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As most of the S-REITs are relatively expensive, should I focus on the sponsor as the potential target investment?
- The sponsor is a well-known established property developer, with the asset management business (REITs) as one of the signifcant businesses.
- The sponsor is trading at a reasonable price with approximately 4.8% yield (similar to commercial REITs but lower than industrial REITs)
- The sponsor has managed different REITs in logistics, hospitality and industrials, with recurring revenue.
- The sponsor is able to monetize its development projects by injecting them into REITs.
Unfortunately, I do not see any Taiwan-based property developers with the similar business model.
Investing in the sponsor will enhance diversification and maintains dividend play.