宏利美国房地产投资信托(Manulife US REIT): 投资组合抵御短期不确定性



+ 2020上半年,217,300平方英尺(NLA占4.6%)的正租金回归率为+7.9%。在已签署的约217,300平方英尺的租约中,50%为续租,42%为新租约,和8%为扩建租约。签署的租约来自金融,法律,房地产和科技行业。MUST的投资组合仍保持弹性 – 迄今为止,其资产内转租没有增加,租户也没有提出调整/缩小租赁规模或搬迁的要求。MUST拥有较长的WALE为5.7年,意味着20/21财年,其租赁到期率占GRI低至3.5%/6.1%。由于在可比的市场租赁下,其20/21财年的租赁到期率为2%至19%,因此仍可实现温和的个位数租金逆转。租户已通过租约被锁定,租约上没有写上违约条款。虽然要价保持稳定,但在这种疲软的经济环境下,租赁活动预计将更趋疲软,这可能会导致出台更多租户激动措施来挽留或吸引租户。
+ 根据2020上半年的GRI,仅提供了0.3%的租金豁免和0.3%的租赁延期。由于租户的质量/弹性较高,所需的租金支持不多 – 提供租金豁免和延期的主要为餐饮租户。MUST的投资组合由法律(22.0%)和金融保险(19.9%)板块所支撑,而这两个板块在新冠疫情期间一直是弹性较强的板块之一。MUST的前10大租户(不包括金融和法律)中,占GRI的24.2%,大多数是上市公司,政府实体和/或以该物业作为总部。



– 收租情况恶化。我们注意到收租一直呈下降趋势,从4月的99%降至5月的97%,更恶化至6月的93%。管理层表示,租金仍在收取中,尽管租户需要更长的时间才能支付。
– 投资组合估值下跌2.9%,将杠杆率从37.7%推高至39.1%。资产估值恶化,从 -1.9降至-4.7%,在投资组合水平上,平均下降-2.9%,这主要是由于估价师使用的租金增长假设较低。从数学理论来看,杠杆率上升到39.1%。




维持买入评级,并上调目标价至0.90美元 (先前目标价为0.80美元)。

我们降低了贝塔指数,以反映美国写字楼资产类别的相对弹性,原因是办公室使用租户和较长的WALEs富有弹性。我们上调目标价,主要是因为降低了股权成本的假设为9.1% (先前是10.0%)。

如果有想了解更多全球股市资讯,请关注微信公众号 “辉立资本新加坡” (SGPSPL)。同时提供在线免费开设股票账户,一个账户轻松交易全球股票和ETF






This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  


Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com