Net Working Capital

CODE	NAME	Current Asset	Total Liabilities	Net Working Capital	C.A./T.L.	T.L./C.A.
4952	AHP	1,170,084.00	4,855,928.00	(3,685,844.00)	24.10	4.15
5116	ALAQAR	49,811,946.00	470,856,739.00	(421,044,793.00)	10.58	9.45
5120	AMFIRST	16,245,716.00	454,331,622.00	(438,085,906.00)	3.58	27.97
5127	ARREIT	61,668,900.00	307,897,124.00	(246,228,224.00)	20.03	4.99
5130	ATRIUM	20,749,774.00	55,939,695.00	(35,189,921.00)	37.09	2.70
5106	AXREIT	22,783,000.00	357,388,000.00	(334,605,000.00)	6.37	15.69
5124	BSDREIT	34,291,000.00	133,186,000.00	(98,895,000.00)	25.75	3.88
5121	HEKTAR	40,782,250.00	370,847,140.00	(330,064,890.00)	11.00	9.09
5123	QCAPITA	29,760,570.00	343,176,437.00	(313,415,867.00)	8.67	11.53
5109	STAREIT	106,475,000.00	236,419,000.00	(129,944,000.00)	45.04	2.22
5176	SUNREIT	-	-	-	#DIV/0!	#DIV/0!
5111	TWRREIT	2,799,000.00	144,496,000.00	(141,697,000.00)	1.94	51.62
5110	UOAREIT	5,219,090.00	153,667,675.00	(148,448,585.00)	3.40	29.44

以Graham的Net Working Capital来衡量。REIT几乎都不合格。稍微理想的只有Stareit以及Atrium，可是Stareit还处在赚益萎缩中。债务管理将是REIT的最大功课。