First REIT: SIAS Research Increase Exposure TP: S$0.910.

First Real Estate Investment Trust (First REIT) announced a healthy set of 4Q 2010 results on 21 January 2011.
Revenue for the quarter rose 3.8% YoY to S$8.0m (inclusive of S$0.3m deferred rental income from Pacific Cancer Centre @ Adam Road) while distributable amount inched up 2.8% YoY to S$5.4m.
Our dividend discount model values the company at an intrinsic value of S$0.910,
representing an upside of 19.7% over its last traded price of S$0.760. Maintain Increase Exposure.

http://firstreit.listedcompany.com/misc/SIAS-FirstREIT_26Jan11.pdf