Singapore Stock Market News
REIT - Taking stock of yield spreads
StockFanatic
Publish date: Mon, 26 Aug 2013, 10:22 AM
StockFanatic
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QE tapering is drawing near and with it, rising long bond yields and
falling S-REIT prices. S-REITs trade at the long-term average spread
of 396bp over the 10-year SGS yield. This would be attractive in a
normal cycle but not now. We expect SREITs' repricing to continue.
For value hunters, this is not the time
to be aggressive. We maintain our
Neutral call. A strong management,
solid financials, AEI growth prospects
and valuation buffer remain our stock
selection criteria. AREIT stands out
in this regard and remains our top
pick. SUN is also an Outperform as its
0.7x P/BV valuation and 6.3% FY14
yield are hard to ignore. The sector's
re-rating catalyst is the stabilisation
of interest rates.
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