Dan | Income, Investing & Planning

Mapletree Logistic Trust is an Asia-focused industrial REIT that focuses on logistic real estate. Over the last 2 years, the REIT has been badly impacted by the headwinds in China and the health of their balance sheet has also deteriorated considerably. Given the size of the REIT coupled with the strength of the sponsor and track record of the manager, I do feel that investors should not write the REIT off but will have to pay special attention to their valuation and future developments of their capital management. More details are in the report

Mapletree Industrial Trust is an industrial REIT that focuses on local industrial properties and foreign (mainly US) data centres. Post COVID, MIT has had trouble continuing its DPU growth, which has resulted in the REIT falling out of favour with investors. Regardless, MIT continues to display strong management competency and is well-positioned for the future as the headwinds unwind. 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 —> 2025)

Daiwa House Logistic Trust is a pure logistics play that has exposure mainly in Japan but has recently expanded into Vietnam. While 3PL's tailwinds are beneficial for Daiwa's portfolio, the ongoing trade war, coupled with FX pressures, may significantly drag the counter's performance. 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 —> 2025)

For those looking to ride the India wave, CLINT provides investors with 100% industrial exposure in India, mainly in high-tech properties. While the managers have displayed a steady track record in growing their top and bottom line, investors are often screwed over by the weakening of the Indian Rupee, which doesn't seem like it's going to change anytime soon, given the strength of the SGD. 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 —> 2025)

One of the better diversified industrial REITS listed in Singapore, CLAR offers decent industrial exposure across developed countries. However, with a heighten uncertainty revolving the ongoing trade war, investors should bake in a higher margin of safety requirements to account for more muted performance in the coming years. 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 —> 2025)

Suntec REIT is an office and Commercial REIT whose portfolio comprises mostly Singapore prime-grade properties. While the quality of their local assets is rock solid, their current valuation and offshore property exposure is one that investors need to pay close attention to avoid being burned. 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 —> 2025)

Having divested Lippo Plaza, OUE is now a 100% Singapore play with a diversified portfolio across industries. Unfortunately, the manager does not have a good long-term track record in their ability to preserve value. 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 —> 2025)

Elite UK REIT has solid underlying properties (mostly gov tenants) with questionable management track records. With an expanded investment mandate, the biggest risk investors have to deal with is the management's ability to pull of yield accretive expansions. 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 —> 2025)

Having dropped nearly 70% since its pre-covid peak, is IREIT global even still investible? Unfortunately, post-COVID, IREIT has been plagued with one headwind after another. Moving into FY2025, investors can expect a significant drop in their DPU due to the Berlin campus repositioning. That said, investors interested in recovery play can consider having a tactical position in this REIT if you have conviction. 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 —> 2025)

Updated for FY2024 performances. DPU in FY2024 continued to be supported by non-operational items (Capital distribution and management fees paid in units). That said, moving into 1Q 2025 the management has began to pay their fees partially in cash instead of 100% in the form of units. This is expected to result in a lower reported DPU for FY2025 of which, educated investors should not be alarmed on this. 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 —> 2025)

One of the only two healthcare REITS in Singapore. Since the tenant saga (back in 2020), First REIT's performance has been relatively stable. Investors who are interested in the counter should take note of the FX risk which appeared to be an ongoing drag that continued to erase their growth (on a local currency basis) 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 —> 2025)

Previously known as Cromwell EU REIT, Stoneweg transited to a new sponsor in FY2024 which saw both a rebranding of name coupled with additional plans for future growth. While the new Sponsor brings about additional uncertainty regarding the REITs future, the commendable track record of the REIT manager does provides a higher sense of confidence and comfort to investors. 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 —> 2025)

Updated for FY2025. Investors should pay attention to the valuation as well as the impact of an upcoming land lease renewal for KDC Singapore 1. More details are in the report.

Updated For FY2024 Annual Report. While there is still ample room for CLAS to grow based on its existing capacity, it would be unlikely that CLAS recovers to and beyond its pre-COVID levels given the current industry headwinds. 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 —> 2025)