Saizen REIT

[piggo]

Just a few obvious ones that's been mitigated somewhat;
- Rapid devaluation of JPY/SGD (Hedging can only help that much)
- Increase in interest rates triggering default and resulting in severe drop in DPU (Loans are being amortized)
- Natural disaster resulting in structural damage
- Drop in occupancy rates / rental rates

Quite limited risks I feel.

Anyway from its record of property sales (all above valuations), it's apparent that the NAV is a good reflection of its value. However, they are only planning to increase leverage, buy properties and increase DPU which isn't very exciting. Essentially the story is for shareholders to wait (at 7% p.a) for an immediate 22% gain for on full disposal which may occur before the leases on the property's up (and being freehold, in other words now to forever)... Hah!