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Ascendas Real Estate Investment Trust

SGX:A17U
Snowflake Description

Solid track record established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
A17U
SGX
SGD9B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Ascendas Reit is Singapore’s first and largest listed business space and industrial real estate investment trust. The last earnings update was 50 days ago. More info.


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A17U Share Price and Events
7 Day Returns
0.7%
SGX:A17U
0.1%
SG REITs
0.3%
SG Market
1 Year Returns
6.7%
SGX:A17U
1.8%
SG REITs
-8.4%
SG Market
A17U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ascendas Real Estate Investment Trust (A17U) 0.7% 2.9% 10.4% 6.7% 18.7% 28.3%
SG REITs 0.1% 1.5% 7.2% 1.8% 14.8% 16.4%
SG Market 0.3% -1.2% 5.4% -8.4% 7.6% -2.6%
1 Year Return vs Industry and Market
  • A17U outperformed the REITs industry which returned 1.8% over the past year.
  • A17U outperformed the Market in Singapore which returned -8.4% over the past year.
Price Volatility
A17U
Industry
5yr Volatility vs Market

A17U Value

 Is Ascendas Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ascendas Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ascendas Real Estate Investment Trust.

SGX:A17U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 22 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:A17U
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.536 (1 + (1- 17%) (46.66%))
0.828
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.828 * 5.96%)
7.24%

Discounted Cash Flow Calculation for SGX:A17U using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Ascendas Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Ascendas Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

SGX:A17U DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.24%)
2019 457.00 Analyst x1 426.15
2020 516.00 Analyst x1 448.68
2021 534.00 Analyst x1 432.99
2022 566.33 Est @ 6.05% 428.20
2023 594.24 Est @ 4.93% 418.97
2024 618.84 Est @ 4.14% 406.86
2025 641.05 Est @ 3.59% 393.01
2026 661.59 Est @ 3.2% 378.22
2027 681.00 Est @ 2.93% 363.03
2028 699.68 Est @ 2.74% 347.81
Present value of next 10 years cash flows SGD4,043.91
SGX:A17U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD699.68 × (1 + 2.3%) ÷ (7.24% – 2.3%)
SGD14,499.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD14,499.48 ÷ (1 + 7.24%)10
SGD7,207.69
SGX:A17U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD4,043.91 + SGD7,207.69
SGD11,251.60
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD11,251.60 / 3,110.84
SGD3.66
SGX:A17U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD3.66
Current discount Discount to share price of SGD2.86
= -1 x (SGD2.86 - SGD3.66) / SGD3.66
21.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Ascendas Real Estate Investment Trust is available for.
Intrinsic value
22%
Share price is SGD2.86 vs Future cash flow value of SGD3.66
Current Discount Checks
For Ascendas Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ascendas Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ascendas Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ascendas Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ascendas Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:A17U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.16
SGX:A17U Share Price ** SGX (2019-03-21) in SGD SGD2.86
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 12.67x
Singapore Market PE Ratio Median Figure of 329 Publicly-Listed Companies 12.84x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ascendas Real Estate Investment Trust.

SGX:A17U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:A17U Share Price ÷ EPS (both in SGD)

= 2.86 ÷ 0.16

17.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ascendas Real Estate Investment Trust is overvalued based on earnings compared to the SG REITs industry average.
  • Ascendas Real Estate Investment Trust is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Ascendas Real Estate Investment Trust's expected growth come at a high price?
Raw Data
SGX:A17U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 22 Analysts
5.1%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 1.18x
Singapore Market PEG Ratio Median Figure of 121 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

SGX:A17U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.64x ÷ 5.1%

3.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ascendas Real Estate Investment Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Ascendas Real Estate Investment Trust's assets?
Raw Data
SGX:A17U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD2.19
SGX:A17U Share Price * SGX (2019-03-21) in SGD SGD2.86
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 433 Publicly-Listed Companies 0.76x
SGX:A17U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:A17U Share Price ÷ Book Value per Share (both in SGD)

= 2.86 ÷ 2.19

1.31x

* Primary Listing of Ascendas Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ascendas Real Estate Investment Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess Ascendas Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Ascendas Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

A17U Future Performance

 How is Ascendas Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 22 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ascendas Real Estate Investment Trust expected to grow at an attractive rate?
  • Ascendas Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Ascendas Real Estate Investment Trust's earnings growth is positive but not above the Singapore market average.
  • Ascendas Real Estate Investment Trust's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:A17U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:A17U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 22 Analysts 5.1%
SGX:A17U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 22 Analysts 3.9%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.6%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.2%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:A17U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:A17U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 980 650 544 16
2020-03-31 955 622 517 21
2019-03-31 910 597 492 22
SGX:A17U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 877 557 483
2018-09-30 868 566 464
2018-06-30 866 590 474
2018-03-31 863 539 480
2017-12-31 856 581 419
2017-09-30 847 555 458
2017-06-30 837 543 445
2017-03-31 831 529 413
2016-12-31 826 504 371
2016-09-30 811 498 317
2016-06-30 788 461 329
2016-03-31 761 482 338

