Basic Profile & Key Statistics
- Main Sector(s): Retail & Healthcare
- Country(s) with Assets: Singapore & Australia
- No. of Properties (exclude development/associate/fund): 5
Performance Highlight
Related Parties Shareholding
- REIT sponsor's shareholding: Below median for more than 10%
- REIT manager's shareholding: Above median for more than 20%
- Directors of REIT manager's shareholding: Below median for more than 20%
Lease Profile
- Occupancy: ± 5% from median
- WALE: Below median for more than 20%
- Highest lease expiry within 5 years: Above median for more than 20%. Falls in FY27 and beyond, without breakdown
- Weighted average land lease expiry: Above median for more than 20%
Debt Profile
- Gearing ratio: Below median for more than 10%
- Gearing ratio including perps: ± 10% from median
- Cost of debt: Below median for more than 20%
- Fixed rate debt %: Below median for more than 10%
- Unsecured debt %: 0%
- WADM: ± 10% from median
- Highest debt maturity within 5 years: ± 10% from median; Falls in 2025
- Interest coverage ratio: Above median for more than 20%
Diversification Profile
- Top geographical contribution: Above median for more than 20%
- Top property contribution: Above median for more than 20%
- Top 5 properties contribution: Above median for more than 20%
- Top tenant contribution: Below median for more than 20%
- Top 10 tenants contribution: Below median for more than 20%
Key Financial Metrics
- Property yield: ± 10% from median
- Management fees over distribution: Below median for more than 20%; $7.75 distribution for every dollar paid
- Distribution on capita: ± 10% from median
- Distribution margin: Above median for more than 20%
Trends
- Uptrend - Interest Coverage Ratio
- Flat - NAV per Unit
- Slight Downtrend - DPU, Property Yield
- Downtrend - Distribution on Capital, Distribution Margin
Relative Valuation
- P/NAV - Below average for 1y; Average 3y & 5y
- Dividend Yield - Above +1SD for 1y, 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| Diversified Sector | Low REIT Sponsor's Shareholding |
| High REIT Manager's Shareholding | Low Directors of REIT Manager's Shareholding |
| High Occupancy | Short WALE |
| Long Weighted Land Lease Expiry | Low Fixed Rate Debt % |
| Low Gearing Ratio | 0% Unsecured Debt |
| Low Cost of Debt | High Perpetual Securities % |
| High Interest Coverage Ratio | High Top Geographical Contribution |
| Low Top Tenant & Top 10 Tenants Contributions | High Top Property & Top 5 Properties Contributions |
| Competitive Management Fees | Distribution on Capital Downtrend |
| High Distribution Margin | Distribution Margin Downtrend |
| Interest Coverage Ratio Uptrend |
You could also refer below for more information:
SREITs Dashboard - Detailed information on individual Singapore REIT
SREITs Data - Overview and Detail of Singapore REIT
REIT Analysis - List of previous REIT analysis posts
REIT-TIREMENT Telegram Channel - Join to receive updates on new posts
REIT-TIREMENT Patreon - Support my work and get exclusive contents
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
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 accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and 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.
No comments:
Post a Comment