Members of the Financial Horse Facebook Group will know that earlier this week, a fellow reader by the name of “Terry Ng” shared a photo of an absolutely amazing REIT Screener that he came up with to keep track of blue chip REITs. I was so impressed with the table that I reached out to him to ask if he would be keen to share it with other readers of Financial Horse. I knew it took a massive amount of effort on his part to compile this table, so the fact that he said yes without hesitation, just goes to show how selfless he is in sharing this work with all investors out there.
So let’s not take anything from him. Everything else in this post is pure Terry. Way to go sir! The Singapore investing community needs more men like you.
Downloadable link to the Excel spreadsheet: REITS Screener Spreadsheet
Please also note the important disclaimers at the bottom of the table.
| REIT/Trust Name | WALE | Occupancy Rate | Property Yield | Gearing Ratio | Cost of Debt | Interest Coverage Ratio | Debt to Maturity | P/B | Div Yield | NAV | Industry | Market Cap(Mil) |
| CapitaLand Mall Trust | 1.9 | 99% | 5.4% | 34% | 3.2% | 4.8 | 4.9 | 1.10 | 5.14% | $1.95 | Retail | 7380 |
| Frasers CentrePoint Trust | 1.8 | 92% | 4.9% | 29% | 2.3% | 6.9 | 2.3 | 1.11 | 5.29% | $2.02 | Retail | 2027 |
| SPH REIT | 2.4 | 100% | 5.1% | 25% | 2.8% | 6.1 | 2.1 | 1.05 | 5.33% | $0.95 | Retail | 2554 |
| Mapletree Commercial Trust | 2.7 | 98% | 4.6% | 36% | 2.7% | 4.9 | 4.0 | 1.19 | 5.51% | $1.38 | Retail/Office | 4521 |
| Suntec REIT | 3.1 | 99% | 3.5% | 35% | 2.7% | 3.8 | 2.9 | 0.88 | 5.40% | $2.11 | Retail/Office | 5029 |
| Starhill Global REIT | 3.2 | 96% | 5.3% | 35% | 3.2% | 4.2 | 2.6 | 0.78 | 6.88% | $0.92 | Retail/Office | 1592 |
| CapitaLand Commercial Trust | 5.9 | 97% | 3.60% | 37% | 2.6% | 4.9 | 2.4 | 1.01 | 4.92% | $1.74 | Office | 6362 |
| Frasers Commercial Trust | 2.6 | 89% | 5.50% | 35% | 3.0% | 4.4 | 2.5 | 0.89 | 6.96% | $1.58 | Office | 1217 |
| Keppel REIT | 5.5 | 99.7% | 3.48% | 38% | 2.62% | 4.3 | 3.4 | 0.84 | 4.83% | $1.41 | Office | 4101 |
| Mapletree Industrial Trust | 3.8 | 89.6% | 7.20% | 33.7% | 2.90% | 7.1 | 3.3 | 1.36 | 6.00% | $1.47 | Industrial | 3827 |
| Mapletree Logistics Trust | 3.5 | 96.6% | 5.12% | 37.6% | 2.30% | 5.6 | 4.5 | 1.15 | 6.05% | $1.10 | Industrial | 3761 |
| AIMS AMP REIT | 2.3 | 91% | 6.31% | 33% | 3.60% | 4.7 | 3.3 | 1.04 | 7.25% | $1.37 | Industrial | 946 |
| Ascendas REIT | 4.2 | 92% | 6.22% | 34% | 2.90% | 5.9 | 3.2 | 1.23 | 6.15% | $2.12 | Industrial | 8000 |
| Fraser L & I Trust | 6.75 | 99% | 8.80% | 29% | 2.80% | 8.3 | 2.9 | 1.15 | 6.59% | $0.94 | Industrial | 2500 |
| Ascott REIT | 4.60% | 36% | 2.40% | 4.1 | 4.1 | 0.86 | 6.56% | $1.25 | Hospitality | 2313 | ||
| Ascendas Hospitality Trust | 5.76% | 31% | 2.60% | 5.1 | 2.7 | 0.88 | 7.28% | $0.92 | Hospitality | 906 | ||
| Frasers Hospitality Trust | 5.53% | 32% | 2.65% | 5.1 | 2.74 | 0.84 | 7.37% | $0.82 | Hospitality | 1317 | ||
| Far East Hospitality Trust | 3.91% | 34% | 2.50% | 4.1 | 3.3 | 0.74 | 6.09% | $0.87 | Hospitality | 1290 | ||
| CDL Hospitality Trust | 6.51% | 33% | 2.10% | 7.3 | 2.6 | 1.02 | 5.91% | $1.53 | Hospitality | 2027 | ||
