First REIT reaps rewards of new acquisitions

SINGAPORE (July 15): CIMB Research is maintaining its “add” call on First REIT with a higher target price of $1.38 from $1.33 previously, after its 2Q16 results came in line with the research house’s expectations.

(See First REIT posts 1.9% rise in DPU)

In a Thursday note, analyst Lock Mun Yee observes First REIT’s growth in earnings came from higher gross revenue of $26.6 million, underpinned by new acquisitions such as the Kupang property as well as higher interest income from the first progress payment for the development works on its new project, Siloam Hospital Surabaya.

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