Declared Dividend • May 07
First half dividend reduced to S$0.029 Dividend of S$0.029 is 1.7% lower than last year. Ex-date: 14th May 2026 Payment date: 22nd June 2026 Dividend yield will be 6.0%, which is about the same as the industry average. Announcement • Apr 02
Frasers Logistics & Commercial Trust to Report First Half, 2026 Results on May 05, 2026 Frasers Logistics & Commercial Trust announced that they will report first half, 2026 results on May 05, 2026 Announcement • Jan 19
Frasers Logistics & Commercial Trust to Report Q1, 2026 Results on Feb 03, 2026 Frasers Logistics & Commercial Trust announced that they will report Q1, 2026 results After-Market on Feb 03, 2026 Reported Earnings • Dec 25
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: S$0.054 (up from S$0.039 in FY 2024). Revenue: S$471.5m (up 5.6% from FY 2024). Net income: S$205.1m (up 39% from FY 2024). Profit margin: 44% (up from 33% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Industrial REITs industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Dec 23
Frasers Logistics & Commercial Trust, Annual General Meeting, Jan 26, 2026 Frasers Logistics & Commercial Trust, Annual General Meeting, Jan 26, 2026, at 14:00 Singapore Standard Time. Location: grand ballroom, level 2, the luxury collection bugis singapore, (formerly known as intercontinental singapore), 80 middle road, singapore 188966, Singapore Declared Dividend • Nov 09
Final dividend reduced to S$0.029 Dividend of S$0.029 is 11% lower than last year. Ex-date: 18th November 2025 Payment date: 23rd December 2025 Dividend yield will be 6.3%, which is higher than the industry average of 5.9%. Reported Earnings • Nov 08
Full year 2025 earnings released: EPS: S$0.054 (vs S$0.039 in FY 2024) Full year 2025 results: EPS: S$0.054 (up from S$0.039 in FY 2024). Revenue: S$471.5m (up 5.6% from FY 2024). Net income: S$205.1m (up 39% from FY 2024). Profit margin: 44% (up from 33% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Industrial REITs industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Oct 03
Frasers Logistics & Commercial Trust to Report Fiscal Year 2025 Results on Nov 07, 2025 Frasers Logistics & Commercial Trust announced that they will report fiscal year 2025 results Pre-Market on Nov 07, 2025 Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Non-Executive Director of Frasers Logistics & Commercial Asset Management Pte. Ltd. Kyle Lee was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Aug 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Jul 18
Frasers Logistics & Commercial Trust to Report Q3, 2025 Results on Jul 31, 2025 Frasers Logistics & Commercial Trust announced that they will report Q3, 2025 results After-Market on Jul 31, 2025 Buy Or Sell Opportunity • Jul 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.1% to S$0.85. The fair value is estimated to be S$1.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Buy Or Sell Opportunity • May 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.1% to S$0.79. The fair value is estimated to be S$0.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Declared Dividend • May 09
First half dividend reduced to S$0.03 Dividend of S$0.03 is 14% lower than last year. Ex-date: 19th May 2025 Payment date: 18th June 2025 Dividend yield will be 7.6%, which is higher than the industry average of 5.9%. New Risk • May 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Apr 05
Frasers Logistics & Commercial Trust to Report First Half, 2025 Results on May 07, 2025 Frasers Logistics & Commercial Trust announced that they will report first half, 2025 results on May 07, 2025 Announcement • Jan 21
Frasers Logistics & Commercial Trust to Report Q1, 2025 Results on Feb 04, 2025 Frasers Logistics & Commercial Trust announced that they will report Q1, 2025 results After-Market on Feb 04, 2025 Reported Earnings • Dec 27
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: S$0.039 (up from S$0.028 loss in FY 2023). Revenue: S$446.7m (up 6.2% from FY 2023). Net income: S$147.5m (up S$250.6m from FY 2023). Profit margin: 33% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Industrial REITs industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Dec 23
