- Main Sector(s): Logistics
- Country(s) with Assets: Singapore, China, Hong Kong, Japan, Australia, South Korea, Malaysia, Vietnam & India
- No. of Properties (exclude development/associate/fund): 190
Key Indicators
Related Parties Shareholding
- REIT Sponsor's Shareholding: Above median by 10% or more
- REIT Manager's Shareholding: Above median by 20% or more
- Directors of REIT Manager's Shareholding: Below median by 20% or more
Lease Profile
- Committed Occupancy: ± 5% from median
- Income in SGD/Major Currencies: Below median by 20% or more
- WALE: Below median by 20% or more
- Highest Lease Expiry within 5 Years: ± 10% from median; Falls in FY23/24
- Weighted Average Land Lease Expiry: Below median by 20% or more
Debt Profile
- Gearing Ratio: ± 10% from median
- Gearing including Perps: ± 10% from median
- Cost of Debt: Below median by 20% or more
- Fixed Rate Debt %: ± 10% from median
- Unsecured Debt %: ± 10% from median
- WADM: Above median by 20% or more
- Highest Debt Maturity within 5 Years: Below median by 20% or more; Falls in FY26/27
- Interest Coverage Ratio: ± 10% from median
Diversification Profile
- Top Geographical Contribution: Below median by 20% or more
- Top Property Contribution: Below median by 20% or more
- Top 5 Properties' Contribution: Below median by 20% or more
- Top Tenant Contribution: Below median by 20% or more
- Top 10 Tenants' Contribution: Below median by 20% or more
Key Financial Metrics
- Property Yield: ± 10% from median
- Management Fees over Operating Distributable Income: Above median by 20% or more; $4.12 distribution for every dollar paid
- Operating Distributable Income on Capital: Below median by 10% or more
- Operating Distributable Income Margin: Above median by 10% or more
- Operating Distribution Proportion: Below median by 5% or more
- TTM DPU Breakdown:
- 83.6% from Operation
- 13% from Management Fees Paid in Units
- 0.4% from Income Support
- 3% from Proceeds from Divestment
Trends
- Uptrend: DPU from Operation, NAV per Unit
- Flat: Committed Occupancy
- Slighy Downtrend: Operating Distributable Income Margin
- Downtrend: Interest Coverage Ratio, Property Yield, Operating Distributable Income on Capital
Relative Valuation
- Dividend Yield: Average for 1y, 3y, & 5y
- P/NAV: Average for 1y, 3y, & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High REIT Sponsor's Shareholding | Low Directors of REIT Manager's Shareholding |
| High REIT Manager's Shareholding | Low Income in SGD/Major Currencies |
| Low Cost of Debt | Short WALE |
| Long WADM | Short Weighted Average Land Lease Expiry |
| Well Spread Debt Maturity | Non Competitive Management Fees |
| Low Top Geographical Contribution | Low Operating Distributable Income on Capital |
| Low Top Property & Top 5 Properties' Contributions | Low Operating Distribution Proportion |
| Low Top Tenant Contribution & Top 10 Tenants' Contributions | Interest Coverage Ratio Downtrend |
| High Operating Distributable Income Margin | Property Yield Downtrend |
| DPU from Operation Uptrend | Operating Distributable Income on Capital Downtrend |
| NAV per Unit Uptrend |
Compared to the previous quarter, despite improved gross revenue and NPI, the distribution from operation slightly declined after offsetting management fees paid in units, divestment gain proceeds, and a one-off capital tax gain. Unfortunately, the lack of a detailed breakdown for the "adjustment for net effect of non-tax deductible items and other adjustments" in the quarterly financial statements (NOTE A in the distribution statement) makes it hard to fully understand this decline. Nonetheless, let's observe next quarter to see if the recent acquisition can fill the gap left by the one-off capital tax gain and the ending of divestment gain proceeds.
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 Review - List of previous REIT review posts
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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 own findings and should not be considered as 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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