Manulife US REIT Analysis

Analysis about Manulife US REIT

The Investment Moats publishes an detailed analysis of Manulife REIT, an American trust listed in Singapore.

This REIT is on a growth trajectory, however there are still a lot of questions. How do you grow when there is a rising interest rate environment? Could the manager improve the property organically? If there are some large vacancy, could they successfully lease out the space for a good tenure?

The price have came down a fair bit, the dividend yield is attractive. However, due to the volatility of the currency, rising interest rate, it might not always be very clear this is a buy. If you look across the pond, another locally listed USA REIT, Keppel KBS seem to have a much higher dividend yield after its share price came down 10%.

Manulife US REIT
Price0.895 USD
NAV0.790 USD
Yield (4 quarters)6.79%
Gearing37.1%