Frasers Commercial Trust (“FCT”) recently announced the signing of a major tenant, Google, at Alexander Technopark. Of course, with this being a done deal, many folks including myself were thus expecting the DPU to increase upon commencement of the lease next year. Upon perusal of the  financial announcements of FCT in the third quarter ending 30 June 2019 and examining it in details, I decided to reduce my shareholdings by half to mitigate any downside risk at the current high valuation of S$1.60-S$1.65 range. The free cashflow available to pay out quarterly distribution turns out to be unsustainable even if you add in the upcoming contribution from Google to replace the capital component in current distribution. 1. Free cashflow assessment Screenshot 1: Cashflow Statement Extract FCT financial year is from 1st October 2018 to 30th September 2019. Hence we need to annualise the cashflow from 1/10/2018 to 30/6/2019....