Latest Forum Topics /
AIMS APAC Reit
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BREAKTROUGH
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Alignment
Elite |
20-May-2026 10:05
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Yes I agree about the potential bond yield concern. This would sink all REIT boats. I re-emphasise that my analysis is only on a relative comparison basis. Similarly, do not take my analysis as advice because everyone' s situation is different. I personally have the maximum REIT exposure in my portfolio that I want for now in the current market environment so I am mostly only willing to buy/increase a REIT position if I concurrently sell one as well. Meanwhile since my last post selling AIMS and buying UIB has not done well so far. From my perspective that is ok - I am only drip feeding the trade and a wider spread just makes the opportunity more attractive. Just need to make sure I do not overextend myself. Obviously I would stop if I decided my analysis was wrong. But a move wider in the spread without new info to me means more opportunity rather than more concern.   One point that concerns me a bit short term chartwise is that AIMS does seem to do well after every Q4 results announcement up until the Q1 announcement. Then when the Q! DPU turns out to be lower than the year average then the share price drops. Perhaps for my trade I am selling AIMS too early.   |
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chengwh1
Elite |
19-May-2026 12:40
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Thank you all for your responses, especially for Alignment' s very detailed replies and analysis. On my side, I am not queueing yet,.... Latest events are causing gov' t bond yields to rise, compressing the spread betw this REIT' s yield and the risk-free govt bond yield. Price will need to drop further to ensure justification for investing into REITs,... as usual. Cross-currents are developing everyday.  | ||||
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pkli899
Supreme |
18-May-2026 10:02
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Another good read. Thanks. |
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Alignment
Elite |
18-May-2026 00:36
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I made the same point myself acknowledging AIM' s strong track record. Clearly that is worth something. How much depends of course on what you are comparing it to. An outturn like how ESR REIT played out would clearly be bad news. It would however be somewhat of an outlier and also I would argue somewhat foreseeable in advance (I have commented on this in the past). I have of course done some due diligence on UIB including its management and more importantly who owns the manager. This, combined with the post IPO shareholder structure of UIB REIT which I think also offers some protection, has given me the comfort to take the position I have done. Again everyone should do their own work to form their own views. Alpha REIT is another comparable for AIMs. Alpha' s share price of S$0.485 includes 3 months of accrued dividend so stripping that out is S$0.476. This implies a 7.7% DPU yield. The occupancy is slightly lower than AIMs and the all-in gearing a lot lower so on both counts more room for growth. On governance while I like AIMs if anything I actually favour Alpha more because of the internalised model. So on relative valuation terms I currently prefer Alpha. Again, nothing against AIMs in absolute terms - I would have AIMs over any of the Mapletree/Capitaland REITs at current share prices.
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luckyguy3
Master |
17-May-2026 16:50
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The other reit that has the same profile as AIMS and UIB Reit is ESR-Reit. ESR-Reit has 70% assets in Singapore, some in Australia and some in Japan. AIMS has proven itself over the years. UIB reit not yet. What if, I mean IF, UIB reit ends up like ESR-Reit? So only time will tell and time is an important premium which AIMS track record has justified So have to monitor UIB reit for signs whether it will end up like AIMS (Good!) or end up like ESR-Reit (Bad)
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pkli899
Supreme |
17-May-2026 15:11
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Good read - the exchange between chengwh1 & Alignment. Glad to have you two here. Thanks. |
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Alignment
Elite |
17-May-2026 12:59
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As I said, I like AIMS. It has been a good performer for me. My only issue with it is really valuation and how much the share price has run, especially in comparison with what else is out there. At the current S$1.54 price it is trading at a 6.4% DPU yield looking back the last 12 months, having just paid a dividend. In contrast, UI Boustead is currently at S$0.80, within which is two months&rsquo worth of accrued distribution of S$0.011 so the comparable share price is actually S$0.789. At this price the DPU yield is 8.4%. If UI Boustead was trading at the same yield as AIMS its share price would be S$1.03 so a 31% upside valuation differential to the current share price. Is this valuation gap merited? Occupancy is similar (93.6% AIMS vs 92.2% UIB so similar upside potential), on gearing AIMS has lower gearing excluding perps but higher gearing once perps included (52% vs 38%) so UIB has more upside potential from increasing leverage. You are right to say UIB is &ldquo not proven&rdquo , although I question how much difference this should make in practice for properties with long leases (UIB has a WALE of 5.8 years). In some respects UIB is safer for being a new IPO because the diligence it had to go through in the run up to the IPO is tougher than for an ongoing listed company. But I accept that, for instance, AIMS management has a track record of managing AIMS whereas UIB does not. So, how does this all net out for me? Definitely not a 31% valuation gap. Why does this 31% valuation gap exist? Mainly a reflection of UIB&rsquo s unfortunate IPO timing where commitments were made just before the US &ndash Iran war started so many investors were overinvested and had to sell down post IPO, and this negative momentum created more selling which is pushing the share price further down. If UIB&rsquo s actual results are what it guided to at IPO, I believe this valuation gap will close over time. I look at UIB&rsquo s unfortunate IPO timing as a great opportunity to buy. Not all at once because I don&rsquo t know how far it can go down, but steadily over time so I don&rsquo t get tapped out. This is not investment advice, and everyone should do their own research and form their own views. Meanwhile I accept AIMS could go higher. It is by no means the most expensive SGX listed REIT. But it has had a relatively strong run which means that it is trading relatively expensive versus its peer group compared to where it used to. To re-iterate, for me this is 1) about relative valuations, not absolute value (interest rate / inflation expectations and lift or sink all REIT boats), and 2) with UIB specifically I perceive a technical driver of share price weakness and the prospect of it reversing.