Frasers Logistics & Commercial Trust, Annual General Meeting, Jan 15, 2025 Frasers Logistics & Commercial Trust, Annual General Meeting, Jan 15, 2025, at 15:00 Singapore Standard Time. Location: grand ballroom, level 2, intercontinental, singapore, 80 middle road, singapore 188966, Singapore Buy Or Sell Opportunity • Nov 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.0% to S$0.97. The fair value is estimated to be S$1.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Declared Dividend • Nov 11
Final dividend reduced to S$0.033 Dividend of S$0.033 is 5.7% lower than last year. Ex-date: 13th November 2024 Payment date: 17th December 2024 Dividend yield will be 6.7%, which is higher than the industry average of 5.9%. Reported Earnings • Nov 06
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: S$0.039 (up from S$0.028 loss in FY 2023). Revenue: S$446.7m (up 6.2% from FY 2023). Net income: S$147.5m (up S$250.6m from FY 2023). Profit margin: 33% (up from net loss in FY 2023). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Industrial REITs industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Nov 06
Frasers Logistics & Commercial Trust Declares Distribution for the Period from April 1, 2024 to September 30, 2024, Payable on December 17, 2024 Frasers Logistics & Commercial Trust declared distribution of 3.32 Singapore cents per unit in FLCT (Unit), for the period from 1 April 2024 to 30 September 2024, comprising a tax-exempt income distribution component of 0.78 Singapore cents, a capital distribution component of 1.53 Singapore cents, a capital gains distribution component of 0.75 Singapore cents and a taxable income distribution component of 0.26 Singapore cents. Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units on the Record Date will be entitled to the Distribution which will be paid on December 17, 2024. Ex-Distribution Date is on November 13, 2024. Record Date Closing of the Transfer Books and Register of Unitholders on November 14, 2024. Announcement • Oct 04
Frasers Logistics & Commercial Trust to Report Fiscal Year 2024 Results on Nov 06, 2024 Frasers Logistics & Commercial Trust announced that they will report fiscal year 2024 results at 9:00 AM, Singapore Standard Time on Nov 06, 2024 Announcement • Sep 28
Frasers Logistics & Commercial Trust Announces Changes in the Composition of the Board of Directors and Board Committees Frasers Logistics & Commercial Trust announced that dated 27 September 2024 on the retirement of Mr. Ho Hon Cheong as the Chairman and Non-Executive and Independent Director of the Board of Directors of the Manager, the Chairman of the Nominating and Remuneration Committee of the Manager and a member of the Audit, Risk and Compliance Committee of the Manager with effect from 1 October 2024 as part of the Board renewal and succession planning process as he will be approaching the 9-year limit on the tenure of an Independent Director in May 2025. The Manager wishes to announce that following the cessation of appointment of Mr. Ho Hon Cheong as a Non-Executive and Independent Director of the Manager, Mr. Phang Sin Min, a Non-Executive and Independent Director of the Manager, will be appointed as the Chairman of the Board, and a member and the Chairman of the NRC, in place of Mr. Ho Hon Cheong, with effect from 1 October 2024. Board of Directors: Following the above changes, the composition of each of the Board of Directors, the ARCC and the NRC will be as follows with effect from 1 October 2024: Mr. Phang Sin Min (Chairman, Non-Executive and Independent Director); Mr. Kyle Lee Khai Fatt (Non-Executive and Independent Director); Mr. Goh Yong Chian (Non-Executive and Independent Director); Ms. Soh Onn Cheng Margaret Jane (Non-Executive and Independent Director); Mr. Panote Sirivadhanabhakdi (Non-Executive and Non-Independent Director); Mr. Reinfried Helmut Otter (Reini Otter) (Non-Executive and Non-Independent Director); Audit, Risk and Compliance Committee: Mr. Kyle Lee Khai Fatt (Chairman, Non-Executive and Independent Director); Mr. Goh Yong Chian (Non-Executive and Independent Director); Mr. Phang Sin Min (Non-Executive and Independent Director). Nominating and Remuneration Committee: Mr. Phang Sin Min (Chairman, Non-Executive and Independent Director); Mr. Goh Yong Chian (Non-Executive and Independent Director); Mr. Kyle Lee Khai Fatt (Non-Executive and Independent Director); Mr. Panote Sirivadhanabhakdi (Non-Executive and Non-Independent Director). Announcement • Jul 16
