SAC Capital analyst Lam Wang Kwan has initiated “hold” on First REIT with a target price of 32 cents.
The REIT is currently trading at a dividend yield of 8.0% and a P/NAV of 0.8x.
“We believe that with the restructured master lease agreement (MLA) terms and the addition of the Japan portfolio, First REIT will be able to sustain a similar distribution per unit (DPU) payout in the medium term,” writes Lam in his report dated Feb 24.
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