First REIT - Maybank Research 2024-11-10: Navigating Forex Headwinds

First REIT - Navigating Forex Headwinds

Published:
First REIT (SGX:AW9U) | SGinvestors.io
  • First REIT's 9M24 DPU of S$1.78 cents (-3.3% q-o-q/-5.3% y-o-y) achieved 74.8%/74.2% of consensus and our forecast. 9M24 revenue and NPI (of S$77m and S$74.7m) came under pressure due to forex headwinds, mainly from a weaker Yen against the S$.
  • - Read this at SGinvestors.io -

Organic growth offset by forex

  • In Iocal currency terms, 9M24 revenue from First REIT’s Indonesia/Singapore portfolios rose 4.4%/2.0%, respectively. Excluding FRS 116 adjustment on rental straight-lining (an accounting treatment),
    • - Read this at SGinvestors.io -
    • 9M24 rental income of S$10.1m from its Japan portfolio declined by 10.4% y-o-y.
  • 9M24 average exchange rates for S$/JPY depreciated by 10.9% from 101 to 112. We updated our forex assumptions and lowered our FY24 estimates.

Business updates

  • 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.com/ 2024-11-10



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

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





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