FCL now forms my 3rd biggest position at 11%. I previously wrote about how much I liked it for its 30% discount to book and its 5.7% dividend yield (50% of earnings paid out). I also mainly like FCL due to its stakes in 4 REITS, FCT(Retail)/FCOT(Commerical)/FHT(Hospitality)/FLT (Logistics) which combined stakes is worth around 40% of its current market cap. FCL derives 60% of recurring income from its stake in reits, property management and property holdings(such as Waterway Point which opened this year), this produces a solid base of recurring income to pay out consistent dividends. FCL's gearing is pretty high with a debt to equity of over 80% (higher than industry average of 50%-60%). In its annual report, the management states that they are comfortable with gearing levels of 80%-100%. As they recently did a IPO of FLT in june, I think gearing levels should come down a ......