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First REIT: FY2010 results.

Saturday, January 22, 2011



1. Projected DPU for FY2011 remains at 6.4c.

2. NAV/unit as at 31 Dec 2010 is 77c.

3. Gearing in 2011 at 17.25%.

DPU is lower for 4Q FY2010 at 0.87c "due to the issuance of 345,664,382 Rights Units on 31 December2010 in relation to the acquisition of Mochtar Riady Comprehensive Cancer Centre and Siloam Hospitals LippoCikarang. These new rights units are entitled to participate in the 4Q 2010 distribution. If the new rights units issued on 31 December 2010 are excluded in the computation, the adjusted distribution per unit would have been 1.96 cents."

New properties will start contributing to earnings and distributions in 2011. Expecting the DPU for 1Q FY2011 to be 1.6c, therefore.

4Q FY2010 DPU of 0.87c will be payable on 28 Feb 2011.

See presentation slides here.

See report by OCBC Investment Research here.
We believe that FREIT’s current valuations are still compelling, boosted by its attractive yield (estimated yield of 8.3% in FY11F). Future growth will be supported by its stable master lease terms, which has downside revenue protection and built-in step-up rental features. We continue to like FREIT’s strong sponsor support as well as management’s execution capabilities. Maintain BUY with a revised RNAV-derived fair value estimate of S$0.82 (total returns of 15.5%) as we incorporate the latest figures into our assumptions.


Related post:
First REIT: Simply amazing.

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