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ascendas Real Estate Investment Trust's earnings are expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
  • Ascendas Real Estate Investment Trust's revenue is expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:A17U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below

All data from Ascendas Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:A17U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 0.17 0.21 0.16 12.00
2020-03-31 0.17 0.21 0.16 13.00
2019-03-31 0.16 0.16 0.15 10.00
SGX:A17U Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.16
2018-09-30 0.16
2018-06-30 0.16
2018-03-31 0.16
2017-12-31 0.14
2017-09-30 0.16
2017-06-30 0.16
2017-03-31 0.15
2016-12-31 0.14
2016-09-30 0.12
2016-06-30 0.13
2016-03-31 0.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Ascendas Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Ascendas Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ascendas Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

A17U Past Performance

  How has Ascendas Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ascendas Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ascendas Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Ascendas Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (15.4% vs 1%)
  • Ascendas Real Estate Investment Trust's earnings growth has exceeded the SG REITs industry average in the past year (15.4% vs 10.1%).
Earnings and Revenue History
Ascendas Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ascendas Real Estate Investment Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:A17U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 877.39 483.31 8.51
2018-09-30 868.23 463.56 7.96
2018-06-30 865.93 474.42 7.65
2018-03-31 862.63 479.87 7.71
2017-12-31 855.82 418.83 16.22
2017-09-30 847.16 458.37 9.26
2017-06-30 836.76 444.84 9.57
2017-03-31 831.07 413.23 10.41
2016-12-31 826.09 371.04 10.23
2016-09-30 811.13 316.87 9.11
2016-06-30 788.21 328.78 8.82
2016-03-31 761.03 337.51 6.99
2015-12-31 730.74 412.25 6.61
2015-09-30 708.66 413.58 5.56
2015-06-30 690.82 403.40 5.07
2015-03-31 673.49 397.60 5.63
2014-12-31 656.23 461.90 4.61
2014-09-30 638.93 474.88 5.57
2014-06-30 625.85 436.83 5.27
2014-03-31 613.59 481.97 5.19
2013-12-31 602.44 433.04 5.19
2013-09-30 593.17 405.83 4.77
2013-06-30 584.80 390.83 4.90
2013-03-31 575.84 336.29 4.86
2012-12-31 564.81 485.09 4.94
2012-09-30 546.92 490.46 2.31
2012-06-30 525.33 495.44 4.77
2012-03-31 503.30 493.17 4.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Ascendas Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ascendas Real Estate Investment Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Ascendas Real Estate Investment Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ascendas Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ascendas Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

A17U Health

 How is Ascendas Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ascendas Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ascendas Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Ascendas Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ascendas Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ascendas Real Estate Investment Trust Company Filings, last reported 2 months ago.

SGX:A17U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 6,803.71 4,108.20 33.24
2018-09-30 6,931.17 3,553.82 8.64
2018-06-30 6,373.83 3,680.79 28.22
2018-03-31 6,498.70 3,519.22 23.57
2017-12-31 6,371.70 3,567.64 23.27
2017-09-30 6,524.78 3,357.16 24.92
2017-06-30 6,381.28 3,395.78 35.03
2017-03-31 6,335.12 3,400.07 20.50
2016-12-31 6,236.36 3,082.21 26.15
2016-09-30 6,072.09 3,375.92 26.72
2016-06-30 5,750.15 3,650.07 56.77
2016-03-31 5,785.32 3,664.58 56.24
2015-12-31 5,461.49 3,553.97 60.59
2015-09-30 5,052.65 2,937.30 36.32
2015-06-30 4,926.18 2,907.19 34.72
2015-03-31 5,013.59 2,816.50 41.59
2014-12-31 4,893.27 2,723.49 33.71
2014-09-30 4,965.80 2,611.76 40.22
2014-06-30 4,845.44 2,434.62 27.93
2014-03-31 4,848.60 2,269.82 67.33
2013-12-31 4,758.51 2,236.80 21.51
2013-09-30 4,733.26 2,207.19 26.15
2013-06-30 4,737.37 2,072.59 25.50
2013-03-31 4,661.15 2,085.83 19.53
2012-12-31 4,212.70 2,285.94 17.22
2012-09-30 4,206.45 2,264.64 17.71
2012-06-30 4,184.30 2,255.52 22.64
2012-03-31 3,917.46 2,468.59 19.59
  • Ascendas Real Estate Investment Trust's level of debt (60.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (47% vs 60.4% today).
  • Debt is not well covered by operating cash flow (13.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5x coverage).
X
Financial health checks
We assess Ascendas Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ascendas Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

