Welcome to my investment blog where I share with you my analysis of REITs in Singapore.

I hope that my investment philosophy will bring me a steady stream of income apart from my job. I am aiming for at least $3,000 per month which can sustain the current expenses of myself and my family.

Do enjoy reading my blog and post any comments that you have. I welcome them because it is a time to learn from each other.

When I am looking at investing in REIT, here are some of the guidelines that I am looking at. Feel free to comment on it. I am willing to listen to ideas.

-> at least 8% yield.
-> Price that is lower than its NAV.
-> Low gearing (if possible)
-> High secured NAV.

Current Dividend income is $3,800/month.

Thursday, August 20, 2015

Analysis of Accordia Golf Trust

Current Price on 15th Aug 2015 = $0.655
  • Yield = 10.75%  
  • Price-to-book Ratio = 0.826
  • Assets per unit = $1.793
  • Debt per unit = $0.997 (including current liabilities)
  • Gearing = 55.7%
Accordia Golf Trust has reported their new set of results which I thought was quite favourable and got me excited actually. Here are the statistics.

Their yield is now clearer at 10.75% which is very high compared to REITs and Business Trust standards. It is higher than GlobalInv and Viva Industrial Trust which are my two anchor investments currently. Moreover, its price-to-book ratio is currently at 0.826 which means we are still buying at 20% discount to NAV which is of course good as well. Gearing is at a high of 55.7% but loan-to-value ratio is only about 25%. Deferred Tax on their liabilities is something I need to understand as it is the bulk of their liabilities.

One thing which makes it much less attractive is that they are all in Japanese Yen which means it is a more of a currency play than a REIT or business trust. It is just like LippoMall Retail Trust where currency plays a major role. And Japanese Yen hasn't been doing well recently. (The only currency doing well is US$)

All along, I have been looking for high yield investments which would generate a cashflow income for me and my family. And with the new statistics coming in strong, I don't see why I am not buying at this price even though it has moved up by 5% on 15th Aug. I have decided to switch some of my investments into this. The problem is which one.


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