I Look at SPH REIT's 2Q FY18 Financial Results

Disclaimer: This blog post is for entertainment purposes only where I share my findings and opinions about SGX stocks. It does not constitute any buy or sell recommendation. Always DYODD before making any trade or investment decision.

SPH REIT recently released it's 2Q FY18 Results and I took a quick look at their presentation slides to see if it's worth investing at current price. I am not vested currently.

2 Properties to Rule Em all : Paragon and Clementi Mall

2Q DPU remains steady y-o-y at 1.4 cents

Gearing of SPH REIT is still fairly attractive at 25.4% in comparison to other local Retail REITS. However NAV is $0.94 and closing share price as at 9-4-2018 was trading above this value at $1.00. Honestly, I would not pay a premium price for SPH REIT.

NAV is $0.94 and Gearing is 25.4% 

On the positive side, both properties continue to achieve 100% occupancy. However, rental reversion was negative for both properties.

Seletar Mall a possible candidate for acquisition

Important dates

The pdf link for the presentation slides is available at this link: here

The current dividend yield based on current closing price of $1: 0.0553/1 x 100 = 5.53%

Assumption given that they could maintain the same DPU as previous year. In my opinion, the current dividend yield doesn't make it more attractive compared to other retail REITs. There also isn't any WOW factor in their presentation slides that make me want to invest in this REIT.