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Admiral Investment
Admiral Investment Limited - 安泓投資有限公司
Admiral Investment Limited - 安泓投資有限公司
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Victor Yeung, Admiral's Chief Investment Officer, discusses why it can be misleading to divide investment strategies into value and growth investing. Fair Value is the measure to quantify growth prospects into a company's valuation and links growth investing back to value investing. 

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Victor Yeung, Admiral's Chief Investment Officer, discusses fair value. We first touch on the concepts related to present value - the discount rate and the DCF. We also compare and constrast the different usage of Net Asset Value versus fair value.

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Victor Yeung, Admiral's Chief Investment Officer, discusses three common issues with NAV. First, quality of individual assets may differ from that assumed in a model. Second, NAVs can break down during market inflection points. Third, capital market failures, such as a material barrier to merger and acquisitions, may reduce the predictive value of NAV. 

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(國語配音版)安泓投資的投資總監楊書健,,解釋了公允價值的意義。公允價值是房託估值的第二步,主要目的是量化管理層策略的價值。公允價值跟NAV掛鈎,因為公允價值以NAV為本,算出房託,在策略的影響下,未來的增長潛力。

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(國語配音版) 安泓投資的投資總監楊書健,,解釋了淨資產價值(NAV)的計法和NAV的意義。NAV是為房託估值的第一步,算法為先算房託的房地產物業的估價,加上手頭的現金,再減去負債的數字。NAV是房託的現金價值,是股東賣掉房託資產後,能拿到的現金。NAV不一定有效,尤其在巿場的轉角位,或者當巿場失效的時候。股價亦會因為管理層的原因,跟NAV的水平有分別。要估算管理層的價值,我們就需要再進一步,算出公允價值。

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Two weeks ago, we published our paper that suggests that Asia Pacific REITs have fulfilled our central investment theses in the last 13 years. The theses are that REITs generate a stable and growing dividend stream, that their pricing survives through financial crises, and that they act as a credible asset class in the overall portfolio. 

We are delighted to share that the South China Morning Post has picked up our story today. 

A video on our original paper is available at the following link.
Long term data supports investment theses of Asia Pacific REITs  . 

 

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(國語配音版)安泓投資的投資總監楊書健,,總結了房託指南第一至九集的討論。同時,他亦介紹了未來第十一至十四集<房託估值>單元的大綱。

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Victor Yeung, Admiral's Chief Investment Officer, discusses our upcoming plans for the Valuation Unit. We will describe the valuation metrics of a REIT to depict the framework that analysts use to evaluate REITs. We will discuss Net Asset Value (NAV) and Fair Value; we will discuss asset quality and management strategies; we will also discuss property types that REITs may own; lastly, we will discuss internal growth and external growth strategies. Our aim is to show viewers the type of considerations we have when we evaluate an investment opportunity.

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Victor Yeung, Admiral's Chief Investment Officer, summarizes our discussion of REITs. REITs have been adopted by the major real estate markets around Asia Pacific; it is a form of commercial real estate that provides a stable dividend and some capital appreciation through cycle. REITs are inflation hedges that can increase income and value in an environment of rising interest rate. REIT funds invest in multiple REIT markets, with Asia Pacific REIT funds typically investing in the three economic blocs - Asia Pacific OECD, Greater China, and ASEAN countries. REIT funds are able to create a higher risk-adjusted returns because of the diversification benefits provided by the individual REIT markets.
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