- First REIT's 9M24 DPU came in at 1.78 Singapore cents, constituting 74.1% of our initial full-year forecast and missing our expectations.
9M24 rental and NPI slipped 5.3% and 6% y-o-y due to FX headwinds
- - Read this at SGinvestors.io -
- In local currency terms, however, rental income from its Indonesian assets grew 4.4% y-o-y to IDR537.8b due to rental step-ups, while rental income from its Japanese nursing homes was flat at JPY1.1b.
- - Read this at SGinvestors.io -
- First REIT has declared a 3Q24 DPU of 0.58 Singapore cents, which is 3.3% lower q-o-q and 6,5% lower y-o-y. Units will trade ex-dividend on 12 Nov 2024 and distributions will be paid out on 20 Dec 2024.
Credit metrics remain stable with some upside risk to gearing on FX fluctuations after year-end portfolio valuations, in our view
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-11-01
Previous report by OCBC:
2024-07-26 First REIT - Steady As She Goes.
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
