AmanahRaya Real Estate Investment Trust Valuation

Is ARREIT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ARREIT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ARREIT (MYR0.38) is trading below our estimate of fair value (MYR0.5)

Significantly Below Fair Value: ARREIT is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ARREIT?

Key metric: As ARREIT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ARREIT. This is calculated by dividing ARREIT's market cap by their current earnings.
What is ARREIT's PE Ratio?
PE Ratio	66.6x
Earnings	RM 3.23m
Market Cap	RM 214.96m

ARREIT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	10.1x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does ARREIT's PE Ratio compare to its peers?

The above table shows the PE ratio for ARREIT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	13.1x
ALSREIT Al-Salam Real Estate Investment Trust	11.2x	10.4%	RM 220.4m
IGBCR IGB Commercial Real Estate Investment Trust	19x	9.5%	RM 1.3b
AXREIT Axis Real Estate Investment Trust	13.4x	-2.9%	RM 3.1b
AMFIRST AmFirst Real Estate Investment Trust	8.7x	n/a	RM 216.2m
ARREIT AmanahRaya Real Estate Investment Trust	66.6x	n/a	RM 215.0m

Price-To-Earnings vs Peers: ARREIT is expensive based on its Price-To-Earnings Ratio (66.6x) compared to the peer average (13.1x).

Price to Earnings Ratio vs Industry

How does ARREIT's PE Ratio compare vs other companies in the Asian REITs Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ARREIT is expensive based on its Price-To-Earnings Ratio (66.6x) compared to the Asian REITs industry average (14.1x).

Price to Earnings Ratio vs Fair Ratio

What is ARREIT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ARREIT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	66.6x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ARREIT's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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