• 3Q26/9M26 DPU of 0.46/1.44 Singapore cents (-11.5%/-12.7% YoY) came in slightly below our estimates, forming 23%/73% of our FY26e forecast. The decline was due to the depreciation of the IDR (9M26: -8% YoY) and JPY (9M26: -9.8% YoY) against the SGD, as well as the Indonesian divestments. 9M26 rental income and NPI declined by 9.5% YoY. Excluding the divestments, rental income would have declined by 6% YoY.
• FIRT completed the first tranche of its Indonesian hospital divestments on 24 September 2026. The potential divestment of the remaining six Indonesian hospitals to Siloam for c.S$294.8mn under the existing put option remains under consideration.
• We maintain ACCUMULATE with a lower TP of S$0.17 (prev. S$0.23), pending capital redeployment into replacement assets. Our valuation is based on 0.8x 3Q26 P/NAV, reflecting ongoing FX risks and uncertainty over the future portfolio composition. We lower our DPU forecasts by 6% for FY26e and 38% for FY27e to reflect the first tranche of Indonesian divestments, while incorporating S$9.7mn in special dividends split evenly between 4Q26 and 1Q27. The strategic review remains ongoing, and management has provided no updates on potential acquisitions. Including special dividends, FY26e dividend yield is 10.2%, declining to 6.9% in FY27e following the divestments.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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