First REIT - Notes from Indonesia | I3investor

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First REIT - Notes from Indonesia

StockFanatic

Publish date: Wed, 01 Apr 2015, 04:10 PM

Siloam Hospitals Makassar

We visited two of First REIT's hospitals at Manado and Makassar and were reassured of the growth story of Indonesia's hospitals. Occupancies at the two hospitals were around 70%, and the ~30% bed allocation to BPJS were also filled up within 3-6 months to occupancies of 70-100%. We continue to believe that First REIT serves as an optimal vehicle to ride on the growth of Indonesia's healthcare infrastructure without the foreign exchange and operating risks, alongside Siloam Hospital and Lippo Karawaci.

We maintain our Add recommendation and DDM-based target price of S$1.48/share. Catalysts could come from yield-accretive acquisition or plans to unlock value via asset enhancement initiatives.

First Reit (AW9U)

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