Today, I have chosen to focus on these SREITs for their predominantly Singapore exposure in the industrial and business parks. Therefore, Cromwell European REIT and Frasers Logistics and Commercial Trust are excluded. Sabana REIT is also excluded due to potential merger. For mobile user, please view in landscape mode.
|
Name |
AIMS APAC REIT (AAREIT) |
Ascendas REIT (AREIT) |
ESR-REIT (ESR) |
Mapletree Industrial Trust (MIT) |
Soilbuild Business Space REIT (SBREIT) |
|
ES |
|||||
|
Listed Date |
19-Apr-2007 |
19-Nov-2002 |
25-Jul-2006 |
28-Jul-2005 |
16-Aug-2013 |
|
Dividend Frequency |
Quarter |
Semi-Annual |
Quarter |
Quarter |
Quarter |
|
Unit Price |
$1.180 |
$3.220 |
$0.390 |
$3.230 |
$0.495 |
|
Dividend Yield |
7.63% |
4.58% |
8.11% |
3.71% |
7.01% |
|
Price / NAV |
0.87 |
1.47 |
0.95 |
2.00 |
0.84 |
|
Market Cap |
SGD 0.83 Billion |
SGD 11.66 Billion |
SGD 1.38 Billion |
SGD 7.13 Billion |
SGD 0.63 Billion |
|
Related Parties Shareholding |
|||||
|
REIT Sponsor |
5.32% |
19.15% |
9.14% |
29.15% |
0.00% |
|
REIT Manager |
0.61% |
2.64% |
1.02% |
0.68% |
0.68% |
|
Directors of REIT Manager |
8.01% |
0.00% |
24.02% |
0.25% |
10.02% |
|
Lease Profile |
|||||
|
Committed Occupancy |
93.6% |
91.5% |
91.1% |
91.1% |
89.5% |
|
Weighted Average Lease Expiry, WALE |
4.41 years |
3.9 years |
3.4 years |
4.2 years |
3.4 years |
|
Highest Lease Expiry in 5 Years |
26.2% |
18.3% |
23.4% |
36.9% |
20.2% |
|
Number of Properties |
24 units |
197 units |
36 units |
114 units |
14 units |
|
Weighted Average Land Lease Expiry |
41.92 years |
52.84 years |
28.82 years |
46.83 years |
46.39 years |
|
Debt Profile |
|||||
|
Gearing Ratio |
35.4% |
36.1% |
41.8% |
38.8% |
36.9% |
|
Interest Cover Ratio |
3.8 times |
4.2 times |
3.4 times |
7.2 times |
3.6 times |
|
Cost of Debt |
3.3% |
2.9% |
3.5% |
2.6% |
3.1% |
|
Fixed Rate Debt Proportion |
81.1% |
80.9% |
88.3% |
86.3% |
80.4% |
|
Unsecured Debt Proportion |
26.4% |
89.5% |
100.0% |
100.0% |
59.6% |
|
Weighted Average Debt Maturity, WADE |
2.2 years |
3.6 years |
2.7 years |
3.9 years |
1.9 year |
|
Highest Debt Maturity in 5 Years |
28.9% |
18.5% |
32.7% |
26.1% |
37.7% |
|
Diversification Profile |
|||||
|
Top Sector Contribution |
46.7% |
42.5% |
49.3% |
88.2% |
51.7% |
|
Top Geographical Contribution |
88.6% |
73.4% |
100.0% |
94.5% |
83.3% |
|
Top Property Contribution |
14.4% |
4.7% |
15.0% |
10.9% |
31.0% |
|
Top Tenant Contribution |
13.2% |
4.2% |
5.0% |
8.4% |
9.4% |
|
Top 10 Tenants Contribution |
50.2% |
18.1% |
30.6% |
28.5% |
43.5% |
|
No. of Countries with Properties/ Investments |
2 countries |
4 countries |
1 country |
3 countries |
2 countries |
|
Key Financial Metrics |
|||||
|
Property Yield |
6.5% |
6.1% |
5.9% |
7.0% |
5.1% |
|
Management Fees over Distribution |
12.4% |
12.1% |
13.7% |
13.2% |
10.0% |
|
Distribution on Capital |
4.2% |
4.2% |
3.8% |
5.2% |
3.3% |
|
Distribution Margin |
48.5% |
50.7% |
40.9% |
60.3% |
47.9% |
|
Distribution from Asset Disposal |
0.0% |
0.0% |
9.4% |
0.0% |
0.0% |
|
Distribution from Income Support |
0.0% |
1.8% |
0.0% |
0.0% |
1.2% |
|
Growth Trend for Past 5 Years |
|||||
|
DPU |
Downtrend |
Slight Downtrend |
Downtrend |
Uptrend |
Downtrend |
|
NAV per Unit |
Downtrend |
Slight Uptrend |
Downtrend |
Uptrend |
Downtrend |
|
Interest Cover Ratio |
Flat |
Downtrend |
Downtrend |
Downtrend |
Downtrend |
|
Property Yield |
Slight Downtrend |
Slight Downtrend |
Flat |
Slight Downtrend |
Downtrend |
|
Distribution Margin |
Slight Downtrend |
Slight Uptrend |
Downtrend |
Flat |
Downtrend |
* Above information is extracted fr om SREITs Dashboard.
** Growth Trend for DPU is not adjusted for any equity fundraising.
Without assigning weightage, just consider favorable points will get:
1) Basic & Key Statistics - ESR & SBREIT
2) Related Parties Shareholding - AREIT, ESR & MIT
3) Lease Profile - AREIT
4) Debt Profile - MIT
5) Diversification - AREIT
6) Key Financial Metrics - MIT
7) Growth Trend - MIT
8) Overall - AREIT, followed by MIT
For relative valuation:
|
Name |
AIMS APAC REIT (AAREIT) |
Ascendas REIT (AREIT) |
ESR-REIT (ESR) |
Mapletree Industrial Trust (MIT) |
Soilbuild Business Space REIT (SBREIT) |
|
52 Weeks |
|||||
|
High |
$1.480 |
$3.650 |
$0.560 |
$3.360 |
$0.540 |
|
Low |
$0.900 |
$2.220 |
$0.240 |
$1.860 |
$0.199 |
|
Current |
$1.180 |
$3.220 |
$0.390 |
$3.230 |
$0.495 |
|
Average Yield |
|||||
|
High |
8.81% |
7.18% |
8.51% |
7.41% |
9.90% |
|
Low |
5.87% |
4.68% |
4.03% |
4.21% |
6.41% |
|
Average |
7.50% |
6.01% |
7.29% |
6.18% |
8.15% |
|
Current |
7.63% |
4.58% |
8.11% |
3.71% |
7.01% |
|
Average Price/NAV |
|||||
|
High |
1.10 |
1.45 |
1.23 |
1.67 |
1.06 |
|
Low |
0.87 |
1.10 |
0.78 |
1.13 |
0.65 |
|
Average |
0.99 |
1.26 |
0.96 |
1.34 |
0.94 |
|
Current |
0.87 |
1.47 |
0.95 |
2.00 |
0.84 |
ESR price is more favorable in terms of relative valuation, followed by AAREIT.
Above is just a quick comparison, you could refer more detail on the individual analysis below:
- AIMS APAC REIT Analysis @ 9 August 2020
- Ascendas REIT Analysis @ 10 August 2020
- ESR-REIT (Previously Cambridge Industrial Trust) Analysis @ 19 July 2020
- Mapletree Industrial Trust Analysis @ 30 July 2020
- Soilbuild Business Space REIT Analysis @ 17 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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