On a positive note, the Australian properties participated in the Australian government’s programme for self-isolation guests and remained in operations. It has also received subsidy from a programme for job seekers.

The situation is temporary for YTL REIT and we believe business shall normalize when the pandemic is over. Meanwhile, it has master leases on properties in Malaysia and Japan that provide steady incomes.

At the current price, the stock offers a potential upside of over 50% and decent dividend yield of 4.3%, 5.5% and 10.6% for FY21F– 23F respectively.