Broker Name: DBS
Date of Report: Not explicitly stated in the document, but inferred to be 1Q26 (likely calendar Q1 2026, based on context).

Excerpt from DBS report.

Report Summary

• Frasers Logistics & Commercial Trust (FLCT) reported strong operational performance for 1Q26, driven by its Logistics & Industrial (L&I) portfolio, which saw high occupancy and robust rental reversions.
• The commercial portfolio remains challenging due to negative rental reversions, particularly in Singapore, but efforts to backfill vacancies—especially the ex-Google space—are progressing well.
• FLCT maintains a healthy capital position with low gearing (34.8%), steady borrowing costs (3.1%), and significant debt headroom, positioning it well for potential acquisitions and refinancing needs despite recent rate hikes in Australia.
• The broker maintains a BUY recommendation with an unchanged target price of SGD1.05, citing operational strength and prudent capital management as key positives.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com