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chengwh1
Elite |
16-May-2026 14:20
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UI Boustead REIT is pulling back now after having stayed above 80c for the past few weeks. But this REIT is still ' not proven' yet. It is still in its infancy post-IPO. Why do you think it has better quality vs Aims at this price ? Analysts are still assigning higher TPs for Aims today,.... For info from AI Search :  AIMS APAC REIT' s (AA REIT) fourth-quarter (Q4) Distribution per Unit (DPU) is often higher than its first-quarter (Q1) due to structural payout timing, the release of retained cash, and year-end performance adjustments.
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Alignment
Elite |
15-May-2026 10:42
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Looking at the last 11 years, in 10 of them Q1 DPU is lower than the prior Q4, and in the remaining one it is flat. That is one powerful trend! I like this company and its management and as such I have for me a relatively big position. But I think the price has gotten ahead of itself a bit especially in relation to the valuation of some of the other REITs out there (the most obvious being UI Boustead REIT and Alpha REIT), and also given this Q4 vs Q1 trend which may give an opportunity to buy back cheaper later. So I' ve offloaded half my position and bought more UI Boustead.
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pkli899
Supreme |
13-May-2026 14:17
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2021  : 2.90 2022  : 2.36 2023  : 2.654 2024  : 2.37 2025  : 2.53 Above were the past 5 years same qtr DPU (in cent). Coincidentally, always the highest in their respective year.    
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Joelton
Supreme |
13-May-2026 10:09
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RHB maintains ' buy' on AIMS APAC REIT, raises TP to $1.70 on data centre optionality and perpetual securities savings Vijay Natarajan of RHB Research Group has maintained his " buy" call on AIMS APAC REIT (AA REIT) and raised his target price from $1.62 to $1.70, implying 8% upside from its current share price of $1.56. Natarajan has also increased his FY2028 distribution per unit (DPU) estimate by 3%, factoring in savings from perpetual securities refinancing. Natarajan says AA REIT' s results for the FY2026 ended March 31 stood in line with expectations, with total distributable income rising to $81.6 million from $77.5 million in FY2025. He expands that portfolio committed occupancy remains robust at 96.8%, and same-store portfolio valuation grew approximately 3% y-o-y, driven by higher valuations for its Singapore properties, with Australian dollar appreciation partly offsetting slightly higher capitalisation rates in Australia. The more exciting medium-term catalyst, comments Natarajan, lies in AA REIT' s Australian assets. Its Macquarie Park and Bella Vista properties were recently endorsed by authorities as part of 15 data centre projects, and management is undertaking feasibility studies into the potential development of hyperscale data centres. " The projects &mdash if they materialise &mdash could boost NAV (net asset value) by approximately 10% &ndash 20%," says Natarajan, though he expects the process is likely to take two to three years. AA REIT is currently in preliminary talks with potential joint venture partners to explore these value-unlocking opportunities. According to Natarajan, one key earnings driver over FY2027 &ndash FY2029 will be savings from perpetual securities refinancing, with the REIT having issued $250 million in new perpetual securities to redeem $250 million of higher-coupon perpetuals in September, generating approximately $3 million per annum in savings. Combined with positive rent reversions, which are expected to moderate to 3% &ndash 5% in FY2027 from 7.7% in FY2026, Natarajan forecasts a FY2027&ndash FY2029 DPU compound annual growth rate of approximately 4%, with DPU rising from 10 cents in FY2026 to 11 cents in FY2028 and FY2029. Natarajan also lifted AA REIT' s ESG premium to 6% from 4%, citing a 40% increase in solar power capacity to 15.5 MWp in FY2026 and over 60% of new and renewed leases being classified as green leases. Before the midday break on May 12, shares in AA REIT were trading at a flat $1.56. |
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Joelton
Supreme |
08-May-2026 10:25
