Stock Name: Sabana REIT
Company Name: SABANA SHARI'AH COMPLIANT REIT
Phillip Securities Research in a July 18 research report says: "Sabana REIT is a Singapore-based REIT with a mandate to invest in income-producing industrial real estate and real estate-related assets in Singapore and Asia with compliance to Shari'ah investment principles.
"Freight Link's expertise in chemical warehouse & logistics give them an edge over its peers. Triple net master lease structures provide some form of security as the rental income is locked-in and likely to be stable and visible for the next three years. Ample debt headroom leaves Sabana REIT in good position to take advantage of acquisition growth.
"In view of the short land tenure for industrial properties, we ascribe a 9.5% discount rate to Sabana REIT. Fair value of $1.11, representing a potential upside of 29% with the inclusion of FY2011 dividend yield of 10%. BUY (initiating coverage)."
Company Name: SABANA SHARI'AH COMPLIANT REIT
| Research House: Phillip Securities | Price Call: BUY | Target Price: 1.11 |
Phillip Securities Research in a July 18 research report says: "Sabana REIT is a Singapore-based REIT with a mandate to invest in income-producing industrial real estate and real estate-related assets in Singapore and Asia with compliance to Shari'ah investment principles.
"Freight Link's expertise in chemical warehouse & logistics give them an edge over its peers. Triple net master lease structures provide some form of security as the rental income is locked-in and likely to be stable and visible for the next three years. Ample debt headroom leaves Sabana REIT in good position to take advantage of acquisition growth.
"In view of the short land tenure for industrial properties, we ascribe a 9.5% discount rate to Sabana REIT. Fair value of $1.11, representing a potential upside of 29% with the inclusion of FY2011 dividend yield of 10%. BUY (initiating coverage)."
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