FAEACO 12.814 PERP moved 10pts lower since FY25 results, reflecting the concerns coupon deferral and further delay in partial calls. While we note the company’s more cautious tone on coupon payment and the time table of partial call, we believe that the incentive for FEC to call the perps remains strong, especially HIBOR has significantly. Additionally, our expectation of solid cash receipt from non-core asset sales and deliveries of property developments in The UK and Australia. At 53, we believe that FAEACO 12.814 PERP offers decent risk and return profile and maintain buy on FAEACO 12.814 PERP.