- Yield = 9.09%
- Price-to-book Ratio = 0.742
- Assets per unit = $1.583
- Debt per unit = $0.696 (including current liabilities)
- Gearing = 43.9%
With the drop in yield and NAV, the price has dropped to $0.66 which gives a yield of 9.09% currently. However, they are in the midst of negotiating another three properties for master lease and one conversion, I believe yield will continue to drop. Assets per unit has dropped which means their price-to-book ratio has risen to 0.742. Still not too bad considering the valuation at current economic climate and it is the cheapest among the Industrial REITs. Gearing is at a high of 43.9%. Please note that I use all liabilities instead of just debt.
From the statistics, it look promising, with high yield and favourable price-to-book ratio. However, with the problems coming up, I don't see the yield going up anytime. In fact, I do see it going down further. The only positive thing is its small size, which makes it a possible target for take over. I am vested only with 1,000 shares so will see what happens. Maybe a white knight will come if they see value in this, hopefully.
Thanks for posting your analysis. Quite interesting though I'm not vested.
No analysis on interest coverage, master leases conversion, asset disposal in the past year, negative rental revision (with Vibrant group), the industrial outlook in Singapore...ReplyDelete
..Wish there was more to this post than the statistical obvious. It will give a clue as to why people are abandoning this stock
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