The first anniversary of the listing of the first domestic REITS, what is the current income situation?

#A batch of funds has returned blood! Pocket for An or continue to hold? # #REITs# # REITsFund#

Tomorrow will be the first anniversary of the listing of the first batch of reits in China. So far, how are the earnings of each reits?

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The first batch of reits was listed on June 21, 2021, and today, June 20, 2022, is exactly the first anniversary. At present, the general situation of reits, Stupid Bird has made a simple chart for your reference!

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In general, the first-year yield of reits is still very impressive. The average subscription yield is above 25%, and the highest is $ Fuguo Capital Water REIT (SH508006) $ , which is 47.34% from the subscription and holding to the present. (including dividends), Guangzhou Guanghe has the lowest yield, and the subscription yield is negative, which means that it has been a loss since the subscription was successfully held to the present. [滴汗]

The first batch of reits are divided into property rights type and franchise type. Among them, the property right type can be understood as we own it through funds. For example, if we buy Bosera Shekou, it means we own the share of Bosera Shekou Industrial Park. While we own it, we can also rent it out to collect rent. Continue to rent for rent or resell to others. As for the franchise type, we can understand that it is rented through funds. Buying Zhejiang Merchant Shanghai-Hangzhou-Ningbo Expressway is equivalent to renting the Shanghai-Hangzhou-Ningbo Expressway Company and enjoying its operating rights. The income is expressway tolls and other income. The difference between the cost and the property right is that this kind of reits is leased, and it is likely to be returned free of charge after expiration, and it cannot continue to operate or be resold to others.

Property reits situation:

There is a relatively small difference in the dividend rate of property-based reits. The highest dividend rate is $ Soochow Suyuan Industrial REIT (SH508027)$ , the actual dividend rate is 2.26%, and the lowest is $ Hongtu Yantian Port REIT (SZ180301)$ Hong Kong, the dividend rate is 2.26%. 1.85%. The dividend rate here is inversely proportional to the overall rate of return. The main reason is that the price of reits has risen, resulting in a relatively low dividend rate (dividend rate = dividend/price in the past year)

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Therefore, in order to remove the price increase factor, Stupid Bird introduced the subscription dividend rate (subscription dividend rate = dividends in the past year/subscription price). It can be seen that the dividends of property reits are similar, basically maintained at 2.49%-2.68% The gap is only 7.6%.

At present, property-based REITs have a relatively good yield so far, with an average of 28.67%. So far, the lowest yield is Soochow Suyuan, with a yield of 19.92% (including dividends), and the highest yield is Hongtu Yantian Port, with a yield of 37.50% (including dividends). Relatively speaking, the yield of logistics warehousing is slightly higher. . Therefore, the subscription of reits in the future can be mainly based on property rights.

Franchise reits situation:

The difference from property-based reits is that franchise-based reits hold all the dividends due during the period, so the dividends of franchise-based reits are much higher than that of property-based reits. But after each dividend, the intrinsic value becomes lower. So in the long run, the price of this type of reits should be getting lower and lower.

But from the current point of view, the price has not gone this way, but there has been a differentiation phenomenon.

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Shanghai-Hangzhou-Ningbo Expressway, with a 20-year term, the subscription dividend rate is 12.22%, and the 20-year total dividend rate can reach 244%, which greatly exceeds the subscription principal; however, Guangzhou Guanghe has only a 15-year term, and the subscription dividend rate is 5.67%. Changes, the total dividend rate in 15 years is 85%, the dividend will not increase significantly in the future, and the overall income in the future may be less than the subscription amount.

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Simply speaking from the charging period × subscription dividend rate, the total dividend rate of Shouchuang Water is also greater than 100%, but the total dividend rate of Shougang Green Energy may also be less than 100%, even lower than that of Guangzhou Guanghe, only 80.85%. But there is still a 23.37% rate of return, which is really rare. Before a detailed analysis, Stupid Bird advises everyone to be careful about risks.

Regarding the overall dividend, it can actually be understood as the IRR in the reits announcement. IRR is the internal rate of return. For this, you can refer to the article of the stupid bird: Subscribing for a lonely: CCCC REIT (SH: 508018) Reits, especially CCCC reit have more detailed instructions.

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The above is a simple sharing of the first anniversary of reitsA shares. Personally, I feel that the dividends of property-based reits are relatively stable, and the dividend rate and increase are relatively average. However, the reits of the franchise have a large gap in dividends and need to be analyzed separately, especially if the overall dividend rate is less than 100%, you need to pay attention to the risks.

The above are only personal opinions and do not constitute investment opinions or suggestions

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