First REIT's Units Face Overhang From Growing Rental Arrears -- Market Talk

Dow Jones

2024-11-05

0620 GMT - First REIT's units face overhang from growing rental arrears from Indonesian tenant Metropolis Propertindo Utama, DBS Group Research's analysts say in a research report. DBS turns more cautious on the REIT, given outstanding rentals of S$7.9 million as of end-3Q and arrears dating back to 4Q 2022. Worst-case scenario of a full write-off on the tenant's rentals could lead to 12% reduction in DBS' distribution-per-unit estimates for the REIT. DBS also trims its 2024 and 2025 distribution-income forecasts for the REIT by 1% to reflect assumptions for a weaker Indonesian rupiah against Singapore dollar. DBS cuts the unit's rating to hold from buy and its target price to S$0.28 from S$0.29. Units are unchanged at S$0.27. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

November 05, 2024 01:20 ET (06:20 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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DBS turns more cautious on the REIT, given outstanding rentals of S$7.9 million as of end-3Q and arrears dating back to 4Q 2022. Worst-case scenario of a full write-off on the tenant's rentals could lead to 12% reduction in DBS' distribution-per-unit estimates for the REIT. DBS also trims its 2024 and 2025 distribution-income forecasts for the REIT by 1% to reflect assumptions for a weaker Indonesian rupiah against Singapore dollar. DBS cuts the unit's rating to hold from buy and its target price to S$0.28 from S$0.29. Units are unchanged at S$0.27. 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DBS turns more cautious on the REIT, given outstanding rentals of S$7.9 million as of end-3Q and arrears dating back to 4Q 2022. Worst-case scenario of a full write-off on the tenant's rentals could lead to 12% reduction in DBS' distribution-per-unit estimates for the REIT. DBS also trims its 2024 and 2025 distribution-income forecasts for the REIT by 1% to reflect assumptions for a weaker Indonesian rupiah against Singapore dollar. DBS cuts the unit's rating to hold from buy and its target price to S$0.28 from S$0.29. Units are unchanged at S$0.27. (ronnie.harui@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 05, 2024 01:20 ET (06:20 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones & Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK6134","symbol_name":"医疗保健房地产信托","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2481880545","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481880545","pubTimestamp":1730787600,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0620 GMT - First REIT's units face overhang from growing rental arrears from Indonesian tenant Metropolis Propertindo Utama, DBS Group Research's analysts say in a research report. DBS turns more cautious on the REIT, given outstanding rentals of S$7.9 million as of end-3Q and arrears dating back to 4Q 2022. Worst-case scenario of a full write-off on the tenant's rentals could lead to 12% reduction in DBS' distribution-per-unit estimates for the REIT. DBS also trims its 2024 and 2025 distribution-income forecasts for the REIT by 1% to reflect assumptions for a weaker Indonesian rupiah against Singapore dollar. DBS cuts the unit's rating to hold from buy and its target price to S$0.28 from S$0.29. Units are unchanged at S$0.27. 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DBS turns more cautious on the REIT, given outstanding rentals of S$7.9 million as of end-3Q and arrears dating back to 4Q 2022. Worst-case scenario of a full write-off on the tenant's rentals could lead to 12% reduction in DBS' distribution-per-unit estimates for the REIT. DBS also trims its 2024 and 2025 distribution-income forecasts for the REIT by 1% to reflect assumptions for a weaker Indonesian rupiah against Singapore dollar. DBS cuts the unit's rating to hold from buy and its target price to S$0.28 from S$0.29. Units are unchanged at S$0.27. (ronnie.harui@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 05, 2024 01:20 ET (06:20 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}