Why it's wiser to invest in Australia's healthcare stocks for now over REITs

Lower dividend payout ratios.

According to Nomura's latest report, the firm focused on companies trading at a discount to historical valuations on a PE or dividend yield basis. "In particular, we focus on 12-month forward PE ratios and dividend yields relative to 10-year averages," it said.

Here's more from Nomura:

We focus on non-cyclical sectors in this note since cyclical stocks are best looked at on a mid-cycle earnings basis, in line with our March 13 note.

We find very few companies that seem cheap based on historical comparisons. This is in line with the increase in overall market valuations.

The PE of the market is close to historical averages, and the Australian market is now trading at a premium to the US and Asian markets.

Healthcare stocks screened better than consumer staples and REITs, probably because healthcare stocks have lower dividend payout ratios, and the market has been heavily rewarding high dividend payers.

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