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UBS Investment Research
Asian Property
REIT valuation guide
Overview
This report summarises statistics on valuations, performance, and capital structure
of Singapore and Hong Kong REITs. There are now 24 SREITs and 7 HK-REITs
with a market cap of US$29.9bn and US$13.4bn, respectively.
Key statistics
SREITs are currently trading at a 6.2% 2011E yield (357bps above 10-year bonds),
with 2010-14E DPU growth at 2.2%. Our price targets imply 11.4% potential
upside from current prices. HK-REITs are at a 4.9% 2011E yield (201bps above
10-year rates), 8.8% p.a. (2010-14E) DPU growth, and offer 14.1% upside
potential to price targets.
Corporate news: SG consumer sentiment and HK retail trends
Based on the Q410 Nielsen Global Consumer Confidence Index, Singapore scored
109 points, down slightly from 113 in Q310 but up from 100 in Q409. Consumers
surveyed were largely upbeat about the economy and employment prospects over
the next 12 months. Elsewhere, Hong Kong retail sales in December 2010 grew
18.5% YoY, the 11th consecutive month of double-digit growth. There were a total
of 323k mainland tourists visiting Hong Kong during 2-5 February (the first four
days of the Chinese New Year holiday in China), 10% higher than 2009. In the
same period, foot traffic in Link REIT's malls rose c20% YoY.
Key picks: office and retail SREITs, Link and CREIT in HK
Our key picks for S-REITs are FCT for its suburban retail exposure, K-REIT,
Suntec and CCT for office exposure. In Hong Kong, we like CREIT for its strong
office rental rebound in Citibank Plaza (spot rent was HK$75psf in Q409 vs.
HK$100psf now) and The Link for inflation protection
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
UBS Investment Research
Asian Property
REIT valuation guide
Overview
This report summarises statistics on valuations, performance, and capital structure
of Singapore and Hong Kong REITs. There are now 24 SREITs and 7 HK-REITs
with a market cap of US$29.9bn and US$13.4bn, respectively.
Key statistics
SREITs are currently trading at a 6.2% 2011E yield (357bps above 10-year bonds),
with 2010-14E DPU growth at 2.2%. Our price targets imply 11.4% potential
upside from current prices. HK-REITs are at a 4.9% 2011E yield (201bps above
10-year rates), 8.8% p.a. (2010-14E) DPU growth, and offer 14.1% upside
potential to price targets.
Corporate news: SG consumer sentiment and HK retail trends
Based on the Q410 Nielsen Global Consumer Confidence Index, Singapore scored
109 points, down slightly from 113 in Q310 but up from 100 in Q409. Consumers
surveyed were largely upbeat about the economy and employment prospects over
the next 12 months. Elsewhere, Hong Kong retail sales in December 2010 grew
18.5% YoY, the 11th consecutive month of double-digit growth. There were a total
of 323k mainland tourists visiting Hong Kong during 2-5 February (the first four
days of the Chinese New Year holiday in China), 10% higher than 2009. In the
same period, foot traffic in Link REIT's malls rose c20% YoY.
Key picks: office and retail SREITs, Link and CREIT in HK
Our key picks for S-REITs are FCT for its suburban retail exposure, K-REIT,
Suntec and CCT for office exposure. In Hong Kong, we like CREIT for its strong
office rental rebound in Citibank Plaza (spot rent was HK$75psf in Q409 vs.
HK$100psf now) and The Link for inflation protection
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