First REIT locks down future growth with steady 3Q results

SINGAPORE (Oct 20): OCBC Investment Research is maintaining its “hold” call on First Real Investment Estate Trust (REIT) with an unchanged fair value of $1.36, despite noting a “steady set of 3Q16 results”.

First REIT on Wednesday posted 3Q distribution per unit (DPU) of 2.12 cents, which was 1.9% higher than 2.08 cents in the same quarter the year before.  

In a Thursday report, lead analyst Andy Wong says the results came in within expectations, with the 6.5% y-o-y rise in gross revenue being mainly underpinned by contributions from Siloam Hospitals Kupang and Lippo Plaza Kupang.

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