I’m going through Mapletree Industrial Reit Annual Report for 18/19. I’m thinking of using the Financial Analysis Excel Template to determine the valuation for REITS but not sure if the template is suitable/applicable? Also, should Share of Joint Venture and Net Fair Value gain in investment properties be counted as extraordinary items?
I think it is technically fine though it might be a little overkill (REITs are a much more simple business).
It is good to note that the metrics we use is slightly different, such as we use Debt-to-Asset instead of Debt-to-Equity.
Valuation wise, perhaps Price to Cashflow and Price to Book would be a good starter.
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