We downgrade our rating from MARKET PERFORM to UNDERPERFORM despite raising our target price (TP) by 51% as FRT’s share price has rallied 79% MTD in December 2021. We believe FRT’s current 2022F and 2023F P/Es of 19.9x and 18.0x, respectively, are demanding compared to MWG’s respective ratios of 13.9x and 11.6x, based on our forecasts.

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