First REIT upgraded to "buy", target raised to $1.40 by OCBC

Stock Name: First Reit
Company Name: FIRST REAL ESTATE INV TRUST

Research House: OCBC

Price Call: BUY

Target Price: 1.40

SINGAPORE (Jan 19): OCBC Investment Research has upgraded First REIT to "buy" from "hold" and raised its price target to $1.40 from $1.18, saying the Indonesia-focused healthcare REIT's "solid" defensive attributes and minimal exposure to interest rates and foreign-exchange volatility make it an ideal investment proposition amid current macro uncertainties.

First REIT's debt-to-asset ratio stood at "a healthy" 32.7% as at Dec 31, and some 95% of its debt is hedged or based on fixed rates, OCBC analyst Andy Wong noted in a report today.