- First REIT (SGX:AW9U)'s 1H24 DPU of 1.20 Singapore cents (-3.2% y-o-y) was in line with our expectations, forming 51% of our FY24e forecast. 1H24 DPU was lower y-o-y mainly due to the stronger S$ against the IDR and JPY. 2Q24 DPU was stable q-o-q at 0.60 Singapore cents.
- - Read this at SGinvestors.io -
- First REIT share price is trading at an attractive 16% discount to NAV and a forward FY24e distribution yield of 9.3%. Maintain BUY with an unchanged DDM-derived First REIT target price of S$0.30.
The Positives
Rentals in local currency terms continue to improve.
- - Read this at SGinvestors.io -
- The proportion of rental income contribution by Siloam is expected to increase to over 80% after October 2026, assuming performance-based rent is achieved for all the Indonesian hospitals.
Strong capital management.
- 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/ 2024-07-30
Read also Phillip's most recent report:
2024-11-04 First REIT - Hurt By The Weak IDR & JPY.
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
