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SAC Capital starts First REIT at 'hold' with TP of 32 cents

Felicia Tan
Felicia Tan2/24/2022 5:46 PM GMT+08  • 3 min read
SAC Capital starts First REIT at 'hold' with TP of 32 cents
Units in First REIT closed 0.5 cent lower or 1.64% down at 30 cents on Feb 24.
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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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