Table of Contents
Key calls for Asian REITs ........................................................3
Re-booting REITs in Asia............................................................................................3
Distribution/valuation trends generally stable for Asian REITs ..................................3
REIT picks for Asia: our key calls...............................................................................3
Key issues for Asian REITs .....................................................5
Shortage of quality assets but with good growth prospects .........................................5
Liquidity risks should not be underestimated ..............................................................8
Sustainable capital management: Addressing the asset-liability mismatch ...............10
Sustainable financing of acquisitions: avoiding the traps of 2007.............................12
Regional diversification: not for its own sake............................................................17
Adverse rental income trends well factored in now...................................................19
NOI declines cushioned by financing costs easing off ..............................................22
Asian REIT valuation summary.............................................23
How we value the Asian REITs in our coverage .......................................................23
Valuation tables and charts...................................................26
Box 1: REIT structuring models - Sponsored or
Independent ............................................................................35
Box 2: REIT structuring models - externally managed vs
internally managed.................................................................38
Japan – “J-REITs” .....................................................................................................39
Singapore – “S-REITs”..............................................................................................41
Australia – “A-REITs or LPTs”.................................................................................43
Hong Kong – “H-REITs”...........................................................................................45
Malaysia – “M-REITs”..............................................................................................47
Thailand .....................................................................................................................49
Nascent REIT markets in the region .....................................49
China..........................................................................................................................49
India ...........................................................................................................................50
Philippines .................................................................................................................52
Companies
A-REIT ......................................................................................................................56
Ascendas India Trust..................................................................................................60
CapitaMall Trust ........................................................................................................64
CapitaRetail China Trust............................................................................................68
Fortune Real Estate Investment Trust........................................................................72
Link REIT..................................................................................................................75