First REIT: DPU at 1.6c -21.5% yoy compared with prev yr 1.9c Reported results on Friday with gross rev at $13.2m +75.3% yoy -9.3% qoq with net profit at $8.7m +84.0% yoy -34.2% qoq. NPI was $13.1m +75.7% yoy -9.5% qoq. The increase in figures were due to 2 new hospitals acquired, the Mochtar Riady Cancer Centre and Siloam Hospitals.
Results were lower than in 1Q due to a gain in divestment of Adam Road property in 1Q which is expected to be distributed in a special distribution in coming quarters when IRAS responds on the tax treatment.
First REIT has first right of refusal for properties owned by sponsor PT Lippo Karawaci which has plans to develop 25 hospitals in Indonesia. Co is also currently in talks to acquire 2 hospitals from its sponsor. Annualized 1H2011 DPU of 6.4c is approx 7.6% yield at last done price of $0.835
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