| First REIT | 9.5 | 100% | 8.11% | 33% | 3.38% | 5.5 | 3.7 | 1.23 | 6.91% | $1.01 | Medical | 976 |
| Parkway Life REIT | 7.9 | 98% | 5.93% | 36% | 1.00% | 11.3 | 3.1 | 1.55 | 4.91% | $1.76 | Medical | 1657 |
| Keppel DC REIT | 9.1 | 93% | 7.97% | 33% | 2.20% | 9.7 | 3.8 | 1.38 | 5.31% | $0.97 | Data Center | 1623 |
| Trust Name | P/E | P/B | EV/EBITDA | Net Debt Asset | Net Debt Equity | Debt Servicing Ratio | Interest Coverage Ratio | Cost of Debt | Div Yield | NAV | Industry | Market Cap(Mil) |
| Netlink Trust | 45 | 0.96 | 15 | 10% | 13.3% | 15.75% | 6.4 | 3.47% | 4.13% | $0.82 | Telecommunications | 3020 |
| Keppel Infrastructure Trust | 70 | 1.69 | 17 | 49% | 83.0% | 54.00% | 1.8 | 5.14% | 7.37% | $0.30 | Utilities | 1948 |
| Credits: Terry Ng | ||||||||||||
Note:
- The REITs shortlisted in the screener are based on criteria such as (1) strong sponsor, (2) market cap of at least S$1b and no China REITS. As for Business Trust, only businesses that are defensive in nature such as utilties/Telecoms are shortlisted.
- The screener is updated when the respective REIT’s annual report are published.
- The Dividend Yield and PB Ratio are based on historical NAV and DPU based on their latest annual report (FY2017). It is not based on Trailing Twelve Months (TTM) yield. The PB and Dividend Yield is updated based on repsective REITS stock price as of 17 Sep 2018.
- Hospitality REITS’s WALE and Occupancy rate:
- WALE for hospitality REITs are only applicable for retail and office component of the hospitality REIT. The retail and office component is only a small component of the respective hospitality REIT. So I don’t feel a need to include such numbers. Anyway most of the hospitality REIT have long management contract or Master Lease of at least 5 years to 20 years.
- Most hospitality REITs listed in SGX have overseas properties except Far East Trust which is a pure Singapore Play. It is also difficult to compare the REITS in terms of RevPAR / ADR / Occupancy Rate as the hotels are operating in different countries with different economic conditions. As for Ascott REIT, it is a pure REIT with serviced residence and no hotels in their portfolio. Those who want to invest in hospitality REITS must be aware that this sector is very cyclical and should only form a small percentage of your REIT portfolio.
- The screener is good for level 1 analysis. But in order to understand the REIT and convince yourself to press the buy button, individuals need to apply qualitative analysis for level 2 and foresight for level 3. Past performance is not an indicator of future performance.
Level 1- Quantitative Analysis
Level 2 – Qualitative Analysis
Level 3 – Foresight
Disclaimer: Please do not buy REITS purely based on financial data and ratios. It’s the underlying fundamentals that will affect the stock price of the REITS.
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Hello. How do I get the latest updated REITs screener?
The latest ones have been merged into the REITs Masterclass: https://financialhorsecourse.thinkific.com/courses/REITs-Investing-Masterclass