First REIT

First REIT: 3Q13 DPU rose 16.7% y/y to 1.96¢ on the back of a 30.4% increase in distributable income to $13.8m. This brings 9M13 DPU to 5.55¢, which translates to an annualized yield of 6.6%. NPI surged 53.4% to $21.7m, while gross revenue accelerated 60.7% to $22.8m mainly due to the full quarter contributions from four newly acquire properties: Siloam Hospitals Makassar, Siloam Hospitals Manado & Hotel Aryaduta Manado, Siloam Hospitals Bali and Siloam Hospitals TB Simatupang. Group has stated its intentions for asset enhancement initiatives at three of its Indonesia properties. Gearing is at 32.9%. First REIT recorded NAV per unit of 90.55¢. Bloomberg has consensus 12-month TP estimate of $1.32.