Broker Name: OCBC Group
Date of Report: 2 April 2026
Excerpt from OCBC Group report.
Report Summary
- Stock Focus: First REIT (FIRT SP)
- Action: HOLD
- Target Price: SGD 0.245
- Key Idea: First REIT proposes to divest 8 hospital and 3 non-hospital assets in Indonesia, with a put option on the remaining 6 hospital assets. Aggregate net proceeds: SGD464.2m; most will be used to reduce debt, and a small portion will be distributed as special dividends. Divestment will lower distribution per unit and reduce leverage, but share price is expected to react negatively due to DPU decline. The REIT pivots focus towards developed markets, but new acquisitions are unlikely to match Indonesia yields. Longer-term, this reset could reduce emerging market risk and currency headwinds. Pending EGM approval, HOLD rating and FV estimate are maintained.
above is an excerpt from a report by OCBC Group. Clients of OCBC Group can be the first to access the full report from the OCBC website : https://www.ocbc.com
