Analyst report on Saizen REIT

While doing research on Saizen REIT, I came across the following company research report by nra capital which was published on 15 May 2013 (post 3Q 2013 results release).

The link to the report is here:- NRA Capital

In summary,

• NAV of the REIT has depreciated to S$0.25 from S$0.27 due to depreciation in yen (Note: this is still higher than its current price of S$0.19).
• Japanese economy is showing signs of a pick-up (Note: as I have mentioned in my previous post, the Japan PM is taking bold and concrete steps (i.e. not just talk only) to improve the country's economy.)
• Management is committed to re-gear to expand portfolio (Note: as shown by the increases in DPU over the past years.)
• Forward looking yield of 6.4% (FY14F) and 6.5% (FY15F). 
• Fair value deemed as S$0.20 and rated long term BUY.

An earlier report posted in The Edge Singapore may be found here:- The Edge Singapore on Saizen REIT posted on 22 April 2013

If you are reading this, you may also be interested in:-

• I bought some more Saizen REIT when its price fell after its 3Q13 results

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