- Main Sector(s): Hospitality
- Country(s) with Assets: Australia, Singapore, England, Japan, Germany, Malaysia & Scotland
- No. of Properties (exclude development/associate/fund): 14
Key Indicators
Performance Highlight
Overall, REVPAR has improved YoY for all the countries. Besides Australia, all countries have improved REVPAR as compared to 1H FY22.
Related Parties Shareholding
- REIT Sponsor's Shareholding: ± 10% from median
- REIT Manager's Shareholding: ± 10% from median
- Directors of REIT Manager's Shareholding: Above median by 20% or more
Lease Profile
- Income in SGD/Major Currencies: ± 10% from median
- WALE: Above median by 20% or more
- Highest Lease Expiry within 5 Years: Below median by 20% or more; Falls in FY24
- Weighted Average Land Lease Expiry: ± Above median by 10% or more
Debt Profile
- Gearing Ratio: Below median by 10% or more
- Cost of Debt: Below median by 10% or more
- Fixed Rate Debt %: ± 10% from median
- Unsecured Debt %: Above median by 5% or more
- WADM: Below median by 10% or more
- Highest Debt Maturity within 5 Years: Above median by 10% or more; Falls in FY25
- Interest Coverage Ratio: Above median by 10% or more
Diversification Profile
- Top Geographical Contribution: Below median by 20% or more
- Top Property Contribution: Above median by 20% or more
- Top 5 Properties' Contribution: Above median by 10% or more
- Top Tenant Contribution: Above median by 20% or more
- Top 10 Tenants' Contribution: Above median by 20% or more
Key Financial Metrics
- Property Yield: ± 10% from median
- Management Fees over Operating Distributable Income: Above median by 10% or more; $5.81 distribution for every dollar paid
- Operating Distributable Income on Capital: Below median by 10% or more
- Operating Distributable Income Margin: ± 10% from median
- Operating Distribution Proportion: 100%
DPU Breakdown
- TTM DPU Breakdown
- 100% from Operation
- TTM DPU = 90% of Distributable Income
Trends
- Uptrend: Property Yield, Operating Distributable Income Margin
- Flat: Operating Distributable Income on Capital
- Downtrend: DPU from Operation, NAV per Unit, Interest Coverage Ratio
Relative Valuation
- Dividend Yield: Above +1SD for 1y ; Average for 3y & 5y
- P/NAV: Average for 1y & 5y; Above +1SD for 3y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| High Directors of REIT Manager's Shareholding | Short WADM |
| Long WALE | Concentrated Debt Maturity |
| No Majority Lease Expirty within 5 Years | High Top Property & Top 5 Properties' Contributions |
| Long Weighted Average Land Lease Expiry | High Top Tenant & Top 10 Tenants' Contributions |
| Low Gearing Ratio | Non Competitive Management Fees |
| Low Cost of Debt | Low Operating Distributable Income on Capital |
| High Unsecured Debt % | DPU from Operation Downtrend |
| High Interest Coverage Ratio | NAV per Unit Downtrend |
| Low Top Geographical Contribution | Interest Coverage Ratio Downtrend |
| 100% Operating Distribution Proportion | |
| Property Yield Uptrend | |
| Operating Distributable Income Margin Uptrend |
Despite a similar gross revenue and NPI from the previous half-year, distribution has declined mainly due to higher finance costs. In terms of debt maturity, 21% of debt would be matured in the coming fiscal year.
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*Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my findings and should not be considered professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.
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