of its FY9/25 PBIT derived from recurring sources, which formed a resilient income base, management aims to create value through expanding development activities from residential and non-residential properties, as well as unlock value through asset recycling activities. FPL has an asset base of S$35.1bn as at end- FY25, of which I&L accounts for the largest portion (35%), while retail makes up another 25%.