J-REITセミナー(20) UPDATE 2017.4 現状と投資の視点

中湖 康太

  • 東証REIT指数は年初より5.28%下落(うち配当落推定0.9%pts)
  • TOPIXを1.08%アンダーパフォーム(年初比)
  • 長期金利(10年国債利回り)は年初より5bpts下落
  • リスクオフ傾向の投資家心理
  • ファンダメンタルは改善傾向を維持; 但しモーメンタムは弱い
  • J-REIT平均分配金利回り3.85% -> JGBとのスプレッドは380bpt超
  • J-REIT平均NAV倍率は1.18x -> 流動性を加味すると過熱感はない
  • REITsは不動産サイクルを通し安定したインカムリターンを提供(ARESデータ)
  • 長期投資の視点から魅力的水準: NAV倍率、分配金利回り、流動性を加味し銘柄選択、時間分散投資

2017/4/23 (価格時点 2017/4/21)




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