A17U Dividends

 What is Ascendas Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.59%
Current annual income from Ascendas Real Estate Investment Trust dividends. Estimated to be 5.78% next year.
If you bought SGD2,000 of Ascendas Real Estate Investment Trust shares you are expected to receive SGD112 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Ascendas Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.55%).
  • Ascendas Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.52%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:A17U Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 22 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:A17U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 0.17 19.00
2020-03-31 0.17 24.00
2019-03-31 0.16 23.00
SGX:A17U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-06-05 0.160 6.022
2018-04-23 0.160 6.005
2017-06-06 0.158 5.890
2017-04-25 0.158 6.067
2016-06-13 0.154 6.332
2016-05-05 0.154 6.555
2015-06-12 0.146 6.228
2015-04-23 0.146 5.897
2015-03-02 0.142 5.558
2014-06-16 0.142 6.088
2014-04-21 0.142 6.044
2013-07-02 0.137 6.160
2013-06-18 0.137 6.184
2013-04-15 0.137 5.354
2012-06-14 0.136 5.679
2012-04-17 0.136 6.702
2012-01-17 0.139 7.004
2011-07-18 0.128 6.381
2011-05-27 0.132 6.452
2011-04-18 0.132 6.596
2011-01-17 0.132 6.497
2010-05-17 0.131 6.403
2010-04-19 0.131 6.835
2009-04-17 0.152 8.678
2009-03-31 0.152 11.033
2009-03-23 0.160 12.640

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Ascendas Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (3125x coverage).
X
Income/ dividend checks
We assess Ascendas Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ascendas Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ascendas Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

A17U Management

 What is the CEO of Ascendas Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
William Tay
COMPENSATION SGD0
AGE 48
TENURE AS CEO 1.1 years
CEO Bio

Mr. Wee Leong Tay, also known as William has been Executive Director and CEO of Ascendas Real Estate Investment Trust since 1 February 2018. He serves as a Deputy Chief Executive Officer (Singapore & South East Asia) and CEO (Korea) at Ascendas-Singbridge Pte. Ltd. since Sep 2016. Mr. Tay is concurrently CEO of South Korea, overseeing ASB’s real estate private equity funds business and investments in South Korea. He served as a Vice President (Business Development) from July 2007 to April 2010; ASEAN Fund Manager and Country Head (Philippines) from May 2010 to July 2012; Senior Vice President (South East Asia) from August 2012 to September 2012 and Chief Executive Officer (South East Asia) from October 2012 to August 2016 at Ascendas Pte. Ltd. Mr. Tay has more than 22 years of wide-ranging experience in real estate, straddling both the public and private sectors as well as Singapore and overseas. Since joining ASB in 2007, Mr. Tay held various leadership positions in investment, business development, asset and fund management as well as country operations. Mr. Tay started his career with JTC Corporation where he spent 12 years involved in the development and marketing of Ready Built Factories, Wafer Fabrication Parks and Logistics Parks, as well as strategic and corporate planning. Mr. Tay holds a Bachelor’s Degree in Estate Management (Honours) from the National University of Singapore.

CEO Compensation
  • Insufficient data for William to compare compensation growth.
  • William's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Ascendas Real Estate Investment Trust management team in years:

0.4
Average Tenure
48
Average Age
  • The average tenure for the Ascendas Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

William Tay

TITLE
CEO & Executive Director
AGE
48
TENURE
1.1 yrs

Lee Koo

TITLE
Chief Financial Officer of Ascendas Funds Management (S) Limited
AGE
48

Lawden Tan

TITLE
Head of Investment & Business Development - Ascendas Funds Management (S) Limited

Kit Yeow

TITLE
Head of Capital Markets & Investor Relations of Ascendas Funds Management (S) Limited
AGE
53
TENURE
0.2 yrs

Sasidharan Nair

TITLE
Head of Property Services - Ascendas Funds Management (S) Limited

James Goh

TITLE
Head of International Portfolio Management
TENURE
0.6 yrs

Dacon Pao

TITLE
Head of Singapore Asset Planning & Development
TENURE
0.4 yrs

Serena Teo

TITLE
Head of Singapore Portfolio & Asset Management
TENURE
0.3 yrs

Mary De Souza

TITLE
Company Secretary of Ascendas Funds Management (S) Limited

Wei Hon

TITLE
Company Secretary of Ascendas Funds Management (S) Limited
Board of Directors Tenure

