Wednesday, February 1, 2017


Draft: 2/1/2017 (Market value: 977.3m, PB:1.2, Yield 6.67%, PE: 8)
Update: 2/2/2017

Based on 2016 Report.

Asset under mgmt. 1.27b (CAGR: 16.4%); 18 hospitals,  majority in Indonesia; 3 in SG, 1 in KR. 314k sqm. 4700 beds.
Total debt: 417m,
Gearing: 31.1%

Gross revenue: 107m;
Net property income: 105.8m;
Distributable income: 65.2m;
Sponsor: Lippo Karawaci (LK)

Distribution Reinvestment Plan(DRP) in lieu of  dividend payout, DRP @S$1.2559 per Unit.
Biz outlook
Annual base rental escalation (2x percentage increase of  SG CPI, capped at 2%)

(Does that imply the growth strategy can only be more acquisition of hospitals from LK group, 43 in the pipeline?)
1. How to subscribe to "S$60 million subordinated perpetual securities" with coupon rate of 5.68% for first 5 years?
2. My impression of FirstREIT: it is an investment vehicle of LK group to monetize the family wealth.

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