I personally believe that the long term yield spread for SGS is unlikely to stay low for long and should normalize towards ard 20-25 basis points. With the possibility of a Fed's rate hike soon, speculation will most likely intensify. Therefore once the exact time table for interest rate hike comes to light, we should see more upward pressure on SGS yields which, I think, would affect both perp/long term bonds and Reits in some way.

Pure local retail Reits are currently in my watch list. SPH Reit is one of them that interest me as its price action has been quite resilient lately.

The 4th quarter result for SPH Reit showed a comparison to its "pro forma" 4Q 2013 results. What I did here is to strip the results down ...