- Main Sector(s): Healthcare
- Country(s) with Assets: Singapore, Japan & Malaysia
- No. of Properties (exclude development/associate/fund): 61
Key Indicators
Asset Enhancement Initiatives
- Distributable Income Breakdown:
- 100% from Operation
- Distribution = 96.7% of Distributable Income
Related Parties Shareholding
- REIT sponsor's shareholding: Above median for more than 20%
- REIT manager's shareholding: Below median for more than 20%
- Directors of REIT manager's shareholding: Above median for more than 20%
Lease Profile
- Occupancy: ± 5% from median
- WALE: Above median for more than 20%
- Highest lease expiry within 5 years: Below median for more than 20%; Falls in 2026
- Weighted average land lease expiry: ± 10% from median
Debt Profile
- Gearing ratio: ± 10% from median
- Cost of debt: Below median for more than 20%
- Fixed rate debt %: ± 10% from median
- Unsecured debt %: 100%
- WADM: Above median for more than 20%
- Highest debt maturity within 5 years: Below median for more than 20%; Falls in 2027
- Interest coverage ratio: Above median for more than 20%
Diversification Profile
- Top geographical contribution: Above median for more than 10%
- Top property contribution: Above median for more than 20%
- Top 5 properties' contribution: ± 10% from median
- Top tenant contribution: Above median for more than 20%
- Top 10 tenants' contribution: Above median for more than 20%
Key Financial Metrics
- Property yield: ± 10% from median
- Management fees over distribution: ± 10% from median; $6.33 distribution for every dollar paid
- Distribution on capital: Above median for more than 10%
- Distribution margin: Above median for more than 20%
Trends
- Uptrend: DPU, NAV per Unit, Interest Coverage Ratio
- Flat: Occupancy, Distribution Margin
- Downtrend: Property Yield, Distribution on Capital
Relative Valuation
- P/NAV: Below average for 1y; Below -1SD for 3y; Average for 5y
- Dividend Yield: Above average for 1y; Average for 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High REIT Sponsor's Shareholding | Low REIT Manager's Shareholding |
| High Directors of REIT Manager's Shareholding | High Top Geographical Contribution |
| High Occupancy | High Top Property Contribution |
| Long WALE | High Top Tenant & Top 10 Tenants Contributions |
| No Major Lease Expiry within 5 Years | Property Yield Downtrend |
| Low Cost of Debt | Distribution on Capital Downtrend |
| 100% Unsecured Debt | |
| Long WADM | |
| Well Spread Debt Maturity | |
| High Interest Coverage Ratio | |
| High Distribution on Capital | |
| High Distribution Margin | |
| DPU Uptrend | |
| NAV per Unit Uptrend | |
| Interest Coverage Ratio Uptrend |
From the above, PLIFE fundamental is very resilient. Due to the straight-lining of rental, it would not be an apple-to-apple comparison for gross revenue and NPI against the previous quarter or the past year. Nonetheless, the main thing is, DPU has improved.
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SREITs Dashboard - Detailed information on individual Singapore REIT
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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.
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