China Retail Focused SREITs and BizTrust - BHG vs CRCT vs DRT vs Sasseur

After previous U.S. Office Focused SREITs comparison, this time let's do it for China Retail Focused SREITs/BizTrust. For mobile user, please view in landscape mode.

Name	BHG Retail REIT (BHG)	CapitaLand Retail China Trust (CRCT)	Dasin Retail Trust (DRT)	Sasseur REIT (Sasseur)
Basic & Key Statistics
Listed Date	11-Dec-2015	8-Dec-2006	20-Jan-2017	28-Mar-2018
Business Mode	REIT	REIT	BizTrust	REIT
Dividend Frequency	Semi-Annual	Semi-Annual	Semi-Annual	Quarter
Unit Price	$0.565	$1.140	$0.815	$0.750
Dividend Yield	4.74%	6.83%	6.56%	8.15%
Price / NAV	0.68	0.70	0.63	0.83
Market Cap	SGD 0.29 Billion	SGD 1.39 Billion	SGD 0.63 Billion	SGD 0.90 Billion
Related Parties Shareholding
REIT Sponsor	3.85%	34.95%	0.00%	57.32%
REIT Manager	1.49%	6.21%	2.18%	1.05%
Directors of REIT Manager	12.00%	0.06%	60.80%	58.69%
Lease Profile
Committed Occupancy	92.9%	93.4%	97.0%	93.6%
Weighted Average Lease Expiry, WALE	3.7 years	2.2 years	4 years	0.8 year
Highest Lease Expiry in 5 Years	29.8%	28.0%	23.6%	62.4%
Number of Properties	6 units	13 units	5 units	4 units
Weighted Average Land Lease Expiry	24.68 years	24 years	23.66 years	30.35 years
Debt Profile
Gearing Ratio	35.9%	33.6%	37.9%	28.1%
Interest Cover Ratio	2.6 times	4.0 times	2.3 times	5 times
Cost of Debt	3.9%	2.8%	5.5%	4.2%
Fixed Rate Debt Proportion	50.1%	82.9%	30.1%	12.9%
Unsecured Debt Proportion	0.0%	93.5%	0.0%	0.0%
Weighted Average Debt Maturity, WADE	1.7 years	2.75 years	1.95 years	2.23 years
Highest Debt Maturity in 5 Years	97.2%	22.8%	71.1%	72.6%
Diversification Profile
Top Geographical Contribution	55.6%	57.5%	100.0%	53.0%
Top Property Contribution	55.6%	24.4%	31.7%	43.9%
Top Tenant Contribution	15.8%	4.1%	10.6%	7.5%
Top 10 Tenants Contribution	24.4%	17.6%	40.9%	18.0%
Key Financial Metrics
Property Yield	4.9%	4.5%	3.4%	7.2%
Management Fees over Distribution	11.1%	17.2%	24.0%	10.0%
Distribution on Capital	1.9%	3.0%	1.4%	4.7%
Distribution Margin	15.6%	40.4%	18.0%	63.5%
Distribution from Income Support	4.8%	0.0%	29.6%	0.0%
Growth Trend (5 Years or Since IPO for REITs less than 5 years)
DPU	Downtrend	Downtrend	Downtrend	Slight Downtrend
NAV per Unit	Flat	Slight Downtrend	Downtrend	Uptrend
Interest Cover Ratio	Downtrend	Downtrend	Downtrend	Flat
Property Yield	Flat	Downtrend	Flat	Downtrend
Distribution Margin	Downtrend	Slight Uptrend	Uptrend	Flat

* Above information is extracted from SREITs Dashboard.

** Growth Trend for DPU is not adjusted for any equity fundraising.

Let's not assign any weightage and only focus on the number of green highlighted items. Below is the summary for REIT with better position by categories:

1) Basic & Key Statistics - Sasseur

2) Related Parties Shareholding - Tie

3) Lease Profile - DRT

4) Debt Profile - CRCT

5) Diversification - CRCT

6) Key Financial Metrics - Sasseur

7) Growth Trend - Sasseur

8) Overall - Sasseur, followed by CRCT

As for relative valuation:

Name	BHG Retail REIT (BHG)	CapitaLand Retail China Trust (CRCT)	Dasin Retail Trust (DRT)	Sasseur REIT (Sasseur)
52 Weeks
High	$0.710	$1.700	$0.865	$0.920
Low	$0.390	$0.920	$0.750	$0.525
Current	$0.565	$1.140	$0.815	$0.750
Average Yield
High	8.42%	7.68%	10.88%	11.74%
Low	2.91%	4.39%	3.44%	6.81%
Average	6.63%	6.59%	7.85%	8.57%
Current	4.74%	6.83%	6.56%	8.15%
Average Price/NAV
High	1.00	1.02	0.76	0.97
Low	0.72	0.80	0.53	0.75
Average	0.86	0.93	0.60	0.87
Current	0.68	0.70	0.63	0.83

CRCT is more favorable at the current price level.

Above is just a quick comparison, you could refer more detail on the individual analysis below:

- BHG Retail REIT Analysis @ 30 August 2020

- CapitaLand Retail China Trust Analysis @ 24 August 2020

- Dasin Retail Trust Analysis @ 31 August 2020

- Sasseur REIT Analysis @ 1 September 2020

For more information, you could refer:

SREITs Dashboard - Detailed information on individual Singapore REIT

SREITs Data - Overview of Singapore REIT

REIT Analysis - List of previous REIT analysis posts

REIT Investing Community - Facebook Group where members share and discuss REIT topic

*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee the accuracy, completeness, and reliability. It should not be taken as financial advice or statement of fact. I shall not be held liable for errors, omissions as well as loss or damage as a result of the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.