First REIT - Phillip Securities 2026-02-09: FX Remains A Drag

• 2H25/FY25 First REIT's DPU of 1.04/2.17 Singapore cents (-10.3%/-8.1% y-o-y) was in line with expectations, forming 48%/100% of our FY25e forecast. The y-o-y decline was due to the depreciation of the IDR and JPY against the S$, partially offset by higher local-currency rental income and lower finance costs.
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• First REIT’s long WALE of 10 years and built-in base rental escalations continue to provide earnings visibility while the market awaits the outcome of the strategic review.

The Positives

Stable operating performance in local currency terms.

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Stable capital management.

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

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