• 2H25/FY25 DPU of 1.04/2.17 Singapore cents (-10.3%/-8.1% YoY) was in line with expectations, forming 48%/100% of our FY25e forecast. The YoY decline was due to the depreciation of the IDR and JPY against the SGD, partially offset by higher local-currency rental income and lower finance costs.
• The divestment of the non-core Imperial Aryaduta Hotel & Country Club (IAHCC) was completed on 4 Dec 2025. Following the redemption of S$33.3mn of 4.9817% subordinated securities in Jan 2026, FIRT no longer has any perpetual securities outstanding. Excluding the IAHCC divestment, portfolio valuations declined 6.2% YoY, mainly due to depreciation in IDR and JPY.
• We maintain ACCUMULATE with a lower DDM-derived target price of S$0.29 (prev. S$0.31) as we roll forward our forecasts. FY26e/27e DPU estimates are reduced by 5%/8% to reflect weaker IDR, JPY, and the divestment of IAHCC. The strategic review of Siloam's intent to acquire FIRT’s Indonesian hospital assets is still ongoing, with no material updates to date. In the meantime, FIRT continues to benefit from the base 4.5% rental escalation across its Indonesia portfolio, as more Indonesian hospitals transition to performance-based rent (currently three). FIRT trades at an FY26e DPU yield of 8.4%.

Overview The company is committed to building a clean energy-centric business portfolio, spanning four key sectors: Energy Development, Energy Equipment, Energy Services, and Energy Applications. In Energy Development, the company focuses on in-depth localized clean energy resource development and management. This empowers regional energy structure optimization and delivers efficient, secure energy asset management services. In Energy Equipment, adhering to stringent intelligent manufacturing quality control standards and a green supply chain management system, the company provides smarter, more reliable, and cost-effective...
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Updates Net Profit Attributable to Shareholders Surpassed 20 billion Yuan Mark for First Time CMOC Group has released its 2025 performance forecast. The company expects to achieve a net profit attributable to shareholders of the parent company in the range of 20.0 billion to 20.8 billion yuan (RMB, same below) for the full year, representing a year-on-year increase of 47.80% to 53.71%. After deducting non-recurring gains and losses, the net profit attributable to shareholders is projected to be between 20.4...
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