#first reit

Indonesia billionaire family reshuffles empire on currency rout

James Riady, Chief Executive Officer of Lippo Group, speaks to members of the media at the announcement for the Meikarta project at a news conference in Jakarta, Indonesia May 4, 2017. (Reuters pic)

JAKARTA: Southeast Asia’s billionaire Riady family is rejigging its health-care holdings as its core property business grapples with the emerging-market rout.

OUE Lippo Healthcare Ltd, a hospital…

First REIT No surprises

First REIT’s 1Q16 DPU increased by 2.4% yoy to 2.11 cents due to additional contributions from the Kupang property acquired last December.

Expect little organic growth in base rental for Indonesian properties this year due to lacklustre CPI First REIT’s Indonesian hospitals have an annual base rental increment pegged to the Singapore CPI (with a floor of 0% and cap of 2%). The CPI number came in…

First REIT – KEEPING OUR HOLD RATING DESPITE PRICE CORRECTION

Expecting stable growth

Pipeline of ROFR assets

Valuations still not attractive

Steady growth path First REIT’s (FREIT) recent 2Q15 results exhibited continued stable growth, with gross revenue and DPU increasing by 8.5% and 3.5% YoY to S$25.0m and 2.07 S cents, respectively. This was in-line with our expectations, and was driven by both organic growth and contribution from new acquisitions. We…

First REIT – Notes from Indonesia

We visited two of First REIThospitals at Manado and Makassar and were reassured of the growth story of Indonesia’s hospitals. Occupancies at the two hospitals were around 70%, and the ~30% bed allocation to BPJS were also filled up within 3-6 months to occupancies of 70-100%. We continue to believe that First REIT serves as an optimal vehicle to ride on the growth of Indonesia’s healthcare…

First REIT Analyst Briefing Key Takeaways

First REIT announced its Full Year FY2014 (Y/E Dec) results on 15 January. We attended the Analyst Briefing that was held on 19 January. These are the key takeaways from the briefing, as well as other information that investors might not be aware of about First REIT.

First REIT A-shares The A-shares were issued as partial payment for the acquisition of Siloam Sriwijaya. The First REIT A-shares are…

First REIT HEALTH COMES FIRST

We initiate coverage on First Real Estate Investment Trust(First REIT) with a BUY rating and a fair value of S$1.380 based on a dividend discount model. First REIT’s 6.4% FY15F yield is anchored by long master leases, with ~95% of the rental income from Indonesia’s healthcare sector backed by Lippo Karawaci and Siloam Hospitals. First REIT stands to benefit from its sponsor’s huge asset pipeline…