Saizen Reit

Saizen Reit: DBSV issues an Equity Explorer report on the niche player in Japan residential real estate, with a fair value of $0.21. Notes Saizen REIT strives to create value by investing in smaller-sized properties that deliver stable income but are too small for consideration by larger players. Saizen REIT will also kick start its acquisition program in 2013. At current price, the counter's prospective FY13e yield of 6.0% appears fair relative to peers (smaller cap REITs and overseas exposure).