Research Reports

Date	Research House	Analyst	Research Reports	Recommendation	Target Price ($)
05 Aug 2022	SAC Capital	Peggy Mak	Improved risk profile and asset quality	Buy (previously hold)	0.33
24 Feb 2022	SAC Capital	Lam Wang Kwan	Ready to move on	Hold (Initiation)	0.32
03 Aug 2020	CGS-CIMB	Lock Mun Yee	Rental relief drag on earnings	Add	0.957
23 Jan 2020	SAC Capital	Terence Chua	Riding the wave of healthcare growth in Indonesia	Non-Rated	-
07 Nov 2019	CGS-CIMB	Lock Mun Yee	Slight drag from lower variable income	Add (Maintained)	1.20
11 Oct 2019	KGI Securities	Geraldine Wong	Site visit to First REIT's assets in Jakarta	Not Rated	-
07 Oct 2019	PhillipCapital	Natalie Ong	Good quality assets but still requires Sponsor's support	Not Rated	-
06 Aug 2019	CGS-CIMB	Lock Mun Yee	Stable 2Q	Add (Maintained)	1.23
10 Apr 2019	CGS-CIMB	Lock Mun Yee Eing Kar Mei	No surprises in 1QFY19	Add (Maintained)	1.20
10 Apr 2019	OCBC	Joseph Ng	Ceasing coverage	Cease coverage	-
11 Feb 2019	OCBC	Joseph Ng	Mind the (rental) gap	Sell (Downgrade)	0.97
22 Jan 2019	PhillipCapital	Tara Wong	A cautionary tale	Ceased Coverage	-
18 Jan 2019	OCBC	Joseph Ng	Uncertainty still unsettling	Hold (Maintain)	0.97
17 Jan 2019	CGS-CIMB	Lock Mun Yee Eing Kar Mei	Looking for opportunities to grow	Add	1.20
16 Jan 2019	PhillipCapital	Tara Wong	Challenging Times	Neutral (Maintained)	0.88
13 Dec 2018	OCBC	Joseph Ng	Not quite out of the woods	Hold (Maintain)	1.05
17 Oct 2018	PhillipCapital	Tara Wong	Waiting for a sign	Neutral (Maintained)	1.30
16 Oct 2018	CGS-CIMB	Lock Mun Yee	Attractive yield	Add	1.36
19 Sep 2018	PhillipCapital	Tara Wong	A new dawn	Maintained	1.31
19 Jul 2018	PhillipCapital	Tara Wong Tan Dehong	Continues to deliver despite rising interest rate environment	Neutral (Maintained)	1.31
19 Jul 2018	OCBC	Joseph Ng Andy Wong	Uncertainty Lurking	Hold (Downgrade)	1.34
18 Jul 2018	CGS-CIMB	Lock Mun Yee	2Q18: Boosted by inorganic growth	Hold	1.41
17 Jul 2018	Macquarie	Tuck Yin Soong	Another steady quarter	Outperform	1.50
25 May 2018	OCBC	Joseph Ng Andy Wong	A balance of probabilities	Buy (Maintain)	1.48
19 Apr 2018	OCBC	Joseph Ng Andy Wong	Good things come to those who wait	Buy (Maintain)	1.48
19 Apr 2018	PhillipCapital	Tara Wong Tan Dehong	Kicking off FY18 on a clear path	Neutral (Maintained)	1.31
17 Apr 2018	CGS-CIMB	Lock Mun Yee Yeo Zhi Bin	1Q18: New purchases boosted earnings performance	Hold	1.44
17 Apr 2018	Macquarie	Tuck Yin Soong Roy Chen	Stable DPU, as expected	-	1.50
19 Jan 2018	CIMB	Lock Mun Yee Yeo Zhi Bin	Boost from new properties	Hold	1.44
19 Jan 2018	OCBC	Joseph Ng Andy Wong	Valuations suggest further upside	Buy (Maintain)	1.48
17 Jan 2018	Macquarie	Tuck Yin Soong Ken Ang Roy Chen	Steady DPU outlook	Hold (Maintain)	1.44
24 Oct 2017	CIMB	Lock Mun Yee Yeo Zhi Bin	New properties lift earnings performance	Hold	1.39
24 Oct 2017	OCBC	Joseph Ng Andy Wong	Relative value emerges	Buy (Upgrade)	1.44
