マレーシア REITの見通しは短期的には堅調

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どこのシンクタンクかは明らかではありませんが、短期的にはマレーシアREITは堅調だろうとシンクタンクのアナリストが予想しています。

ヨーロッパ、アメリカ、中国の経済不振から、安定的な配当が得られるディフェンシブストックという位置づけのREITに投資家の資金は向かっていると指摘しています。そしてこの不透明感が払しょくされないうちはREITは堅調だろうと予想しています。

ただし、リスクテイクが可能な環境になったら、株式市場などリスク資産の市場に資金が移るだろうとも指摘しています。

私個人としては、マレーシアのREITってかなり割高な水準に買われているような気がしてなりません。国債の利回りが３％程度あるのですから、無理にリスクテイクしなくてもいいと思うんですが。


Demand for real estate investment trusts (REITs) is expected to be resilient in the short term as investors opt for defensive stocks due to current market volatility, according to research firms.

"REITs are in favour now as they are considered a safe haven investment. In the next three months, because of all the uncertainties in Europe, the United States and China, people will still go into it," said the Head of Research of a bank-backed research house.

However, investors could shift from REITs into riskier assets when market conditions improved.

He said that the improved conditions will see affordability improve as well. Thus, "instead of investing in defensive stocks like REITs, people would invest in the property's stock itself."

Aside from that, there could be some interest in REITs, particularly the retail variety. One of which is the IGB REIT, which will be listed in September and comprises IGB Corp Bhd's mall properties.

IGB REIT, which expects to raise RM837.5 million from its initial public offering (IPO) on Bursa Malaysia's Main Market, is set to become the fifth mall listing. Existing mall REITS include Pavilion REIT, Sunway REIT, Hektar REIT and Capitamalls Malaysia Trust (CMMT REIT).

The analyst also explained that the main reason why people are investing in REITs is for its dividends. Therefore, there is no incentive to increase the prices up, since higher prices translate to lower dividend yields.

"Capital appreciation is secondary as it can be quite limited because people are probably willing to buy the REIT at a certain level," he added.


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