- Interest rates are near peak but likely to stay higher for longer. We focus on S-REITs with enduring investment themes and resilient balance sheets due to:
- Singaporean companies’ tightening hybrid working policies: CapitaLand Integrated Commercial Trust and Keppel REIT.
Who is the fairest of them all?
- We assessed the resiliency of S-REITs’ balance sheet based on the following 5 criteria:
- Frasers Logistics & Commercial Trust (divestment of Cross Street Exchange) and Paragon REIT have the lowest aggregate leverage of 28.6% and 29.8% respectively.
- Conversely, Suntec REIT has the highest aggregate leverage of 42.6%.
Adjusted interest coverage ratio (ICR):
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-09-15 SGinvestors.io