23 Oct 2017	Macquarie	Tuck Yin Soong Ken Ang Roy Chen	Continued DPU growth ahead driven by accretive acquisitions	Outperform	1.40
20 Oct 2017	PhillipCapital	Tan Dehong	A visit to hospitals in Jakarta	Neutral (Maintained)	1.32
05 Oct 2017	KGI Securities	Colin Tan	Stable yield buoyed by rising healthcare demand in Indonesia	Non-rated	-
03 Oct 2017	OCBC	Joseph Ng Andy Wong	Quality portfolio assets	Hold (Maintain)	1.38
19 Jul 2017	OCBC	Joseph Ng Andy Wong	Healthy set of results	Hold (Maintain)	1.38
18 Jul 2017	CIMB	Lock Mun Yee Yeo Zhi Bin	Positioned for growth	Hold	1.36
17 Jul 2017	Macquarie	Tuck Yin Soong Ken Ang	Stable results, 6.4% sustainable DPU yield	Outperform	1.35
19 Apr 2017	OCBC	Andy Wong	DPU profile remains stable	Hold (Maintain)	1.32
18 Apr 2017	PhillipCapital	Tan Dehong	Stable as expected - but positives are priced in	Neutral (Downgraded)	1.32
17 Apr 2017	Macquarie	Tuck Yin Soong Ken Ang Zhi Rong Phua	Another steady quarter	Outperform	1.35
17 Apr 2017	CIMB	Lock Mun Yee	New acquisitions boost topline	Hold	1.36
19 Jan 2017	PhillipCapital	Tan Dehong	Strong sponsor acquisition to look forward to	Accumulate	1.32
19 Jan 2017	OCBC	Andy Wong	Ending FY16 on a stable footing	Hold (Maintain)	1.32
17 Jan 2017	Macquarie	Tuck Yin Soong Ken Ang Zhi Rong Phua	Comfortable gearing, poised for more accretive acquisitions given strong sponsor pipeline	Outperform	1.35
09 Nov 2016	PhillipCapital	Tan Dehong	New acquisition to end FY16	Accumulate	1.32
20 Oct 2016	CIMB	Lock Mun Yee	New purchases to drive earnings growth	Hold	1.38
20 Oct 2016	OCBC	Andy Wong	Steady growth in 3Q2016	Hold	1.36
18 Jul 2016	PhillipCapital	Tan Dehong	Stable portfolio in times of volatility	Accumulate	1.32
14 Jul 2016	CIMB	Lock Mun Yee	Continues to deliver	Add	1.38
14 Jul 2016	Macquarie	Tuck Yin Soong Ken Ang	Another steady quarter	Outperform	1.35
19 Apr 2016	KGI Fraser	Wong Hong Wei	Registering higher DPU from Kupang acquisitions	Hold	1.24
19 Apr 2016	PhillipCapital	Tan Dehong	No surprises	Accumulate	1.38
18 Apr 2016	CIMB	Lock Mun Yee	New additions lift performance	Add	1.33
21 Jan 2016	PhillipCapital	Tan Dehong	More clarity on Sponsor and Acquisition Pipeline	Buy (Maintained)	1.38
21 Jan 2016	KGI Fraser	Wong Hong Wei	Growth to be driven inorganically	Maintain Buy	1.25
19 Jan 2016	CIMB	Lock Mun Yee	Steadily improving	Add	1.33
23 Nov 2015	PhillipCapital	Tan Dehong	First acquisition of the year	Buy (Upgraded)	1.38
30 Oct 2015	PhillipCapital	Tan Dehong	Lippo Group to shift REIT listing to Jakarta?	Accumulate (Maintained)	1.49
22 Oct 2015	PhillipCapital	Tan Dehong	First Asset Enhancement Initiative with Lippo Karawaci	Accumulate (Maintained)	1.49
14 Oct 2015	KGI Fraser	Wong Hong Wei	Stable but growth may slow	Hold	1.31
14 Oct 2015	CIMB	Lock Mun Yee	Still going strong	Add	1.48
14 Oct 2015	OCBC	Andy Wong	No surprises in 3Q15	Hold (Maintain)	1.36
20 Aug 2015	OCBC	Andy Wong	Keeping our hold rating despite price correction	Hold (Maintain)	1.36
