Dan | Income, Investing & Planning

Updated for FY2025. With the proposed portfolio restructuring, the current performance of the REIT is redundant. While I am very excited to see how this restructuring will playout, I do not see a reason to participate given the current valuations. More details are in the report. For clients, you can download the full version with the intrinsic valuation and interest rate sensitivity analysis model in the shared folder (Personal Report —> 2026)

Updated for FY2025. As usual, good performances, good management, good underlying properties but... shit price and shit yield. Aside from a market wide sell off, potential catalyst for correction will only come in 1Q 2029 when their income hedge for yen expires and the performances are impacted by yen's depreciation. More details are in the report. For clients, you can download the full version with the intrinsic valuation and interest rate sensitivity analysis model in the shared folder (Personal Report —> 2026)

Updated for FY2025. Investors should take note that while FY2025 performance have been boosted by the contributions from acquisitions, FY2026 performances will see a drag from the loss of income from divestments. More details are in the report.

Updated for AR2025

Updated for AR2025

Updated for FY2025 Annual Report. Overall performance is stable, though it is important to note that FY2025 figures are implicated by the timing of the acquisitions which are mostly completed in Q4 2025. More details are in the report.

Updated for FY2025 Annual Report. Good Yield. Good Management. Good Bet. Only concerns I have right now would be the expansion into data centers which could be a double edge sword depending on how the industry plays out. For now the game continues. More detail are in the report.

Updated for FY2025 Annual Report. I think it is safe to say that the future of the REIT lies in their ability to reposition Berlin Campus. A successful reposition will see the REIT recover strongly while a weak repositioning will see the REIT price and DPU hover around its current levels. A classic recovery play for those with money to speculate. More details are in the report. For clients, you can download the full version with the intrinsic valuation and interest rate sensitivity analysis model in the shared folder (Personal Report —> 2026)

Updated for FY2025 Annual report. Performance for FY2025 is spectacular, though investors should be caution on the unique implications of their Forward Purchase Strategy and the likely yield compression that will happen when the properties transits from funding phase to ownership phase. Beyond this, what's interesting is that the management has embarked on their maiden divestment since their listing (2007) which marks the shift of their focus towards active capital recycling. With the right margin of safety, I think the counter is worth considering as part of a tactical or yield enhancer allocation. More details are in the report.

Updated for FY2025 Annual report. Golden boy continues to perform, at a level that far exceeded my expectation in 2025 i must say. That say, a well managed REIT may not necessary mean its a good REIT to invest in if the price aint right. This is especially so for CICT where investors place a premium over the perceived safety - which may not be worth paying for. More details are in the report.