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FCT forward yield is probably close to 6.2% than this.
perhaps would you comment on the media component which is likely to moderate down vs the REIT is likely to move up with GDP. seems the REIT is the best thing of SPH.
here is something interesting.
the cap rate of clementi mall is at 5%. and they have a landlease of 96 years left.
the lowest cap rate of fct mall is at 5.5% (causeway point) and that have a land lease of 76 years.
base on this the value of clementi should be higher than that of any of FCT's mall isnt it.
(10-07-2013, 12:45 AM)dtane Wrote: In my opinion, you would be better off buying SPH itself rather than the REIT if we ignore the valuation factor of SPH and just focus on yield.
Dividend for the past 8 years :
2012 - S$0.24
2011 - S$0.24
2010 - S$0.31
2009 - S$0.26
2008 - S$0.27
2007 - S$0.32
2006 - S$0.27
2005 - S$0.31
Assuming minimum dividend of S$0.24 based on closing price of S$4.26, SPH yield would be 5.63%.
Furthermore after listing the REIT, SPH is giving out S$0.18 dividend per share and this is 4.22% one-off yield.
perhaps would you comment on the media component which is likely to moderate down vs the REIT is likely to move up with GDP. seems the REIT is the best thing of SPH.
here is something interesting.
the cap rate of clementi mall is at 5%. and they have a landlease of 96 years left.
the lowest cap rate of fct mall is at 5.5% (causeway point) and that have a land lease of 76 years.
base on this the value of clementi should be higher than that of any of FCT's mall isnt it.
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