First REIT - OCBC Investment Research 2025-04-07: Revisiting Our FX Assumptions

• We like healthcare S-REITs during times of volatility for their defensive nature and high level of cash flow visibility, but caution that FX is likely to remain a headwind for First REIT (SGX:AW9U).

We note that, in recent years, First REIT’s DPU has declined largely due to FX headwinds.

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• In local currency terms, rental income from the Japanese nursing homes were flat while that from the Indonesian assets had grown 4.7%. The IDR has come under significant pressure year-to-date, and we think there are risks of further IDR weakness, especially if a global growth slowdown triggered by President Trump’s worse-than-expected tariffs places pressure on commodity prices.
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Progress relating to 2.0 Growth Strategy could still present a near-term catalyst.

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

Previous report by OCBC:
2025-02-12 First REIT - Potential Portfolio Refresh On The Horizon.

Price targets by 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