First REIT - Phillip Securities 2024-07-30: A Stable Quarter With Stable DPU

First REIT - A Stable Quarter With Stable DPU

Published:
First REIT (SGX:AW9U) | SGinvestors.ioFirst REIT (SGX:AW9U)
  • 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 2 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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