First REIT - OCBC Investment 2024-07-26: Steady As She Goes

• First REIT (SGX:AW9U)’s 1H24 rental and net property income (NPI) declined 3.7% and 4.1% y-o-y to S$52m and S$50.3m, respectively, largely due to significant depreciation of IDR and JPY against S$.
• - Read this at SGinvestors.io -

1H24 results met our expectations

• 1H24 distributable amount was down 2.1% y-o-y at S$25m, and First REIT declared a 2Q24 DPU of 0.60 Singapore cents. This is 3.2% lower y-o-y and constituted 25% of our full year forecast, meeting our expectations.
• - Read this at SGinvestors.io -

Slightly positive update on rentals outstanding from PT Metropolis Propertindo Utama (MPU)

• As at 30 Jun 2024, rentals outstanding from MPU under three master lease agreements (MLA) stood at S$6.4m (31 Mar 2024: S$5.2m). First REIT currently holds a security deposit of ~S$2.2m from MPU, and PT Siloam International Hospitals Tbk (Siloam) has also provided an additional S$3.8m worth of security deposit with respect to the underlying hospital properties.
• MPU contributed to 6.1% of First REIT’s 1H24 rental income, and management continues to engage the tenant closely on repayments.

FX headwinds resulted in a decline in asset value

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-04-30 First REIT - FX Headwinds Continue To Bite.

Previous report by OCBC:
2025-04-07 First REIT - Revisiting Our FX Assumptions.

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 Dividend Payout Dates & Corporate Actions,
First REIT News