Overall, DBS expects “resilient performance” from FPL in the coming years on the back of higher revenue recognition from development projects in Singapore, China and Australia; steady returns from its industrial, logistics and commercial properties in Europe, the UK, Australia and Asean; project completions across its industrial and logistics portfolios; and improving outlook for its hospitality business.
Frasers Property (FPL) is an “unappreciated diversified developer” trading at a “remarkably cheap valuation”, with its stake in various REITs and listed entities near its market capitalisation of $4.0 billion, says DBS Group Research analyst Tabitha Foo.
“The market is assigning close to zero value to its solid track record as a developer of residential homes in Singapore and Australia, global industrial and logistics sourcing and development platform, and fast-growing hospitality business,” adds Foo in an April 15 note.
