Basic Profile & Key Statistics
Performance Highlight
Related Parties Shareholding
- REIT sponsor's shareholding is high at 38.32%
- REIT manager's shareholding is high at 7.72%
- Directors of REIT manager's shareholding is low at 0.01%
Lease Profile
- WALE is long at 5.76 years
- Highest lease expiry within 5 years is moderate at 26% which falls in 2022
- Weighted average land lease expiry is long at 80.6 years
Debt Profile
- Gearing ratio is moderate at 39.1%
- Cost of debt is low at 1.9 %
- Fixed rate debt % is low at 63.6%
- Unsecured debt % is high at 89.2%
- WADM is slightly short at 2.1 years
- Highest debt maturity within 5 years is low at 27.9% which falls in 2022
- Interest coverage ratio is low at 2.4 times
Diversification Profile
- Top geographical contribution is slightly low at 50.8%
- Top property contribution is low at 14%
- Top 5 properties contribution is low at 50.6%
- Top tenant contribution is high at 20.7%
- Top 10 tenants contribution is high at 93.4%
- Top 3 countries contribution is from Singapore, New Zealand and Germany which contribute more than 75% of GRI
Key Financial Metrics
- Property yield is low at 2.5%
- Management fees over distribution is high at 17.7% in which unitholders receive S$ 5.65 for every dollar paid
- Distribution on capital is low at 2.2%
- Distribution margin is low at 34.4%
- 33.1% of latest 4 quarters DPU is from distribution from asset disposal
Trends
- Downtrend - DPU, NAV per Unit, Interest Coverage Ratio, Property Yield, Distribution on Capital, Distribution Margin
Relative Valuation
- Dividend Yield - Latest 4 quarters DPU @ 4.95 cents / average yield @ 6.14% = S$ 0.805.
- Price/NAV - NAV @ S$ 1.32 x average P/NAV @ 0.96 = S$ 1.27
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High REIT sponsor's shareholding | Low directors of REIT manager's shareholding |
| High REIT manager's shareholding | Low Fixed Rate Debt % |
| Long WALE | Low Interest Coverage Ratio |
| Long Weighted Average Land Lease Expiry | High Top Tenant & Top 10 Tenants Contributions |
| Low Cost of Debt | Low Property Yield |
| High Unsecured Debt % | Non-Competitive Management Fees |
| Well Spread Debt Maturity | Low Distribution on Capital |
| Low Top Property & Top 5 Properties Contributions | Low Distribution Margin |
| High Distribution from Asset Disposal | |
| DPU Downtrend | |
| NAV per Unit Downtrend | |
| Interest Coverage Ratio Downtrend | |
| Property Yield Downtrend | |
| Distribution on Capital Downtrend | |
| Distribution Margin Downtrend |
CDLHT performance has stabilized but continues to be impacted by the COVID-19 situation. However, Maldives performance has improved by a lot in the latest quarter after the opening of borders. Moving forward, hopefully with the travel bubble arrangements, Singapore and New Zealand performance could be improved.
For more information, you could refer to:
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 Patreon - Support as a Patron and get SREITs Dashboard PDF or Data Excel
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.
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