22 Jul 2015	PhillipCapital	Tan Dehong	Growth Story Intact - Higher debt ceiling a boost	Accumulate (Maintain)	1.55
22 Jul 2015	Voyage	Liu Jinshu	Delivering quarterly DPU growth	Increase Exposure	1.65
20 Jul 2015	CIMB	Tan Xuan	Ready for acquisition	Add	1.51
28 Apr 2015	PhillipCapital	Tan Dehong	Indonesian Healthcare - Ramping up presence at the most opportune time	Accumulate (Initiation)	1.55
17 Apr 2015	Voyage	Liu Jinshu	Looking out for next acquisition	Increase Exposure	1.645
15 Apr 2015	OCBC	Andy Wong	Stable start to FY15	Buy (Maintain)	1.50
15 Apr 2015	KGI Fraser	Wong Hong Wei	Positives largely priced in	Hold	1.48
08 Apr 2015	Voyage	Liu Jinshu	Modern facilities impress	Increase Exposure	1.61
13 Mar 2015	CIMB	Tan Xuan	All the right mix	Add	1.48
26 Jan 2015	Voyage	Phuah Keng Keat	Acquisition to boost FY14 DPU	Increase Exposure	1.49
20 Jan 2015	PhillipCapital	Richard Leow	First REIT - Key takeaways	Non-rated
19 Jan 2015	OCBC	Andy Wong	Safe haven amid macro volatility	Buy (Upgrade)	1.40
19 Jan 2015	AmFraser	Wong Hong Wei	Growth path intact	Buy (Maintain)	1.38
16 Jan 2015	Macquarie	Tuck Yin Soong	Steady set of results	Outperform	1.42
13 Jan 2015	AmFraser	Wong Hong Wei	Health comes first	Buy	1.38
21 Oct 2014	Voyage	Ng Kian Teck	Ready for 1 more acquisition?	Increase exposure	1.50
20 Oct 2014	OCBC	Andy Wong	Another reliable performance	Hold (Maintain)	1.18
02 Sep 2014	Macquarie	Tuck Yin Soong Sam Chan	Siloam Hospitals - In the Pink of Health	Outperform	1.35
17 Jul 2014	Voyage Research	Ng Kian Teck	Progressively higher DPU	Increase Exposure	1.50
17 Jul 2014	OCBC	Andy Wong	Highest ever DPU delivered	Hold	1.21
16 Jul 2014	Macquarie	Brandon Lee Tuck Yin Soong	2Q14 performance boosted by three acquisitions	Outperform	1.22
15 Apr 2014	OCBC	Andy Wong	Growth from acquisitions	Buy (Maintain)	1.21
15 Apr 2014	Voyage Research	Ng Kian Teck	Steady Start for the Year	Increase Exposure	1.50
18 Mar 2014	Voyage Research	Ng Kian Teck	Another Lucrative Asset in their Pocket	Increase exposure	1.50
21 Jan 2014	Voyage Research	Ng Kian Teck	Pricing in the growth prospect	Increase Exposure	1.50
21 Jan 2014	OCBC	Andy Wong	Ends FY13 with 7.52 S cents DPU	Buy (Maintain)	1.19
17 Jan 2014	Macquarie	Brandon Lee Tuck Yin Soong	Resilient Income	Outperform	1.20
29 Oct 2013	Voyage Research	Ng Kian Teck	Seeing the DPU Uplift	Increase Exposure	1.44
25 Sep 2013	Voyage Research	Ng Kian Teck	Impressive Assets on Hand	Increase Exposure	1.44
16 Sep 2013	OCBC	Andy Wong	Upgrade to buy on valuation grounds	Buy	1.20
28 Aug 2013	Macquarie	Brandon Lee Tuck Yin Soong	No Rupiah exposure, rents paid in SGD	Outperform	1.30
31 Jul 2013	SIAS Research	Ng Kian Teck	Exciting Plans ahead	Invest	1.485
30 Jul 2013	OCBC	Andy Wong	Contribution from new assets	Hold	1.20
27 Jul 2013	Macquarie	Brandon Lee Tuck Yin Soong	Acquisitions drive DPU growth	Outperform	1.30
28 Jun 2013	OCBC	Andy Wong	Volatile times ahead	Hold	1.20
