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

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

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

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  Read also Phillip's most recent report:
  2024-07-30 First REIT - A Stable Quarter With Stable DPU.

  Price targets by 3 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