Translation into English/Chinese – on Page 20 From: Lianhe Zaobao
Release Date: Monday, 21 Dec 2020
本地股市的房地产投资信托（REIT）发展迅d速。从2002年7月 第一只REIT 上市以来，目前有43只REIT, 总市值超过1000亿元，占本地股市总价值的12%。REIT的交易也相当活跃，平均日成交总额达3亿1500 万元，占本地股市总成交额约20%
Real estate investment trusts (REITs) in the local stock market are developing rapidly. Since the first REIT was listed in July 2002, there are currently 43 REITs with a total market value of more than $100 billion, accounting for 12% of the total market value of the local stock market. REIT transactions are also quite active, with an average daily turnover of $315 million, accounting for about 20% of the total turnover of the local stock market.
REIT 无需缴交公司税，但是它必须把至少90%的盈利派发给股东。对于投资者而言， REIT的吸引力在于它定期派发股息，而它的股息益 （股息除以股价）也比其它股票或债券债息来得高。
REIT does not have to pay corporate tax, but it must distribute at least 90% of its profits to shareholders. For investors, the appeal of REIT is that it pays dividends regularly, and its dividend yield (dividends divided by stock price) is also higher than other stocks or bond bonds.
此外，REIT 通过收购房地产以及资产增值提高股东价值，从而推动股价上升。股息派发的稳定性加上股价上升的潜能，使REIT 被视为风险较低以及分散风险的投资工具。
In addition, REITs increase shareholder value through the acquisition of real estate and asset appreciation, thereby boosting stock prices. The stability of regular dividend distribution and the potential for stock price increases, make REITs a lower risk and risk diversification investment tool.
然而，最近出版的一本新书指出，冠病疫情来袭，导致不少REIT削减股息。此外，截至今年6月底，在过去10年期间上市的22只REIT中 （排除四个已经私有化或合拼的REIT），只有5个的股价高过它们的首次公开售股（IPO）发售价。其余的17个跌破发售价，其中6个的跌幅超过40%。
However, a new book published recently pointed out that the COVID-19 outbreak has caused many REITs to cut their dividends. In addition, as of the end of June this year, among the 22 REITs listed in the past 10 years (excluding four privately owned REITs of the REIT), only five REITs share prices are higher than their initial public offering (IPO) price. The remaining 17 are below their respective IPO prices, and six of the REITs have fallen by more than 40%!
叶忠英
危机是最好的学习机会
Gabriel Yap:
Crisis is the best learning opportunity
这本新书名为《投资REIT赚取百万元》（Making Your Millions in REITs）, 作者是热衷投资REIT的叶忠英， 在股市圈内人们比较熟悉的是他的英文名字Gabriel Yap。 他目前是星狮地产信托（Frasers Centerpoint Trust）与腾飞印度信托 （Ascendas India Trust） 的20名大股东之一。
This new book is titled "Making Your Millions in REITS", author is Yap Chong Hin Gabriel, a well-known veteran investor in REITs. People in the stock market are more familiar with his English name Gabriel Yap. He is currently one of the 20 major shareholders of Frasers Centrepoint Trust and Ascendas India Trust.
叶忠英指出，REIT在股市交易意味着它面对与股市投资相同的风险。其实，在２００８年的全球金融危机以及今年３月的股灾时，REIT的跌幅比其他股票大。他表示，在危机出现时，REIT并非是低风险投资，也无法取得投资组合分散化的效果。因此，投资者在危机来临时必须及早消减不太好的REIT，并灵活浦捉REIT强力反弹的机会。
Gabriel Yap pointed out that as REITs trading in the stock market, this means that it faces the same risks as stock market investment. In fact, during the global financial crisis in 2008 and the stock market crash in March this year, REITs fell more than other stocks. He said that when a crisis occurs, REIT is no longer a low-risk investment, nor can it achieve the effect of portfolio diversification. Therefore, investors must swiftly cut their positions in not-so-good REITs and be very flexible to capture the opportunity of a strong rebound from REITs.
