新加坡房地产投资信托基金 S-REIT 策略报告及估值表

新加坡房地产投资信托基金

新加坡房地产投资信托基金在11月16-30日下跌0.9%，大型蓝筹股S-REITs遭遇阻力，获利回吐较少。随着辉瑞、Moderna和阿斯利康批准紧急使用COVID-19疫苗，复苏已步入正轨。维持优于大盘评级

行业股票推荐：

星狮地产信托（新加坡股票代码：J69U）持有评级，目标价格S$3.15

远东酒店信托（新加坡股票代码：Q5T）买入评级，目标价格S$0.74

新达信托（新加坡股票代码：T82U）买入评级，目标价格S$1.75

Lendlease REIT（新加坡股票代码：JYEU）买入评级，目标价格S$0.97

腾飞房产投资信托（新加坡股票代码：A17U）买入评级，目标价格S$3.68

自从辉瑞和Moderna的新冠肺炎疫苗在其3期临床试验的中期分析中显示出95%的有效性以来，投资者已从防御型股票转向周期性股票。新加坡房地产信托基金（S-REITs）作为防御性股票，在过去两周遭遇阻力。在S-REITs内部，我们看到零售和酒店业房地产信托基金的复苏趋势。

Investors have switched from defensive to cyclical stocks since COVID-19 vaccines from Pfizer and Moderna demonstrated efficacy of 95% based on interim analysis in their Phase 3 trials. S-REITs, being defensive stocks, encountered resistance over the past two weeks. Within S-REITs, we see rotation towards recovery plays in retail and hospitality REITs.

表现最佳:规模较小的酒店房地产投资信托公司ARA HTrust和辉盛国际信托Frasers Hospitality Trust是大赢家，分别大涨27.5%和20.5%。零售业：升禧环球房地产信托Starhill Global、Lendlease REIT和报业控股房地产信托SPH REIT分别上涨7.8%、4.6%和4.4%。

Top outperformer: Smaller bombed-out hospitality REITs ARAUS and FHT were massive winners, gaining a hefty 27.5% and 20.5% respectively. Retail REITs SGREIT, LREIT and SPHREIT gained 7.8%, 4.6% and 4.4% respectively.

表现欠佳：大盘蓝筹股S-REITs因轻度获利回吐而回落。凯德集团内部，凯德商用中国信托CapitaLand Retail China Trust、CapLand Int Comm Trust和腾飞房产投资信托Ascendas REIT 分别下跌6%、4%和2.6%。在丰树集团，Mapletree NAC Trust和丰树工业信托Mapletree Industrial Trust分别下跌3.7%和2.6%。

Top underperformer: Large cap blue chip S-REITs pulled back on light profit-taking. Within the CapitaLand Group, CRCT, CICT and AREIT lost 6%, 4% and 2.6% respectively. Within Mapletree Group, MAGIC and MINT declined 3.7% and 2.6% respectively.