Stock Name: First REIT
Company Name: FIRST REAL ESTATE INV TRUST
Research House: OCBC
OCBC Investment Research in an Apr 21 research report says: "First Reit (FREIT) reported its 1QFY11 results with gross revenue increasing 95.6% y-o-y and 90.5% q-o-q to $14.6 million, forming 27.4% of our full year forecast.
"The better-than-expected gross revenue growth was largely due to recognition of deferred rental income from the Adam Road Hospital as a result of its divestment (completed o n March 25, 2011). Total distributable income was within expectations, having increased 88.5% y-o-y and 82.1% q-o-q to $9.9 million, meeting 25.1% of our FY2011 estimates.
"This translated into a DPU of 1.58 cents, representing a 54.7% y-o-y decline but a 81.6% q-o-q increase. RNAV-derived fair value estimate remains unchanged at 80 cents, with potential total returns of 16.5%. MAINTAIN BUY."
Company Name: FIRST REAL ESTATE INV TRUST
Research House: OCBC
OCBC Investment Research in an Apr 21 research report says: "First Reit (FREIT) reported its 1QFY11 results with gross revenue increasing 95.6% y-o-y and 90.5% q-o-q to $14.6 million, forming 27.4% of our full year forecast.
"The better-than-expected gross revenue growth was largely due to recognition of deferred rental income from the Adam Road Hospital as a result of its divestment (completed o n March 25, 2011). Total distributable income was within expectations, having increased 88.5% y-o-y and 82.1% q-o-q to $9.9 million, meeting 25.1% of our FY2011 estimates.
"This translated into a DPU of 1.58 cents, representing a 54.7% y-o-y decline but a 81.6% q-o-q increase. RNAV-derived fair value estimate remains unchanged at 80 cents, with potential total returns of 16.5%. MAINTAIN BUY."
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