Frasers Logistics & Commercial Trust to Report Q3, 2024 Results on Jul 31, 2024 Frasers Logistics & Commercial Trust announced that they will report Q3, 2024 results After-Market on Jul 31, 2024 Declared Dividend • May 09
First half dividend reduced to S$0.035 Dividend of S$0.035 is 1.1% lower than last year. Ex-date: 14th May 2024 Payment date: 18th June 2024 Dividend yield will be 6.9%, which is higher than the industry average of 5.9%. Announcement • Apr 06
Frasers Logistics & Commercial Trust to Report Q2, 2024 Results on May 07, 2024 Frasers Logistics & Commercial Trust announced that they will report Q2, 2024 results on May 07, 2024 Announcement • Feb 22
Frasers Logistics & Commercial Trust Announces Retirement of Chia Khong Shoong as Non-Executive and Non-Independent Director of the Manager Frasers Logistics & Commercial Trust at its AGM to be held on January 23, 2024 announced that Mr. Chia Khong Shoong, who is retiring as Non-Executive and Non-Independent Director of the Manager with effect from 1 March 2024. Announcement • Jan 16
Frasers Logistics & Commercial Trust to Report Q1, 2024 Results on Jan 30, 2024 Frasers Logistics & Commercial Trust announced that they will report Q1, 2024 results After-Market on Jan 30, 2024 Reported Earnings • Dec 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: S$0.028 loss per share (down from S$0.20 profit in FY 2022). Revenue: S$420.8m (down 6.5% from FY 2022). Net loss: S$103.0m (down 114% from profit in FY 2022). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Industrial REITs industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Dec 22
Frasers Logistics & Commercial Trust, Annual General Meeting, Jan 23, 2024 Frasers Logistics & Commercial Trust, Annual General Meeting, Jan 23, 2024, at 14:00 Singapore Standard Time. Location: e Grand Ballroom, Level 2, InterContinental Singapore, 80 Middle Road, Singapore 188966 Singapore Singapore Agenda: To consider and receive and adopt the Trustee’s Report, the Statement by the Manager, the Audited Financial Statements of FLCT for the financial year ended 30 September 2023 and the Auditor’s Report thereon; to consider and re-appoint KPMG LLP as Auditors of FLCT to hold office until the conclusion of the next Annual General Meeting, and to authorise the Manager to fix their remuneration. Reported Earnings • Nov 03
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: S$0.028 loss per share (down from S$0.20 profit in FY 2022). Revenue: S$420.8m (down 6.5% from FY 2022). Net loss: S$103.0m (down 114% from profit in FY 2022). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Industrial REITs industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Nov 02
Frasers Logistics & Commercial Trust Announces Distribution for the Period from 1 April 2023 to 30 September 2023, Payable on 14 December 2023 Frasers Logistics & Commercial Trust declared distribution of 3.52 Singapore cents per unit in FLCT (Unit), for the period from 1 April 2023 to 30 September 2023 (the Distribution), comprising a tax-exempt income distribution component of 2.14 Singapore cents, a capital distribution component of 0.72 Singapore cents, a capital gains distribution component of 0.31 Singapore cents and a taxable income distribution component of 0.35 Singapore cents. Unitholders whose securities accounts with The Central Depository (Pte) Limited ("CDP") are credited with Units on the Record Date will be entitled to the Distribution which will be paid on 14 December 2023. Record is 10 November 2023. Announcement • Oct 05
Frasers Logistics & Commercial Trust to Report Q3, 2023 Results on Nov 02, 2023 Frasers Logistics & Commercial Trust announced that they will report Q3, 2023 results at 9:00 AM, Singapore Standard Time on Nov 02, 2023 Buying Opportunity • Aug 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be S$1.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 7.2% per annum. Earnings is forecast to decline by 21% per annum over the same time period. Announcement • Jul 18