Average tenure and age of the Ascendas Real Estate Investment Trust board of directors in years:

3.3
Average Tenure
63
Average Age
  • The tenure for the Ascendas Real Estate Investment Trust board of directors is about average.
Board of Directors

Hock San Lim

TITLE
Chairman of the Board
COMPENSATION
SGD117K
AGE
71
TENURE
1.4 yrs

William Tay

TITLE
CEO & Executive Director
AGE
48
TENURE
1.1 yrs

Miguel Ko

TITLE
Vice Chairman of the Board
COMPENSATION
SGD85K
AGE
65
TENURE
3.2 yrs

Adrian Chan

TITLE
Independent Director
COMPENSATION
SGD95K
AGE
53
TENURE
4.3 yrs

Manohar Khiatani

TITLE
Non-Executive Director
COMPENSATION
SGD71K
AGE
58
TENURE
5.8 yrs

Yew Wong

TITLE
Independent Director
COMPENSATION
SGD73K
AGE
68
TENURE
3.3 yrs

Chiet Chong

TITLE
Independent Director
COMPENSATION
SGD74K
AGE
63
TENURE
3.3 yrs

Sau Lim

TITLE
Independent Director
COMPENSATION
SGD66K
AGE
57
TENURE
3.3 yrs

Daniel Cuthbert Ee

TITLE
Independent Director
AGE
65
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
25. Dec 18 Buy BlackRock, Inc. Company 21. Dec 18 21. Dec 18 254,900 SGD2.59 SGD660,191
27. Nov 18 Buy BlackRock, Inc. Company 23. Nov 18 23. Nov 18 1,549,000 SGD2.56 SGD3,965,438
02. Nov 18 Buy Mondrian Investment Partners Limited Company 31. Oct 18 31. Oct 18 2,000,000 SGD0.45 SGD890,770
14. Sep 18 Buy Temasek Holdings (Private) Limited Company 07. Sep 18 07. Sep 18 3,724,000 SGD2.63 SGD9,776,219
19. Jul 18 Sell Mondrian Investment Partners Limited Company 17. Jul 18 17. Jul 18 -4,247,500 SGD2.68 SGD-11,384,997
X
Management checks
We assess Ascendas Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ascendas Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

A17U News

Simply Wall St News

How Did Ascendas Real Estate Investment Trust's (SGX:A17U) 7.3% ROE Fare Against The Industry?

To keep the lesson grounded in practicality, we'll use ROE to better understand Ascendas Real Estate Investment Trust (SGX:A17U). … Ascendas Real Estate Investment Trust has a ROE of 7.3%, based on the last twelve months. … Check out our latest analysis for Ascendas Real Estate Investment Trust?

Simply Wall St -

Did You Miss Ascendas Real Estate Investment Trust's 30% Share Price Gain?

For example, the Ascendas Real Estate Investment Trust (SGX:A17U) share price is up 30% in the last 5 years, clearly besting than the market return of around -0.9% (ignoring dividends). … See our latest analysis for Ascendas Real Estate Investment Trust. … During five years of share price growth, Ascendas Real Estate Investment Trust achieved compound earnings per share (EPS) growth of 1.4% per year.

Simply Wall St -

What Kind Of Shareholders Own Ascendas Real Estate Investment Trust (SGX:A17U)?

A look at the shareholders of Ascendas Real Estate Investment Trust (SGX:A17U) can tell us which group is most powerful. … Ascendas Real Estate Investment Trust has a market capitalization of S$7.9b, so it's too big to fly under the radar. … See our latest analysis for Ascendas Real Estate Investment Trust

Simply Wall St -

Investing In Property Through Ascendas Real Estate Investment Trust (SGX:A17U)

Ascendas Real Estate Investment Trust is a S$8.0b. … real estate investment trust (REIT) based in Singapore, Singapore. … See our latest analysis for Ascendas Real Estate Investment Trust

Simply Wall St -

Ascendas Real Estate Investment Trust (SGX:A17U) Has A ROE Of 7.7%

To keep the lesson grounded in practicality, we'll use ROE to better understand Ascendas Real Estate Investment Trust (SGX:A17U). … Our data shows Ascendas Real Estate Investment Trust has a return on equity of 7.7% for the last year. … Check out our latest analysis for Ascendas Real Estate Investment Trust?

Simply Wall St -

Who Are The Top Investors In Ascendas Real Estate Investment Trust (SGX:A17U)?

