General S-REITs Discussion Thread

Perisher

Perisher

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akwl88 said:
http://investproperlyleh.blogspot.sg/2016/04/the-dangers-of-investing-in-reits-with.html

Recommendations:

By setting up a screen and ranking stocks based on
Debt/asset <38% (I don't want to get dilution, 38% is usually a danger level)
Operating cash flow vs dividends per share (cash in should be more than cash out, to show that mgmt. can afford to pay growing dividends)
Price/Dividends per unit (inverted dividend yield to measure cheapness)
Price/Nav (same valuation method as property stocks)
Positive dividend growth (negative dividend growth comes as a double whammy of both lower prices and yield
Yield: yes I look at it last
Here are my few picks so far


Aims capital reit (buy at 1.3)


Debt/asset = 31%
Operating cash flow vs dividends per share: 7% buffer
Price/Dividends per unit: -1% undervalued vs 5 year historical
Price/Nav: -2% vs historical
Positive dividend growth: yes
Yield: 8.4%
Frasers commercial trust (bought at 1.25)


Debt/asset = 36%
Operating cash flow vs dividends per share: 2% buffer, due to recent placement
Price/Dividends per unit: -16% vs 5 year historical
Price/Nav: 2% overvalued vs historical
Positive dividend growth: flat
Yield: 8%
Starhill global (bought at 0.78)


Debt/asset = 35%
Operating cash flow vs dividends per share: slim -0.83% buffer
Price/Dividends per unit: -10% vs 5 year historical
Price/Nav: 3% overvalued vs historical
Positive dividend growth: flat
Yield: 6.6%
Click to expand...

OCF and FFO got difference?
 
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akwl88

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Genosis said:
IMO, he is tracking the wrong metrics for REITs.....
Click to expand...

DK looks at:

Gearing
Weighted Average Lease Expiry (WALE)
Debt expiry profile
Land lease expiry profile
Rental reversions track record
Quality of assets (location, age and design of the properties)
Type of assets (retail, commercial, industrial, healthcare, hospitality etc.)
Management execution track records (lease renewal/ acquisitions/ AEIs/ rights issue/ private placements/ capital-recycling)
 
fireblazt

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Cheering Croesus.. go go go...

The use of money from private placement already announced.
 
Genosis

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akwl88 said:
DK looks at:

Gearing
Weighted Average Lease Expiry (WALE)
Debt expiry profile
Land lease expiry profile
Rental reversions track record
Quality of assets (location, age and design of the properties)
Type of assets (retail, commercial, industrial, healthcare, hospitality etc.)
Management execution track records (lease renewal/ acquisitions/ AEIs/ rights issue/ private placements/ capital-recycling)
Click to expand...

OMG.....u can read my mind!:eek:
 
Asphodeli

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akwl88 said:
http://investproperlyleh.blogspot.sg/2016/04/the-dangers-of-investing-in-reits-with.html

Recommendations:

By setting up a screen and ranking stocks based on
Debt/asset <38% (I don't want to get dilution, 38% is usually a danger level)
Operating cash flow vs dividends per share (cash in should be more than cash out, to show that mgmt. can afford to pay growing dividends)
Price/Dividends per unit (inverted dividend yield to measure cheapness)
Price/Nav (same valuation method as property stocks)
Positive dividend growth (negative dividend growth comes as a double whammy of both lower prices and yield
Yield: yes I look at it last
Here are my few picks so far


Aims capital reit (buy at 1.3)


Debt/asset = 31%
Operating cash flow vs dividends per share: 7% buffer
Price/Dividends per unit: -1% undervalued vs 5 year historical
Price/Nav: -2% vs historical
Positive dividend growth: yes
Yield: 8.4%
Frasers commercial trust (bought at 1.25)


Debt/asset = 36%
Operating cash flow vs dividends per share: 2% buffer, due to recent placement
Price/Dividends per unit: -16% vs 5 year historical
Price/Nav: 2% overvalued vs historical
Positive dividend growth: flat
Yield: 8%
Starhill global (bought at 0.78)


Debt/asset = 35%
Operating cash flow vs dividends per share: slim -0.83% buffer
Price/Dividends per unit: -10% vs 5 year historical
Price/Nav: 3% overvalued vs historical
Positive dividend growth: flat
Yield: 6.6%
Click to expand...

jsk, i like the tagline. LOL!

also, wah, got bloomberg terminal access sia
 
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akwl88

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reading p-life ar now. nav as at 31 dec 2015 = 1.69. looking at the price now, jin ex lol
 
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