FIRST REIT- ASIA LEADING HEALTHCARE REIT WITH 10% YIELD
$First Reit(AW9U.SI)$
Maintain BUY with an unchanged DDM-derived target price of S$0.30. First REIT is trading at an attractive 16% discount to NAV and a forward FY24e distribution yield of 9.3%. Organic growth will stem from more Indonesian hospitals achieving performance-based rent. Potential catalysts include the successful divestment of non-core assets such as Imperial Aryaduta Hotel and Country Club (IAHCC) and recycling the proceeds to fund acquisitions in developed markets as part of its First REIT 2.0 growth strategy. Our estimates remained unchanged.
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• Maiden entry into a high growth market underpinned by rapidly ageing demographics and positive
reception of eldercare facilities
• Acquisition of well-established freehold assets strategically located across Japan to boost income
streams
• Successfully taken first step of First REIT 2.0 Growth Strategy to expand into developed markets and
diversify geographical risk
established and experienced independent local nursing home operators.
DYOD, can consider
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