(2024-04-14) 買入領展 (2)

繼續比較星加坡對標REIT (見上篇《買入領展》):

Ascendas Reit (A17U)

Dividend Yield: 5.61%

P/B: 1.23

Portfolio Value: S$16.9B

 ---> 地域分佈: SG 64%, AU 14%, US 12%, UK/EU 10%

 ---> 資產類別: Business Space and Life Sciences 46%, Industrial and Data Centres 29%, Logistics 25%

Gearing: 37.9%

Cost of debt: 3.5% 

Fixed-rate debt: 79%

FX hedged: 81%

Undrawn Facility: N/A

EBITDA Interest Coverage: 3.7x

Average Debt Maturity: 3.4 years

DPU 3-years CAGR: 1.1%

DPU 5-years CAGR: -1.1%

DPU 10-years CAGR: 1.1%

Mapletree Logistics Trust (M44U)

Dividend Yield: 6.25%

P/B: 1.04

Portfolio Value: S$13.3B

 ---> 地域分佈: HK 23%, CN 19%, SG 19%, JP 14%, KR 9%, AU 8%, MY 4%, VN 2%, IN 1%

 ---> 資產類別: Logistics 100%

Gearing: 38.8%

Cost of debt: 2.5% 

Fixed-rate debt: 83%

FX hedged: 80%

Undrawn Facility: S$1,046M

EBITDA Interest Coverage: 3.2x

Average Debt Maturity: 3.7 years

DPU 3-years CAGR: 2.8%

DPU 5-years CAGR: 2.7%

DPU 10-years CAGR: 1.8%

Keppel Reit (K71U)

Dividend Yield: 6.52%

P/B: 0.69

Portfolio Value: S$9.2B

 ---> 地域分佈: SG 79%, AU 17%, KR 3%, JP 1%

 ---> 資產類別: Office 100%

Gearing: 38.9%

Cost of debt: 2.89% 

Fixed-rate debt: 75%

FX hedged: N/A

Undrawn Facility: S$1,200M

EBITDA Interest Coverage: 3.0x

Average Debt Maturity: 2.4 years

DPU 3-years CAGR: 0.4%

DPU 5-years CAGR: 0.8%

DPU 10-years CAGR: -2.2%

Mapletree Industrial Trust (ME8U)

Dividend Yield: 5.81%

P/B: 1.25

Portfolio Value: S$9.2B

 ---> 地域分佈: NA 48%, SG 48%, JP 4%

 ---> 資產類別: Data Centres 56%, Hi-Tech Buildings 17%, Business Park Buildings 6%, Flatted Factories 16%, Stack-up/Ramp-up Buildings 5.5%, Light Industrial Buildings 1%

Gearing: 38.6%

Cost of debt: 3.1% 

Fixed-rate debt: 80%

FX hedged: N/A

Undrawn Facility: N/A

EBITDA Interest Coverage: 4.2x

Average Debt Maturity: 3.4 years

DPU 3-years CAGR: 2.3%

DPU 5-years CAGR: 2.0%

DPU 10-years CAGR: 4.0%