他强调危机是最好的学习机会，也是赚取大钱的最好时机。当危机出现时，市场的不确定性达到极点，导致投资者感到茫然及恐惧。在这个时候，投资者急着为许多未知寻找答案，但偏偏在这个时候是没有确切的答案。投资者必须判断危机是否会进一步恶化，并分析股价是否已经充分反映了危机的冲击。
He emphasized that the crisis is the best learning opportunity and the best time to make big money. When a crisis occurs, the uncertainty of the market reaches its extreme, causing investors to feel at a loss and fear. At this time, investors are most eager to find answers to many unknowns, but it is precisely in times like this where there is no definite answer. Investors must judge whether the crisis will worsen, and analyse whether the stock price has fully reflected the impact of the crisis.
在危机时，股价不一定会进股票在内的价格。这个时候，基本面与技术分析都得靠边站，而经验变成输赢的关键。投资者与短线交易者必须在很短的时间内，应对市场贪与恐惧的剧烈摇晃。
During a crisis, the stock price may not necessarily approach the intrinsic price of the stock. At this time, fundamentals and technical analysis have to step aside, and experience and skills become the key to winning or losing. Investors and short-term traders must cope with the violent shaking of market greed and fear in a short period of time.
股息派发是否持续增长是衡量REIT 表现最好指标
Whether the dividend pay-out continues to grow is the second-best indicator of REIT performance.
其次，衡量REIT 表现的最好指标是每股的股息派发(Dividend Per Unit, 简称DPU) 是否持续增长。REIT 在收购资产后，租金收入或可派发盈利增加，但 DPU 若没有跟着增长，意味着REIT 以巨大的折扣价发行附加股，摊薄了股东的权益。
Secondly, the best indicator to measure REIT performance is whether the dividend per unit (Dividend Per Unit, DPU) continues to grow. After REIT acquires assets, the rent is collected. Investors have been told that distributable income should increase after an acquisition, but if DPU does not follow the growth, it means that REIT is issuing rights shares at a huge discount, diluting shareholders' equity.
REIT 的管理人在收购资产时，总是声称收购资产的租金回报率高过股息收益率，因此收购对收益具有增值作用 (yield accretive) 。不过，叶忠英指出，投资者应关注的是，DPU 是否会增加 (DPU accretive) 。
When the REIT managers acquire assets, they always claim that the rental return on the acquired assets is higher than the dividend yield, so the acquisition has a yield accretive effect. However, Gabriel Yap pointed out that investors should pay attention to whether DPU will increase (DPU accretive).
第三，REIT 的价值反映它持有的资产以及保存人的素质。一股上，REIT 除了通过的原有的资产进行增值之外，也通过收购资产壮大规模。
Third, the value of REIT reflects the assets it holds and the quality of sponsors. In general, apart from increasing the value of the original assets, REIT also expands its scale by acquiring assets.
叶忠英指出，REIT 需要把盈利的至少90%分发给股东，留存的现金不多。REIT 管理人若在收购资产时过于激进，一旦融资出现困难，股价便会暴跌。此外，在经济情况恶化时，REIT 要脱售资产并不容易，并且可能要削价求售。
Gabriel Yap pointed out that as REITs needs to distribute at least 90% of its profits to shareholders, and there is not much cash retained. If REIT managers are too aggressive in acquiring assets, once financing difficulties arise, the stock price will plummet. In addition, when the economic situation deteriorates, it is not easy for REITs to sell their assets, and may have to cut prices for sale.
股市有句廖语，“会买的是徒弟，会卖的是师傅”， 用以说明买股票的决定相对容易，而卖股票的时间则难以掌控。叶忠英以他买卖星狮地产信托的经验，描述售股的策略。
There is a saying or proverb in the stock market, "Apprentices focus on buying, and masters focus on when to sell", which explains that the decision to buy stocks is relatively easy, while the timing of selling stocks is difficult to grasp. Gabriel Yap uses his experience in buying and selling Frasers Centrepoint Trust, to illustrate this master strategy of selling shares.
星狮地产信托于２００６年以每股１.０３首次公开售股后，叶忠英便是２０大股东之一， 直到今天。不过，在这期间，他趁股价出现激烈波动时套利与吸购。
After Frasers Centrepoint Trust’s initial public offering of shares at $1.03 per share in 2006, Gabriel Yap became one of the Top 20 largest shareholders until today. However, during this period, he took advantage of the sharp fluctuations in the stock price to arbitrage and buy.
