Key investment points:
REITs market adjusted this week, led by REIT (- 2.50%) in Soochow Suzhou Industrial Park. This week (from May 16, 2022 to May 20, 2022), the REITs index fell, among which the REITs index fell (- 1.35%) to 124.82 points, the management rights REITs index fell (- 1.09%) to 121.11 points, and the property rights REITs index fell (- 1.6%) to 128.53 points. The average increase this week was – 1.05%, of which REIT (- 2.50%) of Soochow Suzhou Industrial Park led the decline. Relative to the issue price, the average increase was 24.82%, among which Wells Fargo water REIT (49.77%), CCB Beijing Centergate Technologies (Holding) Co.Ltd(000931) Industrial Park REIT (40.97%) and AVIC Shougang biomass REIT (40.17%) ranked among the top three in terms of price increase compared with the issue price.
The transaction activity of REITs decreased this week. The average turnover rate of 12 public offering REITs this week was 0.74%, the average transaction value was 114 million yuan, and the trading volume was 20 million copies; Last week, the average turnover rate was 0.99%, with an average turnover of 156 million yuan and a turnover of 26 million copies. The weekly turnover of 12 public offering REITs was 571 million yuan and the trading volume was 99 million copies, with month on month changes (- 26.97%) and (- 24.61%) compared with the previous week, and the corresponding historical quantile levels since listing were 28.26% and 21.74% respectively; The weekly turnover rate was 0.65%, corresponding to the historical quantile level since listing of 10.87%.
Traffic infrastructure REITs traded actively this week. The largest turnover of REITs for transportation infrastructure this week was 259 million yuan, down (- 22.38%) compared with the previous week. The turnover of REITs for ecological and environmental protection, park infrastructure, transportation infrastructure and warehousing and logistics this week were 57 million yuan, 185 million yuan, 259 million yuan and 71 million yuan respectively, up from – 21.93%, 6.59%, – 22.38% and – 54.89% respectively compared with the previous week. The average daily turnover rates in the range were 1.1%, 0.98%, 0.88% and 0.71% respectively. Since its issuance, the cumulative transaction amount of public offering REITs of park infrastructure, ecological environmental protection, transportation infrastructure and warehousing and logistics has reached RMB 5.021, 2.251, 4.201 and 2.714 billion respectively, and the cumulative transaction volume is 1.24, 286, 411 and 688 million respectively.
This week, the REITs valuation of transportation infrastructure and ecological environmental protection is high, while the valuation of Shekou Industrial Park and Wells Fargo’s first water service is relatively low. Compared with the valuation of CSI ABS, as of May 21, 2022, the valuations of Wells Fargo’s first water REIT (REITs valuation 9.56 / ABS valuation 9.94) and Ping An Guangzhou Jiaotou Guanghe Expressway REIT (REITs valuation 12.59 / ABS valuation 14.54) were relatively low.
Risk warning: the future operation of REITs basic assets project is uncertain; The future cash flow calculated in the prospectus may not accurately reflect the actual situation; The progress of raising and issuing was less than expected.
