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FIRST REIT- ASIA LEADING HEALTHCARE REIT WITH 10% YIELD
@SPOT_ON๏ผ$First Reit(AW9U.SI)$ 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. $ocbc bank(O39.SI)$ $Meta Platforms, Inc.(META)$ $NVIDIA Corp(NVDA)$ $Mapletree Ind Tr(ME8U.SI)$ @MHh @SR050321 @Barcode @rL
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