Dan | Income, Investing & Planning
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Research-driven financial planning content - REITs, income investing, insurance, and retirement planning. Website: www.danconsultancy.com Enquiries: @daniellsx Daniel Lee Shao Xuan Certified Financial Planner (CFPĀ®)
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Cromwell European REIT is a Singapore listed REIT with a 100% office and industrial exposure in the Eurozone.
In the last few years, the share price has been beaten down severely (-50%) as a result of the headwinds in the EURO zone and a higher interest rate environment.
Despite the headwinds, the operating performance of Cromwell REIT has proved to be more resilient than expected which presents a potential undervalued opportunity.
More details in the report!
Here's my market outlook for 2024:
https://www.danconsultancy.com/post/2024-market-outlook-slope-of-hope-or-wall-of-worries
The content to expect from this channel moving into 2024 will be more on (1) SG REITS analysis (2) Weekly market recap (3) Quarterly market updates.
To kick off 2024, here are my top 3 selections for Singapore REITS to watch and possibly invest in for 2024.
https://www.danconsultancy.com/post/top-three-singapore-reits-to-watch-out-for-and-invest-in-2024
Opinions aside, this video provides a great crash course on market history for the S&P500 against common technical indicators that the majority are watching out for on a daily basis.
Definitely worth a watch!
https://www.youtube.com/watch?v=OXG88gmXky4
One of the "new kid on the block", Lendlease Global Commercial REIT is an office and commercial (retail) REIT that was listed in 2019.
Since then, they have embarked on a few acquisitions which have drastically changed their portfolio today when compared to when they first listed.
While the numbers look damn good for Lendlease Global, I do have my reservation for investing in this counter.
More details are in the report!
IREIT Global is an office & commercial REIT that focuses mainly in the European market.
While their recent performance has been poor, their share price has been beaten down quite badly to justify an investment based on a potential recovery play.
That being said, the management is not proven in producing yield accretive acquisition and as such, I would not invest in IREIT Global for stable DPU but instead focus on potential capital gains should their performance improves.
More information is in the report
One of the only healthcare REIT in Singapore (apart from Parkway Life).
First REIT's case is an interesting one to say the least as the events that has been plaguing the REIT's performance (Tenancy Risk) is one that is beyond the manager's control.
That said, there are still some severe red flags with the REIT such that even a 10% Dividend Yield may not be enough to justify bearing on the risk.
More details are in the report
An interesting watch on Singapore's public hospital waiting time.
It has been an ongoing problem that is expected to get worse as the population ages but at the same time poses an opportunity to investors.
The issue had also placed further emphasis on getting insured up to private hospital even if you do not see a need today just so that you keep your options open when the unfortunate time happens.
I will be away from 17 Nov to 29 Nov.
For clients, If theres anything just WA/Tele me. For general response time, it will be around 30min to an hour.
But if its admin related stuff, I'll probably be avail to address it in the night.
Pleasantly surprised when analysing Mapletree Logistic Trust.
Overall, I feel that the fundamentals of the REIT is solid but similar to other highly desired REITs, the current valuation is not yet desirable.
That said, as the headwinds for MLT is rather strong, further price correction might present an opportunity to buy in at more attractive valuation levels.
More details are in the report.
While a 7.5% to 8% headline dividend yield looks attractive. I'd not consider this REIT to be my top pick for the category of industrial REITs as
1) DPU is "inflated" with financial engineering and actual distributable income from operations has been stagnating while units in issue has been increasing
2) A good share of the properties have an underlying land lease of less than 20/30 years
Unless the counter is deeply undervalued (i.e. dividend yield of 9-10%), I'll probably give this counter a skip.
More details in report
One of the better industrial REIT with significant local (SG) presence while having a decent underlying land lease.
At the right price, it may be worthwhile adding it into your portfolio for diversification purposes.
More details are in the report.
Mixed feelings for this counter but if the price is right, it might be a good industrial REIT to have for diversification purposes.
Bulk of the headwinds that are expected from FLCT will come beyond 2024 due to their debt maturity profile.
More information in the report itself.
*Ignore the general description (error on my part)
Given that prices had corrected over 45% since its 2021 peak. Valuations have now reached normal levels that is worth considering.
That being said, further price volatility may be expected given that most investors treat Keppel DC REIT as a growth stock and its growth have been faltering due to a higher cost environment.
Investors should pay attention to the underlying land lease of the properties as well as over 50% of its portfolio have less than 30 years lease left.
More details in the report
In this article, I will go in-depth to share with you how you can make sense of what is happening in the markets today and whether or not the profits and losses that you are experiencing are sustainable based on where investors' expectations are relative to the actual reality.
Perhaps you are sitting on a sizable profit and thinking to yourself if you should double down on your investments or take profit. Or perhaps you are sitting on a hefty loss and wondering if you should continue to remain invested or cut your losses.
This article will provide an insight as to when you should take action and what action should you consider!
https://www.danconsultancy.com/post/price-action-vs-fundamentals-when-should-you-take-action
Arguably the best REIT listed in Singapore. Unfortunately, while the fundamentals are solid, the valuation is not.
Apart from the anticipation of further price correction (-15% to -25%) to justify starting a position, investors should also pay attention to the portfolio exposure in Japan given the major weakening of Yen in 2023.
More information is documented in the report.
daily market updates will be on hold for november and would probably resume in dec.
Iād want to focus on producing REITs analyst report for the first half of this month and also take a breather on the second half of nov.
Updated for 1H 2023/4 performance that was released today.
Surprisingly, the performance was more resilient that I previously expected.
Nonetheless, I've applied a -5% in DPU from operations to facilitate the new set of intrinsic value calculation to reflect a higher interest rate and operating cost environment.
Updated for the Financial Year 2023 performance that was released today.
Similar to my previous report in May 2023, nothing much has changed that was outside of the scope of expectations.
