First REIT - Phillip Securities 2025-05-02: Stable Operations Undermined By FX

• 1Q25 First REIT's DPU of 0.58 Singapore cents (-3.3% y-o-y, unchanged q-o-q) was slightly below our estimates, forming 23% of our FY25e forecast. The y-o-y decline in DPU was due to the depreciation of the IDR and JPY against the S$, partially offset by higher rental income in local currency terms.
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• First REIT’s long WALE of over 10 years and built-in base rental escalations continue to provide earnings visibility.

The Positives

Resilient operations.

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• Rental income in Singapore grew 2%, while income from Japan remained stable y-o-y in local currency terms.

Benefiting from lower interest rates.

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

Previous report by Phillip:
2025-02-13 First REIT FY24 Results - Impacted By FX Headwinds.

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