FCT has a strong sponsor whose recent show of financial supportfor newly affiliated office-focused Frasers Commercial Trust speaksvolumes. Our main balance sheet related concern is the financing of ongoingcapital expenditure. We had previously assumed flat YoY reversionary growthin rentals. We are now pricing in a 5-7% decline per annum over the nexttwo years. We have also refined our estimate of the value of FCT's stake inMalaysian Hektar REIT. FCT's share price has continued to fall in tandemwith the S-REIT sector. In our opinion, FCT's current portfolio lackscritical mass. FCT has now postponed its expansion plans indefinitely,citing credit market conditions. While slowing growth is a sector-wideproblem, its importance to FCT is above average (in our opinion). MaintainHOLD. We have adjusted our estimates and our fair value estimate drops fromS$0.72 to S$0.62. (