First REIT - Phillip Securities 2025-11-05: Earnings Stability Tempered By FX

• 3Q25/9M25 First REIT's DPU of 0.52/1.65 Singapore cents (-10.3%/-7.3 y-o-y) was slightly below our estimates, forming 23%/73% of our FY25e forecast. The y-o-y decline in DPU was due to depreciation of the IDR and JPY against the S$, partially offset by higher rental income in local currency terms.
• - Read this at SGinvestors.io -
• First REIT’s long WALE of 9.8 years and built-in base rental escalations continue to provide earnings visibility while the market awaits the outcome of the strategic review.

The Positives

Divestment of IAHCC.

• - Read this at SGinvestors.io -
• Additionally, the 31-year-old hospitality asset would have required significant capital expenditure for maintenance and upkeep.

Stable capital management.

• Read more at SGinvestors.io.

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/.

Read also Phillip's most recent report:
2026-02-09 First REIT - FX Remains A Drag.

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