- 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.
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
