Stock Name: Sabana REIT
Company Name: SABANA SHARI'AH COMPLIANT REIT
Phillip Securities Research in a Jan 5 research report says: "Sabana REIT wrapped up 2011 with a total of five properties. The 3-storey general industrial building located at 6 Woodlands Loop was its latest acquisition completed on 15 December 2011.
"Sabana REIT's distribution policy is to distribute 100% of its taxable income and tax-exempt income (if any) till 31 December 2012 and thereafter to distribute at least 90%. We therefore assume a payout ratio of 94.0% from 2013-2015 in order to maintain stability of distributions while retain some earnings for capital expenditure.
"FY13 DPU will slide down but recover in FY14 and FY15. We trim our target price to $1.04 with a potential upside 18.2% excluding dividend yield. BUY"
Company Name: SABANA SHARI'AH COMPLIANT REIT
| Research House: Phillip Securities | Price Call: BUY | Target Price: 1.04 |
Phillip Securities Research in a Jan 5 research report says: "Sabana REIT wrapped up 2011 with a total of five properties. The 3-storey general industrial building located at 6 Woodlands Loop was its latest acquisition completed on 15 December 2011.
"Sabana REIT's distribution policy is to distribute 100% of its taxable income and tax-exempt income (if any) till 31 December 2012 and thereafter to distribute at least 90%. We therefore assume a payout ratio of 94.0% from 2013-2015 in order to maintain stability of distributions while retain some earnings for capital expenditure.
"FY13 DPU will slide down but recover in FY14 and FY15. We trim our target price to $1.04 with a potential upside 18.2% excluding dividend yield. BUY"
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