- We value Lion-Phillip S-REIT ETF (SREITS) using a combination of historical dividend yield spread and price-to-book ratios. The prices are S$1.03 and S$0.90, respectively, using these two valuation methods. We maintain our ACCUMULATE recommendation by assigning equal weight to both valuations; we increase our target price to S$0.965 (previously S$0.86).
- CDL Hospitality Trusts and Digital Core REIT Management were taken out of the constituents since our last update on the ETF. SREITS remains well-diversified across eight sectors, with industrial at 41.1% as the largest.
- DPU remains stable between 4-6 cents. We expected an improvement in DPU following the Federal Reserve’s rate cut.
Continue Reading
