【环球财经】星展银行：利率从“逆风”转“顺风” 新加坡房地产投资信托估值仍合理

Group 1 - The core viewpoint of the report is that interest rates have shifted from being a "headwind" to a "tailwind" for Singapore Real Estate Investment Trusts (S-REITs) due to a significant decline in the SORA rate, which has decreased by approximately 1.15% [1] - Despite a year-to-date increase of about 12.5% in the S-REITs sector, the current price-to-book ratio (P/B) of approximately 0.9 and a forward dividend yield of about 5.7% for the fiscal year 2026 indicate that valuations remain "undemanding" [1] - The report predicts that the decline in interest rates will lead to substantial interest savings for REITs, potentially allowing them to save up to 200 basis points (2%) in interest costs when refinancing loans maturing in 2026-2027 [1] Group 2 - The report highlights that the overall yield for the S-REITs sector is expected to increase by 40 basis points, bringing the long-term yield back to around 6.0% by 2026, a level that may attract investors back into the market [1] - In terms of market dynamics, the report notes that the Federal Reserve's interest rate cut at the end of October may help alleviate borrowing costs, but its "hawkish" signals could lead to short-term market volatility [2] - The investment strategy recommended by the bank emphasizes "buying on weakness" and suggests that investors focus on "alpha picks" and interest rate-sensitive stocks, particularly mid-cap stocks with a higher proportion of floating-rate debt [2]