Investing in REITs: A value-based approach
| dc.contributor.advisor | Viruly, Francois | |
| dc.contributor.author | Brits, De Villiers | |
| dc.date.accessioned | 2020-03-05T11:02:33Z | |
| dc.date.available | 2020-03-05T11:02:33Z | |
| dc.date.issued | 2019 | |
| dc.date.updated | 2020-03-05T06:53:18Z | |
| dc.description.abstract | The primary purpose of this study is to test whether a value-based investment strategy will outperform a growth-based investment strategy when applied to SAREIT investment. The secondary purpose is to assess whether the SAREIT investor can discriminate between strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Building on existing research on value-based investment strategies and market efficiency, this study offers an SAREIT perspective to the existing body of knowledge on value investing theory through portfolio selection based on P/NAV, P/E, P/CF and DY ratio analysis. The holding period returns of the respective value-based portfolios are compared to their growth-based counterparts for an examination of relative performance. The evidence from this research does not offer probabilistic support that a value-based approach to SAREIT selection and investment will outperform a growth-based approach, nor that it is possible to discriminate between financially strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Further research is required to develop the said strategies and models for application to the SAREIT sector. | |
| dc.identifier.apacitation | Brits, D. V. (2019). <i>Investing in REITs: A value-based approach</i>. (). ,Engineering and the Built Environment ,Department of Construction Economics and Management. Retrieved from http://hdl.handle.net/11427/31485 | en_ZA |
| dc.identifier.chicagocitation | Brits, De Villiers. <i>"Investing in REITs: A value-based approach."</i> ., ,Engineering and the Built Environment ,Department of Construction Economics and Management, 2019. http://hdl.handle.net/11427/31485 | en_ZA |
| dc.identifier.citation | Brits, D.V. 2019. Investing in REITs: A value-based approach. . ,Engineering and the Built Environment ,Department of Construction Economics and Management. http://hdl.handle.net/11427/31485 | en_ZA |
| dc.identifier.ris | TY - Thesis / Dissertation AU - Brits, De Villiers AB - The primary purpose of this study is to test whether a value-based investment strategy will outperform a growth-based investment strategy when applied to SAREIT investment. The secondary purpose is to assess whether the SAREIT investor can discriminate between strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Building on existing research on value-based investment strategies and market efficiency, this study offers an SAREIT perspective to the existing body of knowledge on value investing theory through portfolio selection based on P/NAV, P/E, P/CF and DY ratio analysis. The holding period returns of the respective value-based portfolios are compared to their growth-based counterparts for an examination of relative performance. The evidence from this research does not offer probabilistic support that a value-based approach to SAREIT selection and investment will outperform a growth-based approach, nor that it is possible to discriminate between financially strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Further research is required to develop the said strategies and models for application to the SAREIT sector. DA - 2019 DB - OpenUCT DP - University of Cape Town KW - SAREIT KW - value investing KW - fundamental analysis KW - ratio analysis KW - F-Score Model KW - market efficiency KW - value effect LK - https://open.uct.ac.za PY - 2019 T1 - Investing in REITs: A value-based approach TI - Investing in REITs: A value-based approach UR - http://hdl.handle.net/11427/31485 ER - | en_ZA |
| dc.identifier.uri | http://hdl.handle.net/11427/31485 | |
| dc.identifier.vancouvercitation | Brits DV. Investing in REITs: A value-based approach. []. ,Engineering and the Built Environment ,Department of Construction Economics and Management, 2019 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/31485 | en_ZA |
| dc.language.rfc3066 | eng | |
| dc.publisher.department | Department of Construction Economics and Management | |
| dc.publisher.faculty | Faculty of Engineering and the Built Environment | |
| dc.subject | SAREIT | |
| dc.subject | value investing | |
| dc.subject | fundamental analysis | |
| dc.subject | ratio analysis | |
| dc.subject | F-Score Model | |
| dc.subject | market efficiency | |
| dc.subject | value effect | |
| dc.title | Investing in REITs: A value-based approach | |
| dc.type | Master Thesis | |
| dc.type.qualificationlevel | Masters | |
| dc.type.qualificationname | MSc |