Picked up some Sabana REIT today in the sea of red

The eve before Vesak Day was not peaceful at all. Well, I was expecting some kind of flat or slight negative market as it so often happens before a long weekend. However, today was kind of "bloody" in the sense that there was a sea of red in the stock market...

I was mindful of a possible correction due to the "up up and away" stock market the past few weeks. Therefore, I had taken profit on a few occasions, like selling off my Global Premium Hotel and Marco Polo after their results release recently. Therefore, I had a small war chest ready for deployment when needed.

I bought some lots of Sabana REIT today when it dipped >5% from yesterday's closing price. The price was hovering at about 1.25 - 1.285. Yield at this price range was > 7%, which still rank one of the highest amongst the REITS and a decent number at that.

I feel that Sabana's performance has been good the past few quarters. Even though there is an overhanging cloud regarding some of the master leases expiring this year, talks are underway to renew these leases. Should that happen, the stock price is very likely to increase further from the 20+ % it has increased the past year.

With this potential upside, the above yield % and REITs being a defensive stock in mind, I took the chance to get a few more lots today. I also took profit on Lum Chang, thereby filling up my war chest again ready for another deployment if so required.

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