Core Viewpoint - The article emphasizes the importance of analyzing cash flows from underlying assets as the foundation for valuing REITs, detailing the valuation logic of current REITs [1] Valuation Methods - REIT valuation methods include cost approach, market approach, and income approach, with the income approach being the primary method for valuing infrastructure projects in China's public REITs policy [1] - The income approach aligns with the stable income characteristics and mandatory dividend requirements of REITs, enhancing market transparency [1] Key Considerations in Income Approach - Operating Cash Flow of Underlying Assets: Different REIT sectors exhibit varying degrees of revenue cyclicality and volatility, influenced by both quantitative and qualitative factors [2] - Measurement of Asset Residual Value: Due to factors like operating rights duration and economic lifespan of buildings, the assumption of perpetual operation for single assets may not be sufficient, necessitating cautious residual value measurement [2] - Adjustment from Operating Income to Distributable Amount: The adjustment of distributable amounts significantly impacts actual dividend distribution and valuation models, with variations typically around +/-20%, and in some cases exceeding 50% or even 100% [3] - Compensation Mechanism: New REIT projects since 2024 have introduced income distribution adjustment mechanisms to stabilize revenue, particularly in sectors with high cyclicality [3]
国泰海通|固收:REITs估值视野:量价核心逻辑——REITs手册基础篇(二)
国泰海通证券研究·2025-05-14 15:05