Today, I will be analyzing Ascendas Real Estate Investment Trust’s (SGX:A17U) recent ownership structure, an important but not-so-popular subject among individual investors. … Ownership structure of a company has been found to affect share performance over time. … See our latest analysis for Ascendas Real Estate Investment Trust

Simply Wall St -

Investing In Property Through Ascendas Real Estate Investment Trust (SGX:A17U)

Ascendas Real Estate Investment Trust is a S$7.56b. … real estate investment trust (REIT) based in Singapore, Singapore. … View out our latest analysis for Ascendas Real Estate Investment Trust

Simply Wall St -

Ascendas Real Estate Investment Trust (SGX:A17U) Is A Real Dividend Rock Star - Here Is Why

Over the past 10 years Ascendas Real Estate Investment Trust (SGX:A17U) has grown its dividend payouts from SGD0.14 to SGD0.16. … With a market cap of S$7.76b, Ascendas Real Estate Investment Trust pays out 97.51% of its earnings, leading to a 6.03% yield. … View out our latest analysis for Ascendas Real Estate Investment Trust?

Simply Wall St -

What You Need To Know Before Investing In Ascendas Real Estate Investment Trust (SGX:A17U)

Ascendas Real Estate Investment Trust is a S$7.85B mid-cap real estate investment trust (REIT) based in Singapore, Singapore. … Check out our latest analysis for Ascendas Real Estate Investment Trust Funds from Operations (FFO) is a higher quality measure of A17U's earnings compared to net income. … Next Steps: As a REIT, Ascendas Real Estate Investment Trust offers some unique characteristics which could help diversify your portfolio.

Simply Wall St -

At $2.67, Is It Time To Buy Ascendas Real Estate Investment Trust (SGX:A17U)?

Ascendas Real Estate Investment Trust (SGX:A17U), a reits company based in Singapore, had a relatively subdued couple of weeks in terms of changes in share price, which continued to float around the range of SGD2.55 to SGD2.73. … Let’s take a look at Ascendas Real Estate Investment Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … According to my valuation model, Ascendas Real Estate Investment Trust seems to be fairly priced at around 6% above my intrinsic value, which means if you buy Ascendas Real Estate Investment Trust today, you’d be paying a relatively fair price for it.

Simply Wall St -

A17U Company Info

Description

Ascendas Reit is Singapore’s first and largest listed business space and industrial real estate investment trust. As at 31 December 2018, investment properties under management stood at S$11.1 billion, comprising 98 properties in Singapore, 35 properties in Australia and 38 properties in the United Kingdom. The portfolio includes business and science park/suburban office properties, high-specifications industrial properties, light industrial properties, logistics and distribution centres, integrated development, amenities and retail properties. These properties house a tenant base of around 1,350 international and local companies from a wide range of industries and activities, including research and development, life sciences, information technology, engineering, light manufacturing, logistics service providers, electronics, telecommunications, manufacturing services and back-room office support in service industries. Major tenants include Singtel, DSO National Laboratories, Citibank, DBS, Wesfarmers, Ceva Logistics, JPMorgan and A*STAR Research Entities, to name a few. Ascendas Reit is listed in several indices. These include the FTSE Straits Times Index, the Morgan Stanley Capital International, Inc (MSCI) Index, the European Public Real Estate Association/National Association of Real Estate Investment Trusts (EPRA/NAREIT) Global Real Estate Index and Global Property Research (GPR) Asia 250. Ascendas Reit has an issuer rating of “A3” by Moody’s Investors Service. Ascendas Reit is managed by Ascendas Funds Management (S) Limited, a wholly-owned subsidiary of the Singapore-based Ascendas-Singbridge Group.

Details
Name: Ascendas Real Estate Investment Trust
A17U
Exchange: SGX
Founded: 2002
SGD8,803,682,359
3,110,841,823
Website: http://www.ascendas-reit.com
Address: Ascendas Real Estate Investment Trust
1 Fusionopolis Place,
No. 10-10 Galaxis,
Singapore,
138522,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX A17U Trust Units Singapore Exchange SG SGD 19. Nov 2002
OTCPK ACDS.F Trust Units Pink Sheets LLC US USD 19. Nov 2002
DB S3Z Trust Units Deutsche Boerse AG DE EUR 19. Nov 2002
Number of employees
Current staff
Staff numbers
0
Ascendas Real Estate Investment Trust employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/21 12:37
End of day share price update: 2019/03/21 00:00
Last estimates confirmation: 2019/03/19
Last earnings filing: 2019/01/30
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.