Frasers Logistics & Commercial Trust to Report Q3, 2023 Results on Aug 01, 2023 Frasers Logistics & Commercial Trust announced that they will report Q3, 2023 results After-Market on Aug 01, 2023 Announcement • May 10
Frasers Logistics & Commercial Trust Announces Cessation of Appointment of Robert Stuart Claude Wallace as Chief Executive Officer, Effective Date 1 August 2023 Frasers Logistics & Commercial Asset Management Pte. Ltd., as the manager of Frasers Logistics & Commercial Trust ("FLCT", and as the manager of FLCT, the "Manager") makes reference to the announcement dated 14 February 2023 on the cessation of appointment of Mr. Robert Stuart Claude Wallace as the Chief Executive Officer of the Manager (the "Cessation of Appointment"). The Manager wishes to update that Mr. Wallace and the Manager have mutually agreed to extend the effective date of the Cessation of Appointment from 1 June 2023 to 1 August 2023. Reported Earnings • May 06
First half 2023 earnings released: EPS: S$0.032 (vs S$0.078 in 1H 2022) First half 2023 results: EPS: S$0.032 (down from S$0.078 in 1H 2022). Revenue: S$208.0m (down 12% from 1H 2022). Net income: S$118.1m (down 59% from 1H 2022). Profit margin: 57% (down from 122% in 1H 2022). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Industrial REITs industry in Singapore. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Announcement • May 05
Frasers Logistics & Commercial Trust Declares Cash Dividend for the Period from October 1, 2022 to 31 March 2023, Payable on 15 June 2023 NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Unitholders of Frasers Logistics & Commercial Trust ("FLCT") will be closed at 5.00 p.m. on 12 May 2023 ("Record Date") for the purpose of determining the entitlements of unitholders of FLCT ("Unitholders") to the Distribution (as defined herein). FLCT has declared a distribution of 3.52 Singapore cents per unit in FLCT ("Unit"), for the period from 1 October 2022 to 31 March 2023 (the "Distribution"), comprising a tax-exempt income distribution component of 2.69 Singapore cents (the "Tax-Exempt Income Distribution Component"), a capital component of 0.32 Singapore cents (the "Capital Distribution Component"), a capital gains component of 0.08 Singapore cents (the "Capital Gains Distribution Component") and a taxable income distribution component of 0.43 Singapore cents (the "Taxable Income Distribution Component"). Unitholders whose securities accounts with The Central Depository (Pte) Limited ("CDP") are credited with Units on the Record Date will be entitled to the Distribution which will be paid on 15 June 2023. Ex-Distribution Date is 11 May 2023 at 9.00 a.m. Announcement • Jan 18
Frasers Logistics & Commercial Trust to Report Q1, 2023 Results on Feb 01, 2023 Frasers Logistics & Commercial Trust announced that they will report Q1, 2023 results at 5:00 PM, Singapore Standard Time on Feb 01, 2023 Reported Earnings • Dec 23
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: S$0.20 (down from S$0.21 in FY 2021). Revenue: S$450.2m (down 4.1% from FY 2021). Net income: S$728.6m (flat on FY 2021). Net asset value (NAV) per share: S$1.30 (up 4.8% from FY 2021). The current share price is 12% lower than NAV per share. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 183%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the REITs industry in Singapore. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Dec 22
Frasers Logistics & Commercial Trust, Annual General Meeting, Jan 17, 2023 Frasers Logistics & Commercial Trust, Annual General Meeting, Jan 17, 2023, at 14:00 Singapore Standard Time. Location: Grand Ballroom, Level 2, InterContinental Singapore, 80 Middle Road Singapore Singapore Agenda: To receive and adopt the Trustee's Report, the Statement by the Manager, the Audited Financial Statements of FLCT for the financial year ended 30 September 2022 and the Auditor's Report thereon; to re-appoint KPMG LLP as Auditors of FLCT to hold office until the conclusion of the next Annual General Meeting, and to authorise the Manager to fix their remuneration; and to consider to authorise the Manager to issue Units and to make or grant convertible instruments. Major Estimate Revision • Nov 24
