There are currently many SREITs with the mix of industrial and logistics sectors, but only 3 pure logistics SREITs. This time, let's compare these 3 pure Logistics SREITs. For mobile user, please view in landscape mode.
|
Name |
ARA LOGOS Logistics Trust (ALOG) |
EC World REIT (ECW) |
Mapletree Logistics Trust (MLT) |
|
Basic & Key Statistics |
|||
|
Listed Date |
12-Apr-2010 |
28-Jul-2016 |
28-Jul-2005 |
|
Unit Price |
$0.630 |
$0.660 |
$2.050 |
|
Dividend Yield |
7.96% |
8.40% |
3.98% |
|
Price / NAV |
1.08 |
0.76 |
1.70 |
|
Market Cap |
SGD 0.69 Billion |
SGD 0.53 Billion |
SGD 7.8 Billion |
|
Related Parties Shareholding |
|||
|
REIT Sponsor |
10.99% |
43.25% |
31.99% |
|
REIT Manager |
0.00% |
0.51% |
1.02% |
|
Directors of REIT Manager |
0.17% |
43.55% |
0.02% |
|
Lease Profile |
|||
|
Committed Occupancy |
97.0% |
98.7% |
97.2% |
|
Income in SGD/Major Currencies |
100.0% |
0.0% |
53.7% |
|
Weighted Average Lease Expiry, WALE |
2.8 years |
3.6 years |
4.3 years |
|
Highest Lease Expiry in 5 Years |
32.8% |
73.8% |
26.4% |
|
Number of Properties |
27 units |
8 units |
145 units |
|
Weighted Average Land Lease Expiry |
46.08 years |
34.99 years |
51.41 years |
|
Debt Profile |
|||
|
Gearing Ratio |
40.4% |
39.1% |
39.6% |
|
Interest Cover Ratio |
3.6 times |
2.5 times |
4.8 times |
|
Cost of Debt |
3.5% |
4.3% |
2.3% |
|
Fixed Rate Debt Proportion |
68.5% |
62.0% |
80.0% |
|
Unsecured Debt Proportion |
74.3% |
0.0% |
90.5% |
|
Weighted Average Debt Maturity, WADE |
3.5 years |
2.12 years |
4 years |
|
Highest Debt Maturity in 5 Years |
43.0% |
84.3% |
22.0% |
|
Diversification Profile |
|||
|
Top Geographical Contribution |
73.8% |
98.3% |
35.6% |
|
Top Property Contribution |
25.6% |
29.4% |
10.4% |
|
Top Tenant Contribution |
14.3% |
34.9% |
8.9% |
|
Top 10 Tenants Contribution |
54.5% |
97.9% |
27.9% |
|
No. of Countries with Properties/Investments |
2 countries |
1 country |
8 countries |
|
Key Financial Metrics |
|||
|
Property Yield |
6.4% |
6.0% |
5.5% |
|
Management Fees over Distribution |
14.0% |
10.8% |
18.4% |
|
Distribution on Capital |
4.3% |
3.3% |
3.8% |
|
Distribution Margin |
46.9% |
43.0% |
58.8% |
|
Distribution from Asset Disposal |
0.0% |
0.0% |
3.3% |
|
Distribution from Income Support |
2.0% |
0.0% |
0.0% |
|
Growth Trend for Past 5 Years (or Since IPO if less than 5 years) |
|||
|
DPU |
Downtrend |
Flat |
Uptrend |
|
NAV per Unit |
Downtrend |
Downtrend |
Uptrend |
|
Interest Cover Ratio |
Downtrend |
Downtrend |
Downtrend |
|
Property Yield |
Flat |
Downtrend |
Slight Downtrend |
|
Distribution Margin |
Downtrend |
Downtrend |
Uptrend |
** Growth Trend for DPU is not adjusted for any equity fundraising.
Without assigning weightage, just consider favorable points will get:
1) Basic & Key Statistics - ECW
2) Related Parties Shareholding - ECW
3) Lease Profile - MLT
4) Debt Profile - MLT
5) Diversification - MLT
6) Key Financial Metrics - ALOG & ECW
7) Growth Trend - MLT
8) Overall - MLT
For relative valuation:
|
Name |
ARA LOGOS Logistics Trust (ALOG) |
EC World REIT (ECW) |
Mapletree Logistics Trust (MLT) |
|
|
52 Weeks |
||||
|
High |
$0.745 |
$0.770 |
$2.210 |
|
|
Low |
$0.320 |
$0.410 |
$1.200 |
|
|
Current |
$0.630 |
$0.660 |
$2.050 |
|
|
Average Yield |
||||
|
High |
10.02% |
9.06% |
7.50% |
|
|
Low |
6.11% |
6.78% |
4.49% |
|
|
Average |
8.28% |
8.04% |
6.27% |
|
|
Current |
7.96% |
8.40% |
3.98% |
|
|
Average Price/NAV |
||||
|
High |
1.22 |
0.89 |
1.51 |
|
|
Low |
0.91 |
0.76 |
0.94 |
|
|
Average |
1.08 |
0.83 |
1.16 |
|
|
Current |
1.08 |
0.76 |
1.70 |
|
ECW is more undervalued in terms of relative valuation.
Above is just a quick comparison, you could refer more detail on the individual analysis below:
- ARA LOGOS Logistics Trust Analysis @ 20 August 2020
- EC World REIT Analysis @ 28 August 2020
- Mapletree Logistics Trust Analysis @ 28 July 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.
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