Broker: DBS

Date of Report: April 9, 2026 (inferred from page date stamp)

Excerpt from DBS report.

Report Summary

• Stock: Frasers Property Ltd (FPL_SP_Equity)
• Action: Maintain BUY
• Target Price: SGD 1.50 (unchanged)
• Key Idea: Frasers Property is trading at a deep value, with its diverse portfolio and stakes in various REITs/listed entities near its market cap. The company recently won a tightly contested tender for a residential site at Kallang Close, supporting its development pipeline.
• Highlights:
  • Winning the Kallang Close GLS site, together with Mitsubishi Estate, at SGD 610.8 million (SGD 1,415 psf ppr), slightly above expectations and ahead of other bidders.
  • Land pricing aligns with recent comparable deals, suggesting a gradual rise in land values and medium-term support for higher residential prices.
  • This acquisition is estimated to add SGD 0.02–0.03 (about 1%-2%) accretion to FPL’s RNAV if awarded, strengthening the company’s residential pipeline.
• Implication: The report reinforces a BUY call with a target price of SGD 1.50, citing FPL’s undervaluation and the positive impact of the Kallang Close win on its development prospects.

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