25 Apr 2013	SIAS Research	Ng Kian Teck	Boosted by Industry and Company Factors	Fairly Valued	1.465
24 Apr 2013	OCBC	Andy Wong	Full quarter of contributions from new assets	Hold	1.31
16 Apr 2013	OCBC	Andy Wong	No major impact from possible Siloam Hospitals IPO	Hold	1.31
10 Apr 2013	CIMB	Gary Ng	First target of S$1bn target in acquisition asset size achieved!	Buy	1.32
04 Apr 2013	OCBC	Andy Wong	Enhancing its portfolio value	Hold	1.31
28 Mar 2013	SIAS Research	Ng Kian Teck	Another Two Assets in the Pocket	Invest	1.305
25 Feb 2013	Macquarie	Brandon Lee Tuck Yin Soong	In the pink of health	Outperform	1.30
29 Jan 2013	OCBC	Andy Wong	On The Lookout For More Acquisitions	Hold	1
29 Jan 2013	SIAS Research	Ng Kian Teck	Ready for More Acquisitions	Buy	1.215
26 Jul 2012	SIAS Research	Ng Kian Teck	Evaluating the Targets Carefully	Buy	1.02
26 Jul 2012	OCBC	Andy Wong	Steady Quarter, No Surprises	Hold	0.96
29 Jun 2012	OCBC	Andy Wong	In Anticipation Of Dpu Accretive Acquisitions	Buy	0.96
23 Apr 2012	OCBC	Andy Wong	Healthy Fundamentals Likely Priced In	Hold	0.935
12 Apr 2012	CIMB	Gary Ng	On solid foundation	Buy	0.86
12 Apr 2012	SIAS Research	Ng Kian Teck	Primed for Acquisition	Buy	0.98
07 Mar 2012	CIMB	Gary Ng	Blessings from Indonesian assets	Buy	1.08
30 Jan 2012	SIAS Research	Kenneth Lui	Strong Finish For The Year	Increase Exposure	0.98
30 Jan 2012	OCBC	Andy Wong	Undaunted by volatile macroeconomic environment	Buy	0.89
30 Nov 2011	OCBC	Andy Wong	Visit to Sarang Hospital in South Korea	Buy	0.84
01 Nov 2011	CIMB	Gary Ng	Another round of consistently good performance	Buy	0.86
24 Oct 2011	OCBC	Andy Wong	3Q11 results within expectations	Buy	0.84
24 Oct 2011	SIAS Research	Kenneth Lui	Paying Well for Patience (Update)	Increase Exposure	0.97
05 Oct 2011	PhillipCapital	Travis Seah	A healthcare property giant in the making	Nil	Nil
26 Jul 2011	SIAS Research	Ng Kian Teck	Appreciating its Assets	Increase Exposure	0.935
12 Jul 2011	OCBC	Andy Wong	Maiden foray into South Korea's healthcare sector	Buy	0.835
07 Jun 2011	CIMB	Gary Ng	A MSCI component stock now	Buy	0.86
27 Apr 2011	SIAS Research	Ng Kian Teck	Fruits of the New Purchases	Increase Exposure	0.925
21 Apr 2011	OCBC	Andy Wong	Maiden contribution from new hospitals	Buy	0.8
26 Jan 2011	SIAS Research	Ng Kian Teck	Healthy Finish for the Year	Increase Exposure	0.91
25 Jan 2011	OCBC		4QFY10 results within expectations	Buy	0.82
18 Nov 2010	CIMB	Janice Ding	5-for-4 rights issue positive	Buy	0.85
18 Nov 2010		Moh Tze Yang	First-Rate Acquisitions To Follow First-Class Results	Increase Exposure	1.21
25 Oct 2010	CIMB	Janice Ding	First REIT 3Q 10 results	Buy	1.1
28 Jul 2010	CIMB	Janice Ding	First REIT 2Q 10 results	Buy	1.08
27 Jul 2010	SIAS Research	Moh Tze Yang	First Class 2Q10 Results	Increase Exposure	1.13
27 Apr 2010	SIAS Research	Moh Tze Yang	First REIT - First-Rate Performance	Increase Exposure	1.1
18 Jan 2010	CIMB	Janice Ding	Anchored by Indonesian domestic demand	Buy	1.08