- 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 the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Li Jialin Maybank Research | https://www.maybank-ke.com.sg/ 2024-08-08
Previous report by Maybank:
2024-06-26 First REIT - A Comeback Story Underpinned By Diversification.
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
