Stock Name: First REIT
Company Name: FIRST REAL ESTATE INV TRUST
OCBC Investment Research in a Jan 30 research report says: "First REIT (FREIT) reported its 4Q11 results which were within our expectations. Gross revenue surged 82.0% y-o-y to $13.9 million while distributable amount to unitholders jumped 122.9% to $12.1 million. This was partly due to a special distribution of $2.2 million arising from FREIT's recent divestment of the Adam Road property.
"DPU for FY2011 was 7.01 cents, versus 6.63 cents in FY2010 due to additional distributions from the asset divestment as highlighted earlier and a 5-for-4 rights issue in December 2010. This translates into an attractive yield of 9.1%.
"A revised RNAV-derived fair value estimate of 89 cents (previously 84 cents) as we roll forward our valuations and lower our terminal capitalisation rate inputs for some of its properties. MAINTAIN BUY."
Company Name: FIRST REAL ESTATE INV TRUST
| Research House: OCBC | Price Call: BUY | Target Price: 0.89 |
OCBC Investment Research in a Jan 30 research report says: "First REIT (FREIT) reported its 4Q11 results which were within our expectations. Gross revenue surged 82.0% y-o-y to $13.9 million while distributable amount to unitholders jumped 122.9% to $12.1 million. This was partly due to a special distribution of $2.2 million arising from FREIT's recent divestment of the Adam Road property.
"DPU for FY2011 was 7.01 cents, versus 6.63 cents in FY2010 due to additional distributions from the asset divestment as highlighted earlier and a 5-for-4 rights issue in December 2010. This translates into an attractive yield of 9.1%.
"A revised RNAV-derived fair value estimate of 89 cents (previously 84 cents) as we roll forward our valuations and lower our terminal capitalisation rate inputs for some of its properties. MAINTAIN BUY."
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