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.

Monday, August 7, 2017

Analysis of Dasin Retail Trust - A hidden diamond just uncovered.

Current Price on 4th August 2017 = $0.81
  • Yield = 8.40%  
  • Price-to-book Ratio = 0.487
  • Assets per unit = $2.971
  • Debt per unit = $1.308 (including current liabilities)
  • Gearing = 44.0%
Some of my readers are asking about Dasin Retail Trust which I researched on it. The results were fantastic. I wonder why I did not research on this previously despite it staring at me. Let's take a look at the statistics.

With a yield of 8.40%, it is one of the highest yielding REIT in SGX now especially in the retail sector. Moreover, they are trading at a whopping 52% discount to NAV. It means that we are buying it at at least half price. Do note that all their properties are based in China. But we do have other China-based REITs like Mapletree Greater China Trust and CapitaRetail China Trust which are trading at good value so it shouldn't be a problem here. Their Gearing is at a high of 44.0% but not so much of a worry as of now.

I am considering to switch some low yielding REITs or Trusts into this now I know that there is such an option. Moreover, I have queued and purchased 14,400 shares at $0.80 last week. No matter what, I will be queuing to buy more this week, hopefully to increase my shareholdings as much as I would like.


  1. Yield is high due to income support


  2. there is a waiver from the sponsors to the DPU for 2 yrs. So may not be so good after that

  3. This high yield is due to two of Dasin Retail Trust’s major unitholders agreed to not receive distributions for some of the REIT’s units they own. This has a big role to play in allowing Dasin Retail REIT to post a high projected distribution yield of 9%.

  4. high yield is due to distribution waive ,else the yield is much lower .

  5. high yield for this REIT is due to ditribution waive , else the yield is much lower .

  6. Hi, did some reading on Dasin.
    Came cross this. Have a doubt, is it norm? Or it calls for concern?

    Loans to a subsidiary as at 31 March 2017 of S$281.4 million (31 December 2016: S$2.4 million)
    relates to the unsecured interest-free loans extended by the Trust to its subsidiary, Singapore
    Dasin Commercial Holdings Pte. Ltd., to fund the acquisitions of the Initial Portfolio.
    On 20 January 2017, the Trust extended an unsecured interest-free loan of approximately
    S$280.0 million to Singapore Dasin Commercial Holdings Pte. Ltd. to settle the amount due to the
    vendors of the PRC property and rental management companies of the Initial Portfolio.

  7. First things first.
    I am following your posts for quite some time now and have always found them to be accurate, to the point and informative.
    In this post however I think you have missed a very important point. The distribution of the trust is so high because the 2 major unit holders (>50%) have agreed not to receive distributions at this point in time. This waiver is gradually coming down to 0, sometime in the coming 3 years I believe.
    If distributions were to be made to all unit holders, the amount available per unit would half, so the 'true' distribution yield of this counter is just around 4%.
    Taking that into account, I doubt it meets your criteria for investment.

    To be fair to the trust management, they are clearly stating this in their published results presentation.

  8. Hi, sorry if my question seems a little amateur. But other than on motley fool, does it state in the report that 2 major unitholders will not receive distribution? because i only see them talking about distribution waivers in the report.


  9. Hi, sorry for my amateur question. I have noticed Motley Fool stated that 2 major unitholders will not receive distribution but i don't see this stated in the results. Can i know was the 2 major unitholders mention in the results? I have only come across the distribution waiver.


  10. Dasin is having a distribution waiver policy (a way of financial engineered), which major shareholder would forgo their distribution. For 2017, 55% of shareholder is not entitled to distribution and 48% for next year, it would slowly drop to 15% at 2021.It is still good gesture that the trust sponsor is waiving their distribution partially in the next 5 years. Based on the recent financial result, the DPU growth is great..Even after the 5 years waiver is expired, I believe Dasin should be able to maintain 8%+ yield.