I have noticed you use and emojis quite often recently. I hope you are ok. Don't get angry too much, not bad for health...

As for the readers, prophetful's reaction somehow demonstrated the risk of investing in small-caps. You may end up like or

So be careful.

Can't blame them. They want to gain market power, so one absorbed into another. Addition into indices also enhance liquidity, so in the end good for you as an investor as well.

This post has been edited by TOS: Aug 5 2021, 11:19 AM

Ya true, really depends on investor's objective. I bought during deep fall like last year, can get 6% yield for Ascendas and CICT. Ok for me, but perhaps not enough for you.

Meagre but at least I don't have to or



I value stability and corporate governance too. GLC sponsors still ok but others can get into trouble with the CAD. (Think EC World)

Aware of that, but that EC World still hire him really puzzled me back then. Some vetting should have been in place.

Same like you, but I went into large caps instead, I am not comfortable with the refinancing risk of small caps. I went in a bit late, Ascendas at 2.88, CICT at 1.82, KDC at 2.29, Parkway LIFE at 3.19. Now they yield 4-6% for me, about 100 basis point above current market yield.

Small-caps tend to drop lower and rise quicker then mid/large-caps so your bargain certainly worth it, but the risk is also much higher during the downturn, compared to large caps.

EC World: https://links.sgx.com/1.0.0/corporate-annou...34ed6dad4ec6b79

Hospitality and too some extent retail still impacted in some way. Industrial, DC, Healthcare, Logistics no issues.

2 large-caps and 2 mid/large-caps (current holdings).

Ascendas REIT
CICT
Keppel DC REIT
Parkway LIFE REIT

Most investors here also hold small-caps too, like the US office REITs. For large-caps. don't forget about Mapletree, Keppel and Frasers's family of REITs.

Apart from pure real estate REITs, there also business trusts which you can invest, for example Keppel Infrastructure Trust (Utilities) or NBN Netlink Trust (telco infrastructure).

Dasin Retail Trust: https://links.sgx.com/1.0.0/corporate-annou...e0e2443fb721ab#

Lendlease: https://links.sgx.com/1.0.0/corporate-annou...7c4994c9fa743a8

Organic growth is ok, but if inorganic stuff (M&A) ended up rejected like Sabana, that would not be good news. ESR itself is also highly leveraged, even after discounting the REIT's leverage. So organic growth likely accompanied by shareholder capital injection. Just my own thoughts.

This post has been edited by TOS: Aug 10 2021, 08:27 PM

Oh what did I miss?

I am no expert in small cap space.

Oh short WALE. Yes. https://esr-reit.listedcompany.com/newsroom...GBIWTMDSF.3.pdf

From here I also see recent negative rental reversions and high portfolio concentration risk. Not sure if one of these is the "negative quality" Hansel is taking about.

This post has been edited by TOS: Aug 10 2021, 11:25 PM

KDC's private placement: https://links.sgx.com/FileOpen/Keppel%20DC%...t&FileID=678348

Advanced distribution details: https://links.sgx.com/FileOpen/Keppel%20DC%...t&FileID=678350

This post has been edited by TOS: Aug 12 2021, 09:11 AM

https://www.investingnote.com/

http://www.sharejunction.com/sharejunction...atestTopics.htm

https://forums.hardwarezone.com.sg/forums/s...and-indices.92/

These are the 3 I know.

BHG Retail Trust: https://links.sgx.com/1.0.0/corporate-annou...3d88129e72976ea

Sasseur REIT: https://links.sgx.com/1.0.0/corporate-annou...1abfc9bd28c04d9

Cromwell European: https://links.sgx.com/1.0.0/corporate-annou...9bde0abfc0192fb

MLT's acquisition: https://links.sgx.com/1.0.0/corporate-annou...804e6f92e2c58aa

I have new influx of cash which is almost double my current portfolio of some 8k SGD. I need to find new investment opportunities for the cash, so I am planning to diversify into small-caps and non-SG based REITs.

Currently I am looking at China (Sasseur), Europe (Cromwell), and US Office (Prime US).

While the former 2 are easy to choose due to the limited counters available, there are 3 US office REITs, Prime US, Manulife US and Keppel Pacific Oak.

For those in the small-cap space, how do you guys choose between the 3 US office REITs? I look at leverage, Prime has the lowest among the 3, yet it has the highest yield of close to 8% p.a. This puzzles me. I can think of size as an issue, since Prime is still small compared to others. Prime also offers dividend reinvestment plan which is nice for me.

Any experts in the small-cap space willing to share their experience? Much appreciated.

This post has been edited by TOS: Aug 23 2021, 04:38 PM

Thanks. Do you have experience in BTs like Keppel Infrastructure and NBN Netlink (not counting hospitality "REITs/BTs")? I know NBN has low ROA issue, mentioned in the FAQ by unitholders pre-AGM, don't know much about Keppel infra.