シンガポールREITはマレーシアREITより投資妙味あり

お読みいただく前に、ランキングアップに協力くださると大変助かります。


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経済が不透明なさなか、マレーシアのREITは堅調です。マレーシア10年国債とのスプレッドは350ベーシスポイント（３．５％）になり、今までの平均値の３７３ベーシスポイントを下回っています。

一方、シンガポールREITの10年国債とのスプレッドは５４１ベーシスポイントであり、利回り的にはシンガポールREITが投資妙味のある水準です。

Malaysian REITs closing the gap with Singapore REITs

Malaysian Real Estate Investment Trusts (M-REITs), whose unit prices are nearing the target prices set by investment research houses, continue to offer good value amid the volatile investment market, said a report by the Borneo Post.

According to the research division of Maybank Investment Bank Bhd (Maybank Research), the M-REIT sector is "taking a breather" while its long-term outlook remains healthy, as unit prices approach its in-house target prices.

"The sector now trades at 6.8 percent average gross yield (five percent for retail M-REITs), just 10 basis points below 2012 Singapore REITs (S-REITs) 6.9 percent (before 10 percent withholding tax for foreign institutional investors)."

Maybank Research noted that M-REITs have attracted significant interest as the uncertain and volatile market led most investors to take on defensive plays.

Excluding AmanahRaya REIT, share prices of M-REITs tracked by the research house outperformed the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) by 0.8 percent to 8.2 percentage points year-to-date.

However, the average yield of M-REITs has dropped to 6.8 percent from 7.4 percent in 2011, while average yield for retail M-REITs fell to five percent from 5.8 percent.

"The spread between yields of M-REITs and the 10-year Malaysian Government Securities' 3.5 percent has narrowed to 330bps from 368bps in December 2011. This is also below the historical mean of 373bps," noted the research house.

"Comparatively, the current S-REIT to Singapore Government Securities yield spread of 541bps makes the latter more attractive from a regional asset allocation perspective. The gap between M-REIT and S-REIT yields is now just 10bps versus 27bps at end-2011 and its historical mean of 148bps."

Although retail S-REITs offer higher yields at between 5.1 percent and 6.3 percent than their M-REIT counter parts (4.9 percent to 5.6 percent), adverse currency movements are discouraging Malaysian investors to invest in them.

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