(2024-04-13) 買入領展

領展自去年供股後，股價拾級而下，昨天收報32.2元，再創三年新低。

供股是對是錯，視乎觀點與角度，筆者不再贅述。

至於現價是否超跌？筆者將領展與對標星加坡REIT作比較:

領展 (0823.HK)

Dividend Yield: 7.92% (假設未期派1.25元、全年2.55元)

P/B: 0.46

Portfolio Value: HK$241B (S$42B)

 ---> 地域分佈: HK 75%, CN 14%, SG/AU/UK 11%

 ---> 資產類別: Retail 70%, Car park related 20%, Office 9%, Logistics 1%

Gearing: 20.4%

Cost of debt: 3.74% 

Fixed-rate debt: 70%

FX hedged: substantially hedged

Undrawn Facility: HK$9.7B (S$1,684M)

EBITDA Interest Coverage: 4.3x

Average Debt Maturity: 3.4 years

DPU 3-years CAGR: -4.2% (assume FY23/24 @2.55)

DPU 5-years CAGR: -1.2%

DPU 10-years CAGR: 6.6%

Capitaland Integrated Commercial Trust (C38U)

Dividend Yield: 5.60%

P/B: 0.93

Portfolio Value: S$24.2B

 ---> 地域分佈: SG 93.7%, AU 3.6%, DE 2.7%

 ---> 資產類別: Office 39.4%, Integrated Development 30.4%, Retail 30.2%

Gearing: 39.9%

Cost of debt: 3.40% 

Fixed-rate debt: 78%

FX hedged: N/A

Undrawn Facility: N/A

EBITDA Interest Coverage: 3.1x

Average Debt Maturity: 3.9 years

DPU 3-years CAGR: 7.3%

DPU 5-years CAGR: -1.3%

DPU 10-years CAGR: 0.9%

Mapletree Pan Asia Commercial Trust (N2IU)

Dividend Yield: 6.69%

P/B: 0.76

Portfolio Value: S$16.4B

 ---> 地域分佈: SG 60%, HK 21% (又一城), CN 10%, JP 9%, KR 1%

 ---> 資產類別: Retail 100%

Gearing: 40.8%

Cost of debt: 3.33% 

Fixed-rate debt: 85%

FX hedged: 94%

Undrawn Facility: S$0.8B

EBITDA Interest Coverage: 3.0x

Average Debt Maturity: 2.8 years

DPU 3-years CAGR: -2.4%

DPU 5-years CAGR: -0.7%

DPU 10-years CAGR: 3.9%

Fraser Logistics & Commercial Trust (BUOU)

Dividend Yield: 6.77%

P/B: 0.89

Portfolio Value: S$6.7B

 ---> 地域分佈: AU 50%, DE 23%, UK 11%, SG 10%, NL 5%

 ---> 資產類別: Logistics & industrial 70.3%, Suburban Office & Business Parks 21.3%, CBD Commercial 8.4%

Gearing: 30.7%

Cost of debt: 2.60% 

Fixed-rate debt: 77%

FX hedged: N/A

Undrawn Facility: N/A

EBITDA Interest Coverage: 6.2x

Average Debt Maturity: 2.0 years

DPU 3-years CAGR: -0.4%

DPU 5-years CAGR: -0.4%

DPU 10-years CAGR: N/A

Fraser Centrepoint Trust (J69U)

Dividend Yield: 5.65%

P/B: 0.93

Portfolio Value: S$5.6B

 ---> 地域分佈: SG 100%

 ---> 資產類別: Retail 100%

Gearing: 37.2%

Cost of debt: 4.3% 

Fixed-rate debt: 63%

FX hedged: N/A

Undrawn Facility: S$595M

EBITDA Interest Coverage: 3.4x

Average Debt Maturity: 2.8 years

DPU 3-years CAGR: 10.3%

DPU 5-years CAGR: 0.2%

DPU 10-years CAGR: 2.2%