First REIT

First REIT posts flat 2Q19 DPU of 2.15 cents

SINGAPORE (Aug 5): The manager of First REIT has declared a DPU of 2.15 cents for 2Q19 ended June, unchanged from the same quarter last year. 

Income distributable to unitholders came in at $17.1 million, up 1.2% from $16.9 million in 2Q18.

Rental and other income for the quarter inched up 0.2% to $29 million from $28.9 million a year ago.

Operating expenses for 2Q19 increased 52.2% to $647,000 compared to 2Q18 due largely to higher expenses incurred for Sarang Hospital and Indonesia properties.

LMIRT, First REIT under pressure as acquisitions loom

SINGAPORE (Apr 15): Although stresses at Lippo Karawaci have been alleviated, they remain in other parts of the group, which could put pressure on its Singapore-listed real estate investment trusts (REITs).

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OUE Lippo Healthcare started at 'buy' on improving earnings visibility

SINGAPORE (Mar 11): Soochow CSSSD Capital Markets (SCCM) is starting coverage on OUE Lippo Healthcare (OUE LH) at “buy” with a target price of 8.8 cents, while forecasting a 25.2% earnings per share (EPS) CAGR from FY19-22E as the group enters a “durable earnings expansion phase”, in the research house’s words.  

Based on the research house’s valuations, the stock currently trades at an attractive 1.1 times price-to-book versus the industry average of 3.8 times.

More challenges loom for First REIT after completion of ownership restructuring: OCBC

SINGAPORE (Dec 13): OCBC Investment Research is maintaining its “hold” call on First REIT with a lower fair value of $1.05 from $1.34 previously, after factoring in various risks pertaining to the REIT’s master leases and portfolio balancing.  

Contagion fears from Lippo probe spread to Singaporean bonds

(Nov 26): An investigation into troubled Indonesian property developer PT Lippo Karawaci, controlled by Southeast Asia’s billionaire Riady family, is reverberating in the Singapore bond market.

Singapore dollar-denominated notes issued by First Real Estate Investment Trust, and those sold by OUE Ltd, controlled by the family, have dropped as a liquidity crunch prompts concern the group is using other entities to help shore up finances. Bonds of Lippo Malls Indonesia Retail Trust, also sponsored by Lippo Karawaci, have come under pressure as well.

Indonesia billionaire family reshuffles empire on currency rout

SINGAPORE/JAKARTA (Sept 19): Southeast Asia’s billionaire Riady family is reshuffling its health-care holdings as its core property business grapples with the emerging-market rout.

Should unitholders expect more acquisitions to push First REIT's FY18 DPU up?

SINGAPORE (Apr 19): OCBC Investment Research is maintaining its “buy” call on First REIT with an unchanged fair value estimate of $1.48, on expectations of more DPU-accretive acquisitions in the year ahead to further boost its unit price.

While Phillip Capital also sees the REIT to benefit from organic growth in the near-term, it is keeping “neutral” on rich valuations, while lowering its target price to $1.31 from $1.32 previously after adjusting for a different set of assumptions that follows a change of analyst.

First REIT's 1Q earnings get a boost from new acquisitions

SINGAPORE (Apr 18): First REIT yesterday announced that its 1Q18 DPU increased marginally by 0.5% to 2.15 cents compared to 2.14 cents in 1Q17.

During the quarter the REIT’s gross revenue was 5.8% higher at $28.7 million, from $27.2 million a year ago, mainly due to contributions from newly-acquired Siloam Hospitals Buton & Lippo Plaza Buton and Siloam Hospitals Yogyakarta, which were added in October and December 2017, respectively.

In addition, First REIT saw higher rental income from existing properties in Indonesia and Singapore during the quarter.

Faster-than-expected acquisitions a 'live possibility' for First REIT

SINGAPORE (Jan 18): CIMB is reiterating its “hold” call on First REIT with a higher target price of $1.44 from $1.39 previously after its manager declared a FY17 distribution per unit (DPU) of 8.47 cents, in line with the research house’s expectations and making up 100.3% of its full-year forecast.

First REIT to continue enjoying boosts from Indonesian assets: OCBC

SINGAPORE (Dec 11): OCBC Investment Research is maintaining its “buy” call on First REIT with a  fair value estimate of $1.44, on expectations of an enlarged right of first refusal (ROFR) asset pool for accretive acquisitions.

This comes after the trust saw its hospital asset, PT Siloam International Hospitals TBK, register a healthy set of 3Q results as at end Sept, which saw gross operating revenue grow 21% y-o-y to Rp1.53 trillion ($32.1 billion) with increases for both inpatient and outpatient visits over the quarter.

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