- Current Yield = 5.17%
- Price-to-book Ratio = 0.925
- Assets per unit = $2.443
- Debt per unit = $0.805 (including current liabilities)
- Gearing = 33.0%
- Secured NAV = $1.616 (106%)
Yield is very low at 5.17%, the lowest among the office REITs. But price-to-book ratio is at 0.925 which is average. But what is promising is its secured NAV which is at 106% of its trading price. This also means that in the worst case scenario aka debts are defaulted and properties are seized, there is still a value of $1.616. This is great!
This is just one of the considerations for me especially when security is concerned. There are other REITs which I am considering and will be writing in this blog soon on it. It does seem attractive because of the secured NAV.
Good analysis! moneyReplyDelete
Hi Hannah Taylor,Delete
Many thanks for your encouraging post. :-)
Realized that you sold off saizen reit. May I know what is your take on th counter?
I will be posting on Saizen REIT soon which includes my reason for selling off. Do check out my blog later. Thanks! :-)
I was just wondering how do you go about calculating your secured NAV.