First REIT - Maybank Research 2024-08-08: 1H24 In Line; BUY With FY24E DPU Yield of 9.6%

• First REIT's 1H24 DPU of S$1.2 cents (flat q-o-q/-3% y-o-y) is in line with consensus and our forecast. In Iocal currency terms, revenue from its Indonesia/Singapore portfolios rose 4.4%/2.0% respectively, and it was flat for its Japan assets. Forex headwinds weighed down 1H24 headline growth.
• - Read this at SGinvestors.io -

Key takeaways

• First REIT's 1H24 revenue/NPI were lower by 3.7%/3% y-o-y respectively, caused by forex headwinds.
• In our previous report First REIT - A Comeback Story Underpinned By Diversification, we noted MPU’s rental arrears. Management is optimistic MPU can meet its rental obligation after divesting a major asset. Other options include tapping into Siloam’s and MPU’s security deposits under their tripartite agreement to partially cover the arrears.
• - Read this at SGinvestors.io -

Changing dynamics

• Read more at SGinvestors.io.

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

Read also Maybank's most recent report:
2024-11-10 First REIT - Navigating Forex Headwinds.

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 Dividend Payout Dates & Corporate Actions,
First REIT News