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Aims Apac Reit H2 DPU rises 4.1% to S$0.0513 on higher rental, recoveries Revenue is up 4.1% at S$97 million for the period [SINGAPORE] Aims Apac Real Estate Investment Trust (AA Reit) posted on Thursday (May 7) that its distribution per unit (DPU) rose 4.1 per cent to S$0.0513 for its second half ended Mar 31, from S$0.0493 the year before. Distributions to unitholders increased 4.6 per cent year on year to S$42 million, from S$40.2 million, largely attributed to higher net property income (NPI) and lower borrowing costs. The distribution will be paid out on Jun 29. Revenue was up 4.1 per cent at S$97 million for the half year, from S$93.1 million in the year-ago period. The increase was due to higher rental and recoveries from AA Reit&rsquo s logistics, warehouse and industrial properties such as 27 Penjuru Lane and 8 & 10 Pandan Crescent, as well as higher income from 7 Clementi Loop following the completion of asset enhancement initiatives. Lower property expenses arising from lower electricity expenses and cost efficiencies were also cited as a factor. This was supported by rental income from the acquisition of 2 Aljunied Avenue 1, completed in November last year, and partially offset by the loss of revenue from the divestment of 3 Toh Tuck Link. NPI grew 10.3 per cent on the year to S$73 million for the half year, from S$66.2 million,  mainly driven by the increase in revenue and decrease in property operating expenses. Meanwhile, for the full year ended Mar 31, DPU was higher at S$0.0985, versus S$0.096 the prior year. Distributions to unitholders rose 3.1 per cent to S$80.6 million, from S$78.2 million previously. Full-year revenue was 2.2 per cent higher at S$190.7 million from S$186.6 million, while NPI rose 5.7 per cent to S$141.3 million from S$133.7 million. Russell Ng, CEO of the manager, said: &ldquo Beyond near-term performance, we are actively positioning our portfolio for the next phase of growth. We see a compelling long-term opportunity in the data centre sector and believe our Australian assets are uniquely placed to participate. &ldquo We are pursuing new data centre opportunities via three levers: maximising the redevelopment or conversion potential of our existing assets, targeting land-rich properties in strategic infill locations near energy infrastructure, and forming partnerships with institutional data centre operators.&rdquo He added that the Reit will remain focused on delivering &ldquo stable income growth&rdquo , while pursuing acquisitions and advancing its development pipeline. The manager noted that the portfolio achieved a positive rental reversion of 7.7 per cent across 98 leases over the financial year. Portfolio occupancy remained stable at 93.6 per cent on a committed lease basis, it was 96.8 per cent. Aggregate leverage improved to 26.8 per cent as at Mar 31, down from 28.9 per cent the year before. Units of AA Reit : O5RU +3.29% closed flat at S$1.52 on Wednesday. |
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Alignment
Elite |
07-May-2026 21:13
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In the past I have raised the question of DPU seasonality about this company before, and I am doing so again now given the stellar Q4 results just announced. Is the Q4 DPU the running rate, or is Q4 for some reason always higher than the average DPU for the year? |
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pkli899
Supreme |
07-May-2026 14:06
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The best among all my reits/trusts holdings - DPU of 2.60C and mind you, still doing qtrly payout. | ||||
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asianguy
Senior |
07-May-2026 12:01
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Aims Apac Reit H2 DPU rises 4.1% to S$0.0513 on higher rental, recoveriesRevenue is up 4.1% at S$97 million for the period |
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chengwh1
Elite |
07-Mar-2026 20:52
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Thank you? bear?. | ||||
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MrBear12
Supreme |
06-Mar-2026 09:07
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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No additional info because it is a small sale.
Gosh it must be very early morning in Kathmandu.
Rest well. the weather there is harsh...
Safe travels...
🐻
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MrBear12
Supreme |
06-Mar-2026 09:00
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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All is forgiven.
Forgive and you shall be forgiven!
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chengwh1
Elite |
06-Mar-2026 08:46
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Pls forgive my grammar errors. I?m in Kathmandu now? and do not have my notebook with me.
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chengwh1
Elite |
06-Mar-2026 08:43
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It?s hard to type over the mobile app here?
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