S-REITs Earnings: Falling DPU, Still Worth It?
It's a packed earnings week for S-REITs — here's a look at which names stood out and which ones lagged behind!
1. $KEPPEL REIT(K71U.SI)$ +2.11%, Yield: 5.88%
Keppel REIT’s H1 2025 DPU fell 2.9% to S$0.0272. Distributable income dropped 1.4% to S$95.5 million, due partly to 25% of management fees being paid in cash.
Despite lower payouts, property income rose 9.1% to S$136.5 million and NPI grew 11.8% to S$108.3 million, mainly from better performance at Australian assets.
Portfolio occupancy stood at 95.9%, with rental reversion at 12.3%. Annualized yield is 6.1% with a 4.8-year WALE and 3.51% average financing cost.
2. $First Reit(AW9U.SI)$ -3.57%, Yield: 8.89%
H1 2025 DPU declined 5.8% to S$0.0113. Revenue fell 12.5% to ~S$45.65 million; net profit dropped to S$15.4 million.
FX losses from rupiah and yen hurt results, though ID asset rents grew 5.5% in local currency.
Distributable income fell 4.8% due to currency headwinds and larger unit base. Gearing rose to 41.2%, ICR steady at 3.7x.
3. $ESR REIT(9A4U.SI)$ +4.43%, Yield: 3.97%
H1 2025 total DPU flat at 1.1239 cents, but core DPU rose 8.1%.
Revenue jumped 23.2% to S$222.9 million, NPI surged 30.1% to S$166.3 million. Growth driven by new acquisitions and asset upgrades.
Unit base rose 4.4% to 802.1 million.
4. $Kep Infra Tr(A7RU.SI)$ +1.14%, Yield: 8.11%
H1 DPU rose 1% to S$0.0197. Distributable income surged 31.2% to S$119.4 million, driven by Ventura acquisition, City Energy, and Ixom performance.
Turned net profit of S$60 million (vs. loss last year). Revenue up 11.5% to S$1.1 billion.
Diversified portfolio with 62% in energy transition.
5. $CapLand Ascott T(HMN.SI)$ -0.55%, Yield: 6.23%
H1 2025 DPS slipped 1% to S$0.0253, core DPS stable at S$0.024.
Revenue rose 3% to S$398.5 million; profit up 6% to S$182.5 million.
UK/US RevPau growth offset Singapore decline. Over 60% US income hedged.
6. $KepPacOakReitUSD(CMOU.SI)$ -4.55%, No dividend, paused payout
H1 distributable income dropped 16.2% to US$19.9 million due to lower NPI and higher costs.
Revenue edged up 0.2% to US$74.6 million. NPI fell 3.2% to US$40.7 million.
No dividend declared due to ongoing two-year payout pause.
Capital gains or 8% yield? What S-REITs just told us this earnings season?
Which S-REITs are you holding?
Do you value capital gains or high dividend yield?
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I was impressed by ESR REIT and Keppel Infrastructure Trust. ESR showed strong revenue and NPI growth, while Keppel Infra’s distributable income surged with its energy transition exposure. These names offer both yield and growth. In contrast, First REIT and KepPacOak struggled with FX risks and cost pressures — a reminder to be cautious with overseas-heavy portfolios.
I prefer REITs with stable gearing, solid occupancy, and proactive management. A mix of local and well-hedged overseas exposure works best for me. While yield is important, I’m also on the lookout for capital upside from undervalued REITs with improving fundamentals.
@Tiger_SG @Tiger_comments @TigerStars
@icycrystal @koolgal @nomadic_m
像Manulife US REIT就是典型案例——资产净值不断被侵蚀，租户流失、融资困难，导致DPU归零，投资者如果还留着，不仅没分红，连本金都缩水。这说明过去那种“靠高息养老”的逻辑，必须重新审视了。
我个人目前持有的是Keppel DC REIT和Mapletree Logistics Trust，这两者虽然近几个季度也面对压力，但资产质地还算健康，管理团队也较积极调整策略。比起盲目追高息率，我更看重长期的资本增值能力。8%收益率听起来很美，但如果资产持续贬值、债务膨胀，那这“高息”可能只是短期幻觉。
总结一句话：现在的S-REITs，已经从“高息股”转型成一场“风险管理”的游戏。要选的，不只是派息率，更要看资产质量、债务结构和管理层是否肯与市场同步调整。
This earnings season highlights that choosing between high dividend yield or capital appreciation depends on individual investment goals。。。
Both capital gains and high dividend yields have their pros and cons in the current market environment。。。
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@Huat99