First REIT - Maybank Research 2024-06-26: A Comeback Story Underpinned By Diversification

First REIT - A Comeback Story Underpinned By Diversification

First REIT (SGX:AW9U) | SGinvestors.ioFirst REIT (SGX:AW9U)


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  • Listed on SGX with 3 hospitals and a hotel acquired for S$257m in 2006, First REIT has demonstrated its hunger for growth by acquiring 16 hospitals within 12 years. In Nov 2020, it restructured the master lease agreement with 14 hospitals in Indonesia, ahead of their expiry in FY21.
  • First REIT is diversifying into new markets and new asset classes. It has acquired 15 nursing homes in Japan since 2022. Since then, it has posted 2 years of steady growth in revenue, close to its pre-restructuring levels.
  • As of Mar 24, First REIT has 32 properties (S$1.14b). Its portfolio of hospitals and nursing homes spans across Indonesia, Japan and Singapore.


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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Li Jialin Maybank Research | 2024-06-26

Price targets by other brokers at First REIT Target Prices.

Listing of research reports at First REIT Analyst Reports.

Relevant links:
First REIT Share Price History,
First REIT Announcements,
First REIT Dividends & Corporate Actions,
First REIT News Articles


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