Report Summary

• Frasers Logistics & Commercial Trust (FLT SP)
  Action: BUY
  Target Price: SGD 1.07
  Key Idea: FLCT is leveraging its debt headroom to acquire four logistics properties in Germany and the Netherlands, which will strengthen its portfolio resilience and diversification. The acquisition is expected to improve DPU slightly (+1.7%) and raise leverage. FLCT’s footprint in the established European logistics market will deepen, and the fair value estimate is raised. Call to Action: Accumulate FLCT for growth and increased portfolio resilience.
• SATS Ltd (SATS SP)
  Action: BUY
  Target Price: SGD 4.20
  Key Idea: SATS posted resilient revenue and EPS growth, with dividend payout exceeding expectations. Despite margin pressures from ramp-up costs and Middle East conflict, SATS’s extensive global network positions it to capture shifting trade flows. The FV estimate is revised slightly lower but remains attractive. Call to Action: Buy SATS for stable earnings and dividend growth.
• Singapore Co-living Sector (Primer)
  Key Idea: The maturing co-living sector offers a unique value proposition, with strong fundamentals supported by growing demand from expatriates and international students. Call to Action: Investors should monitor sector leaders for public listings and institutional demand.