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good analysis.


Reply to @kc_30 : 多谢多谢


also note that in the current agreementbin SGD terms, the annual increment is also tied to sg inflation. if it were to be on IDR terms then annual increments would have to factor in info inflation which is much higher.


Reply to @rstopel : yea I wonder which is worst. 6% rupiah depreciation + 2% rental incremental in SGD vs 7+% I'm in rupiah

but dun forget. if they may reduce the rental in rupiah drastically


Thanks for sharing


sexport ur writeup, tq for sharing....


sarpork your blog


Very good writeup ... It is really a negative if investors can't assess the term of future rental renewal


My sincere thanks for opening my eyes to deteriorating finances of First REIT. ⏰


Reply to @nareshg : yea gd thing and first reit is it collect rent. so unless lippo ji ba boom. first reit shld be fine

the first lease expiry will show visiblilty of the rest


I only know this counter feels weird


Reply to @layers : Time will tell.. now i anyhow haha

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I looked at Siloam Hospitals. The rental expenses is almost the whole of the General & Administration Expenses.

The info from morningstar tells a very grim picture. The hospital is surviving by financing via issuing shares it seem. Look a the jump of outstanding shares. This is not good, not good at all. @Sporeshare


Reply to @CoryLogics : well maybe they mean expansion n expected future profit?

but cash flow cannot lie. they are spitting out cash

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another point on rights issue..
I cannot say for certain if they will do rights issue to buy assets. But logically, think about it....a rights issue has to be at least dividend yield accretive or the shareholders will not bite.
The assets that OUE Lippo Healthcare owns are Japanese assets, which means their cap rate will be tiny in low single digits (possible 2-3%). If First REIT has issue shares to buy these assets, can they even possibly create a situation where it is dividend accretive???
This is why you see reits with low dividend yield issuing shares and buying new assets (Mapletrees/Capitalands), while the higher yielding stuff are stuck. This is why ESR REIT is trying to be a mega cap reit because thats the only way they can become bigger. i think investmentmoats have highlighted the point about investing in low dividend yield stocks before.
OUECT is a different thing because they own enough stake to see it through. FirstREIT is <30% Owned by the Lippo Groups


Reply to @l0nEr : You have a point. I will always keep in mind these wise words before buying another REIT shares

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