- Yield = 8.58%
- Price-to-book Ratio = 1.114
- Assets per unit = $0.715
- Debt per unit = $0.342 (including current liabilities)
- Gearing = 47.9%
- Occupancy = 93.8%
- Secured NAV = $0.373 (86% of trading price)
With a yield of 8.58%, it is now not the highest yielding REIT. There are others like Viva Industrial Trust and Soilbuild Business Space REIT which has higher yield. However, their price-to-book ratio is 1.114 which means we are buying at a 14% premium. This is not attractive at all. Gearing is at 47.9% with current liabilities and only unsecured debt. This means that their secured NAV is quite high at 86% of trading price. Still quite high but not as attractive as before. Please note that all assets are based in Indonesia.
Indonesia continues to grow at a moderate pace of 5% which I thought it was nice to be able to participate in their growth. This is probably the reason why it is priced high. But I think it is now fairly priced and it shouldn't be moving higher anymore. I will find chance to sell my current holdings.
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