Sabana REIT: Results on 20 Jan generally met expectations with 4Q DPU of 2.2c declared, an annualized DPU of 8.61c. Forecasted div yield is approx 10%
Sabana has a leverage of 34.1% with further debt headroom of $87.7m for further expansion. Mgmt aims to grow its portfolio by 10%-15% pa.
HSBC maintains Neutral with TP$0.85 and is of view easy DPU accretion via debt-funded acquisitions is coming to an end. Post IPO acquisitions have been neutral given NAV dilutive nature despite DPU-accretion.
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