First REIT

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). On March 12, Lippo Karawaci announced a US$1,010 million ($1,367 million) funding programme consisting of a US$730 million rights issue underwritten by the Riady family, and US$280 million ...
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 ...
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.   To recap, OUE Lippo Healthcare (OUE LH) recently acquired a 10.6% stake in First REIT from its sponsor, Lippo Karawaci (LK), as well as ...
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 ...
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. OUE Lippo Healthcare Ltd., a hospital operator backed by the family, agreed to buy 10.6% of Singapore-listed First REIT, according to a statement Tuesday, which confirmed an earlier Bloomberg News report. It will ...
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 ...
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 ...
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. In a Thursday report, lead analyst Lock Mun Yee says the REIT’s latest results were ...
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 ...
Why OCBC is upgrading First REIT to 'buy'
SINGAPORE (Oct 24): First REIT posted a 0.9% increase in its 3Q17 DPU to 2.14 cents compared to 2.12 cents last year. Gross revenue grew 3.3% to $27.8 million, from $26.9 million a year ago. This was mainly due to full-quarter contribution from Siloam Hospitals Labuan Bajo, which was acquired in December 2016, as well as higher rental income from the REIT’s properties in Indonesia, ...