Thursday, October 20, 2011

Sabana REIT

Sabana REIT: DPU of 2.14c declared, on track to deliver annualized DPU of 8.63c for FY2011. 3Q Rev at $17.4m flat qoq with net income at $10.8m (excld revaluation gain of $51.3m) +1.9% qoq. Co currently has a WALE (weighted avg lease to expiry) of approx 3.0 yrs with 14 properties at 100% occupancy and 1 property at 96.7% occupancy rate.

At current prices, annualized DPU translates to approx 9.3% yield and co has also achieved a BBB- invt grade credit rating from S&P in July. Co has a P/B of approx 0.84x
Daiwa maintains Outperform with TP$1.00 with no negative surprises, expected high yield and accretive acquisitions.

Book closure date for distribution is on 28 Oct 2011.

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