First REIT - Phillip Securities 2024-07-05: Forging Ahead Post-Restructuring

First REIT - Forging Ahead Post-Restructuring

Published:
First REIT (SGX:AW9U) | SGinvestors.ioFirst REIT (SGX:AW9U)
  • We initiate coverage with a BUY recommendation on First REIT (SGX:AW9U) with a DDM-derived target price of S$0.30. First REIT's share price is trading at an attractive 20% discount to NAV and a forward FY24e distribution yield of 9.6%.

About First REIT

  • - Read this at SGinvestors.io -
  • First REIT is managed by First REIT Management Limited (the manager), which is headquartered in Singapore. The Manager is 60% directly held by OUE and 40% directly held by OUE Healthcare, who together are its Sponsors and hold a combined stake in First REIT of 44.7% as at Dec 23.
  • - Read this at SGinvestors.io -
    • We initiate coverage with a BUY recommendation on First REIT (SGX:AW9U) with a DDM-derived target price of S$0.30. First REIT's share price is trading at an attractive 20% discount to NAV and a forward FY24e distribution yield of 9.6%.

    About First REIT

    • First REIT (SGX:AW9U) was listed on the SGX in Dec 2006. It is a healthcare real estate investment trust (REIT) focused on investing in diverse yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia.
    • First REIT is managed by First REIT Management Limited (the manager), which is headquartered in Singapore. The Manager is 60% directly held by OUE and 40% directly held by OUE Healthcare, who together are its Sponsors and hold a combined stake in First REIT of 44.7% as at Dec 23.
    • First REIT has a portfolio of 32 properties across Asia, with a total AUM of S$1.14 billion as at Dec23. These include
      • Read more at SGinvestors.io.



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



Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2024-07-05



Read also Phillip's most recent report:
2025-05-02 First REIT - Stable Operations Undermined By FX.

Previous report by Phillip:
2025-02-13 First REIT FY24 Results - Impacted By FX Headwinds.

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






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