Closer look at some of Citi's top picks

Zooming into the property and commodity counters picked by Citibank in today's business times.


Data from Reuters:

Stock	Price	PE	PB	PFCF	Div	PO	QR	D-E
allgreen	1.16	11	0.76	4.34	3.45	38.2	2.7	38.6
wingtai	1.7	9.4	0.8	19.79	1.71	26.9	3.3	78.9
capital land	3.66	10.7	1.17	22.11	1.47	27.3	?	74.9
Ascendas Real Estate Investment Trust	2.11	16.7	1.32	?	5.35	98.6	?	56.8
mapletree industrial trust	0.92	14.7	1.07	?	4.88	97.8	?	78.4
indofood agri resources	2.73	23.4	4.52	?	0	0	0.8	76.7
golden agri-resources	0.74	9.4	1.23	?	0.67	5.9	1.1	15.9

legends:
PE: Price-Earnings
PB: Price to tangible book
PFCF: Price to free cashflow
Div: Dividend Yield (%)
PO: Payout Ratio (%)
QR: Quick Ratio
D-E: Debt to Equity (%)

For property counters, my preference is low Price-book, and low Debt-Equity. As such, my top pick will be allgreen. I don't see much upside for AREIT. I don't like industrial REIT as I think industrial buildings have very low differentiation ability (ie. how different can industrial buildings be?), and thus have low holding power on their tenants. This is unlike retail and office where tenants tend to retain the space as they become more successful.

For commodity, indofood looks too richly valued. Golden agri is worth looking into greater details.