SGX:M1GUIndustrial REITs
Sabana REIT (SGX:M1GU): One-Off Loss Raises Doubts About Earnings Quality Despite Discounted Valuation
Sabana Industrial Real Estate Investment Trust (SGX:M1GU) posted a net profit margin of 13.2%, just under last year’s 13.6%, with 2.9% earnings growth over the past twelve months. This figure is well below its five-year average of 6.4% per year. This recent performance was affected by a one-off loss of SGD24.6 million and left the trust’s Price-to-Earnings ratio at 32.5x, significantly above peers, even as its share price (SGD0.46) trades beneath estimated fair value. Investors will be...