In its 1QFY2024 business update, Far East Orchard reported a revenue of $50.9 million, 10.4% higher y-o-y. Its net profit surged by 54.8% y-o-y to $6.5 million. In FY2023, the group also saw revenue and net profit improve 30.3% y-o-y to $183.6 million and 207.4% to $66.1 million, respectively. This significant increase in net profit came on the back of fair value gains from purpose-built student accommodation (PBSA) investment properties and underlying income growth.
SAC Capital analysts June Yap and Matthias Chan have highlighted Far East Orchard (SGX:O10
) ’s strategic partnerships and ongoing asset-light expansion.
In their July 19 report, the analysts note Far East Orchard’s performance for the 1QFY2024 ended March 31 and moves so far.
