- Main Sector(s): Hospitality
- Country(s) with Assets: Australia, Singapore, England, Japan, Germany, Malaysia & Scotland
- No. of Properties (exclude development/associate/fund): 14
Key Indicators
Performance Highlight
REVPAR has improved for all the countries, which the REVPAR for Singapore, UK and Malaysia have surpassed pre-COVID level.
Related Parties Shareholding
- REIT Sponsor's Shareholding: ± 10% from median
- REIT Manager's Shareholding: ± 10% from median
- Directors of REIT Manager's Shareholding: Above median by 20% or more
Lease Profile
- Income in SGD/Major Currencies: ± 10% from median
- WALE: Above median by 20% or more
- Highest Lease Expiry within 5 Years: Below median by 20% or more; Falls in FY24
- Weighted Average Land Lease Expiry: ± Above median by 10% or more
Debt Profile
- Gearing Ratio: ± 10% from median
- Cost of Debt: Below median by 10% or more
- Fixed Rate Debt %: ± 10% from median
- Unsecured Debt %: Above median by 10% or more
- WADM: Below median by 20% or more
- Highest Debt Maturity within 5 Years: ± 10% from median; Falls in FY24
- Interest Coverage Ratio: ± 10% from median
Diversification Profile
- Top Geographical Contribution: Below median by 20% or more
- Top Property Contribution: ± 10% from median
- Top 5 Properties' Contribution: ± 10% from median
- Top Tenant Contribution: Above median by 20% or more
- Top 10 Tenants' Contribution: Above median by 20% or more
Key Financial Metrics
- Property Yield: Below median by 10% or more
- Management Fees over Operating Distributable Income: Above median by 10% or more; $5.26 distribution for every dollar paid
- Operating Distributable Income on Capital: Below median by 10% or more
- Operating Distributable Income Margin: ± 10% from median
- Operating Distribution Proportion: 100%
DPU Breakdown
- TTM DPU Breakdown
- 100% from Operation
- TTM DPU = 90% of Distributable Income
Trends
- Downtrend: DPU from Operation, NAV per Unit, Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital, Operating Distributable Income Margin
Relative Valuation
- P/NAV: Average for 1y, 3y & 5y
- Dividend Yield: Above +1SD for 1y & 3yl Average for 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High Directors of REIT Manager's Shareholding | Short WADM |
| Long WALE | High Top Tenant & Top 10 Tenants' Contributions |
| No Majority Lease Expirty within 5 Years | Low Property Yield |
| Long Weighted Average Land Lease Expiry | Non Competitive Management Fees |
| Low Cost of Debt | Low Operating Distributable Income on Capital |
| High Unsecured Debt % | DPU from Operation Downtrend |
| Low Top Geographical Contribution | NAV per Unit Downtrend |
| 100% Operating Distribution Proportion | Interest Coverage Ratio Downtrend |
| Property Yield Downtrend | |
| Operating Distributable Income on Capital Downtrend | |
| Operating Distributable Income Margin Downtrend |
The performance of the company has shown a significant improvement compared to both the previous six months and the same period last year. This positive trend can be attributed to the gradual recovery of travel demand following the COVID-19 pandemic. Additionally, there is no need for refinancing in the second half of the fiscal year, and the fixed-rate debt percentage remains at the median level. Looking ahead, the reopening of China is expected to contribute to the recovery of the travel industry. Moreover, the World Tourism Organization expects that the travel demand will remain strong and recovery is likely to continue throughout the year.
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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 findings and should not be considered 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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