２００８年全球金融危机星狮地产信托的股价暴跌到０.４７，到了年底在０.６的价位徘徊。叶忠英发现尽管股价暴跌，但是星狮地产信托的房地产收入，ＤＰＵ以及净资产价值还是上升，而负债率则下跌。因此，他在那个时候增持股权，把平均成本拉低至０.６以下。
During the global financial crisis in 2008, Frasers Centrepoint Trust’s share price plummeted to $0.47, and at the end of the year-end 2008, it was at a price of $0.60. Gabriel Yap found that despite the stock price plummeting, Frasers Centrepoint Trust's real estate income, DPU and net asset value had continued to rise, while the debt ratio fell during the GFC. Therefore, he increased his shareholding at that time and lowered his average cost to less than $0.60.
金融危机后，星狮地产信托的股价回升，并在２０１３年４月越过２.２. 在四年半的时间，股价上涨了２６７％，而ＤＰＵ的增长率也达到上市以来的最高点。
After the financial crisis, Frasers Real Estate Trust's share price rebounded and crossed $2.20 in April 2013. In four and a half years, the stock price has risen by 267%, and the growth rate of DPU has reached the highest point since its listing.
叶忠英认为，股价与DPU 增长率有点反常，而且股价也创新高，难以为继。他以2 .2 的价位脱售，每100万股赚取160万
Gabriel Yap believes that the stock price and DPU growth rate were not synchronous, and the valuation has also reached a new high, which makes it difficult to sustain. He sold it at a price of $2.20, earning $1.6 million profits for every 1 million shares.
在2014年，它的股价回跌至1.65元，他买回所有脱售的股票，因为它的基本面，包括租金收入以及DPU 保持增长势头。在2015年8月，股市出现另一轮调整，他增持股权至170万股，到了2019年，他的持股增加至212万股，而平均成本价是1.70元。
In 2014, its stock price fell back to $1.65. He bought back all the shares sold previously because of its fundamentals, including rental income and DPU maintains its growth momentum. In August 2015, he saw another round of stock market adjustment. He increased his shareholding to 1.7 million shares. By 2019, his shareholding increased to 2.12 million shares, and the average cost price was $1.70.
叶忠英表示，加持股权的原因之一是星狮地产信托的每股净资产持续增加，到了2019年达2.21元，这反映了管理人在资产增值的能力。
Gabriel Yap said that one of the reasons for the increase in equity is that Frasers Centrepoint Trust’s net assets per share continue to increase, reaching $2.21 in 2019, which reflects the manager’s ability to increase the asset value.
今年2月，星狮地产信托的股价冲破3元，他决定套利，每100万股赚取130万元。同样的，脱售的理由是该股价已超过了他的估值。在他脱售股权后不到一个月，全球股市因冠病疫情而暴跌，星狮地产信托在4月份跌到1.64元，比他在二月的售价低了42%。他又重新买回这只股票。时间点抓得这么准，是靠运气还是功力？或许，两者都有。但在一只股投下百万元，也要有勇气与财力。
In February of this year, Frasers Centrepoint Trust's share price broke through $3, he decided to sell, earning $1.3 million profits for every 1 million shares held. Similarly, the reason for the sale is that the stock price has exceeded his valuation. Less than a month after his divestiture, the global stock market plummeted due to the coronavirus pandemic. Frasers Centrepoint Trust fell to $1.64 in April, which was 42% lower than his price in February. He bought back the stock again. Is the timing so accurate, is it luck or skill? Perhaps it has both. But to invest millions of dollars in a stock, you must have courage and financial resources.
叶忠英在书中给予投资者两个建议：一是耐心等待股市恐慌时大举进场；二是不要与REIT动真情，见好就收。在股市中，投资者总有机会在股价调整时，买回所有脱售的REIT ，或比以前的更多。
In the book, Gabriel Yap gave investors two suggestions: one is to wait patiently for the stock market to enter the market in a panic; the other is not to get too emotional with a REIT, just cut your position if fundamentals deteriorate and let the winners run. In the stock market, investors always have the opportunity to buy back all the REITs that have been sold when the stock price adjusts, or even more than before.
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