22-10-2011, 10:21 AM
i remember their prospectus stated that the manager was going to cover the indon hospitals' maintanence fees for the 1st 2 years after IPO, beyond which it will be charged to First Reit. Has this been done already?
(22-10-2011, 10:21 AM)weijian Wrote: [ -> ]i remember their prospectus stated that the manager was going to cover the indon hospitals' maintanence fees for the 1st 2 years after IPO, beyond which it will be charged to First Reit. Has this been done already?
(01-12-2011, 08:05 PM)Gregg Wrote: [ -> ]By Carmen Lee
Wed, 30 Nov 2011, 08:49:41 SGT
Market Pulse: First REIT, CapitaLand & Lian Beng (30 Nov 2011)
FOCUS
First REIT: Visit to Sarang Hospital in South Korea
Summary: We visited First REIT’s (FREIT) recently acquired Sarang Hospital (SH) in South Korea. SH enjoys a high occupancy rate and uses an electronic health records system to improve its operating efficiency. It achieved operational breakeven despite opening only in Jun 2010. As this is FREIT’s maiden acquisition in South Korea, we concur with management’s prudent approach initially as execution risks exist in a new operating environment. FREIT has secured ten months of rental security deposit as collateral and we estimate that SH would form only 1.4% and 3.4% of our FY11 and FY12 gross revenue estimates, respectively. Nevertheless, we opine that South Korea’s healthcare market has good growth prospects and this pilot venture could provide FREIT with an avenue for possible future acquisitions. We continue to like FREIT for its proxy to the growing healthcare scene in the region, rental stability and visibility and defensive master lease structure. Maintain BUY and S$0.84 fair value estimate. (Wong Teck Ching Andy)
(01-12-2011, 08:20 PM)Nick Wrote: [ -> ](01-12-2011, 08:05 PM)Gregg Wrote: [ -> ]By Carmen Lee
Wed, 30 Nov 2011, 08:49:41 SGT
Market Pulse: First REIT, CapitaLand & Lian Beng (30 Nov 2011)
FOCUS
First REIT: Visit to Sarang Hospital in South Korea
Summary: We visited First REIT’s (FREIT) recently acquired Sarang Hospital (SH) in South Korea. SH enjoys a high occupancy rate and uses an electronic health records system to improve its operating efficiency. It achieved operational breakeven despite opening only in Jun 2010. As this is FREIT’s maiden acquisition in South Korea, we concur with management’s prudent approach initially as execution risks exist in a new operating environment. FREIT has secured ten months of rental security deposit as collateral and we estimate that SH would form only 1.4% and 3.4% of our FY11 and FY12 gross revenue estimates, respectively. Nevertheless, we opine that South Korea’s healthcare market has good growth prospects and this pilot venture could provide FREIT with an avenue for possible future acquisitions. We continue to like FREIT for its proxy to the growing healthcare scene in the region, rental stability and visibility and defensive master lease structure. Maintain BUY and S$0.84 fair value estimate. (Wong Teck Ching Andy)
Full Report: http://www.ocbcresearch.com/pdf_reports/...30-OIR.pdf
Pretty informative with the description of their ROFR in South Korea.
(Vested)