• Singapore’s hospital admissions grew 4.3% YoY in Nov’18 with the public sector taking a larger share.
• Singapore’s birth rate fell 4.9% YoY in Sep’18, the fourth month of contraction.
• The number of Singapore citizens aged 65 and over grew 6.0% YoY in 2018, unchanged from 6.0% YoY in 2017.
• Malaysia’s B40 Health Protection Fund scheme will provide insurance protection for the bottom 40% of the population.
• Maintain NEUTRAL for the Singapore Healthcare Sector.

• 1Q19 NPI and DPU in line with our forecast. Improved NPI margins for Causeway Point and Changi City Point (CCP), with the latter performing exceptionally well.
• Secured refinancing and prepayment of certain 2019 borrowings and 2020 debt.
• Waning rental reversions for CCP and Northpoint North Wing. Flat same-store tenant sales growth during the Sep-Nov 2018 period, declining in excess of -1% YoY.
• Maintain Neutral with unchanged TP of S$2.21.

• FY18 Revenue and NPI were in line with our forecast. DPU outperformed our estimates by c.5% due to a S$15mn income tax benefit arising from a write-back of provision for deferred tax on fair value loss on investment properties, as a result of a reduced tax rate.
• 4.7% and 4.5% YoY boost in FY18 Gross Revenue and NPI, respectively, driven by two acquisitions made in 4Q17.
• Cost of debt relatively stable at c.3.84% despite rising interest rates.
• Receivables continue to mount, against backdrop of uncertainty over upcoming lease expires, though some S$8mn of rental payments has since been received on Jan 15, 2019.
• Ceasing coverage due to reallocation of internal resources.

• FIRT will be re-positioned to identify more strongly with the new co-Sponsor, OUELH.
• No compromise on paying distributions to unitholders, against the backdrop of extended receivables days.
• Price overhang as fund-raising is likely in the near-horizon in order to execute portfolio diversification strategy of acquiring from new co-Sponsor, OUELH.
• De-rating catalyst: expiring leases likely to be re-negotiated with a lower quantum and/or on IDR-denominated terms (currently on SGD-denominated terms).
• Maintain Neutral; new target price of $0.88 (previously $1.30).

• We have an Overweight recommendation for the U.S. Banking Sector. Valuations are at 25-year lows.
• Recent flattening of the yield curve is likely to have bottomed and will not herald a recession in the upcoming year
• Funding costs will pick up pace but offset by faster loan repricing and sufficient supply of funds of banks
• Asset quality remains benign, with small business commercial and industrial (C&I) loans driving loans growth