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from S$0.06 to S$0.05 per share. Revenue forecast steady at S$452.6m. Net income forecast to shrink 68% next year vs 20% decline forecast for REITs industry in Singapore. Consensus price target down from S$1.40 to S$1.37. Share price fell 5.2% to S$1.10 over the past week. Major Estimate Revision • Nov 16
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from S$464.8m to S$460.1m. EPS estimate also fell from S$0.08 per share to S$0.06 per share. Net income forecast to shrink 68% next year vs 20% decline forecast for REITs industry in Singapore. Consensus price target down from S$1.46 to S$1.41. Share price rose 7.2% to S$1.19 over the past week. Major Estimate Revision • Oct 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from S$0.08 to S$0.07 per share. Revenue forecast steady at S$457.4m. Net income forecast to shrink 66% next year vs 13% decline forecast for REITs industry in Singapore. Consensus price target broadly unchanged at S$1.47. Share price was steady at S$1.20 over the past week. Buying Opportunity • Aug 12
Now 21% undervalued Over the last 90 days, the stock is up 5.2%. The fair value is estimated to be S$1.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 3.2% in 2 years. Earnings is forecast to decline by 71% in the next 2 years. Board Change • Mar 29
High number of new directors Non-Executive Independent Director Sin Min Phang was the last director to join the board, commencing their role in 2022. Major Estimate Revision • Feb 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from S$0.07 to S$0.09. Revenue forecast steady at S$483.4m. Net income forecast to shrink 57% next year vs 0.04% growth forecast for REITs industry in Singapore . Consensus price target broadly unchanged at S$1.66. Share price was steady at S$1.42 over the past week. Reported Earnings • Dec 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: S$0.21 (up from S$0.073 in FY 2020). Revenue: S$469.3m (up 41% from FY 2020). Net income: S$731.1m (up 264% from FY 2020). Net asset value (NAV) per share: S$1.24 (up 13% from FY 2020). The current share price is 20% higher than NAV per share. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 150%. Earnings per share (EPS) surpassed analyst estimates by 150%. Over the next year, revenue is forecast to grow 4.6%, compared to a 10% growth forecast for the reits industry in Singapore. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Full year 2021 earnings released Full year 2021 results: Revenue: S$469.3m (up 41% from FY 2020). Net income: S$731.1m (up 264% from FY 2020). Major Estimate Revision • May 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from S$0.073 to S$0.082. Revenue forecast steady at S$453.2m. Net income forecast to grow 1.9% next year vs 41% growth forecast for REITs industry in Singapore. Consensus price target broadly unchanged at S$1.63. Share price was steady at S$1.48 over the past week. Is New 90 Day High Low • Jan 08
New 90-day high: S$1.46 The company is up 7.0% from its price of S$1.37 on 09 October 2020. The Singaporean market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$1.60 per share. Reported Earnings • Dec 20
Full year 2020 earnings released: EPS S$0.073 The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: S$332.0m (up 53% from FY 2019). Net income: S$201.1m (up 53% from FY 2019). Profit margin: 61% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Dec 20
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.9%. Earnings per share (EPS) exceeded analyst estimates by 111%. Over the next year, revenue is forecast to grow 37%, compared to a 16% growth forecast for the REITs industry in Singapore. Is New 90 Day High Low • Oct 29
New 90-day low: S$1.25 The company is down 7.0% from its price of S$1.35 on 30 July 2020. The Singaporean market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$1.65 per share.