- Main Sector(s): Healthcare
- Country(s) with Assets: Singapore, Japan & Malaysia
- No. of Properties (exclude development/associate/fund): 56
Key Indicators
Performance Highlight
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: Below median for more than 10%
- Cost of debt: Below median for more than 20%
- Fixed rate debt %: Above median for more than 10%
- Unsecured debt %: 100%
- WADM: Above median for more than 20%
- Highest debt maturity within 5 years: Below median for more than 10%; Falls in 2026
- 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; $6.45 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: Average for 1y & 3y; Above average for 5y
- Dividend Yield: Average for 1y; Below -1SD 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 Gearing Ratio | Distribution on Capital Downtrend |
| Low Cost of Debt | |
| High Fixed Rate Debt % | |
| 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 |
PLIFE is able to maintain its income despite the depreciation of JPY against SGD. PLIFE is able to maintain a sight performance growth. From the presentation, the manager extended JPY net income hedges till 1Q 2027 in April 2022.
You could also refer below for more information:
SREITs Dashboard - Detailed information on individual Singapore REIT
SREITs Data - Overview and Detail of Singapore REIT
REIT Analysis - List of previous REIT analysis posts
Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs
REIT-TIREMENT Patreon - Support my work and get exclusive contents
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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