SGX:A17U

Stock Analysis Report

Ascendas Real Estate Investment Trust

Executive Summary

Ascendas Real Estate Investment Trust (Ascendas Reit) is Singapore’s first and largest listed business space and industrial real estate investment trust.

Snowflake

Fundamentals

Proven track record average dividend payer.


Similar Companies

Share Price & News

How has Ascendas Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.9%

A17U

1.5%

SG REITs

0.9%

SG Market


1 Year Return

26.0%

A17U

19.4%

SG REITs

1.4%

SG Market

Return vs Industry: A17U exceeded the SG REITs industry which returned 19.4% over the past year.

Return vs Market: A17U exceeded the SG Market which returned 1.4% over the past year.


Shareholder returns

A17UIndustryMarket
7 Day1.9%1.5%0.9%
30 Day0.3%1.8%-2.3%
90 Day2.3%0.8%-6.7%
1 Year29.8%26.0%26.7%19.4%5.4%1.4%
3 Year52.5%30.2%45.3%20.0%15.8%3.4%
5 Year90.9%40.6%63.4%17.6%11.3%-7.0%

Price Volatility Vs. Market

How volatile is Ascendas Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Ascendas Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

39.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: A17U (SGD3.15) is trading below our estimate of fair value (SGD5.24)

Significantly Undervalued: A17U is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: A17U is poor value based on its PE Ratio (18.8x) compared to the REITs industry average (15.7x).

PE vs Market: A17U is poor value based on its PE Ratio (18.8x) compared to the SG market (13.4x).


Price to Earnings Growth Ratio

Low PEG Ratio: A17U is poor value based on its PEG Ratio (2.5x)


Price to Book Ratio

PB vs Industry: A17U is overvalued based on its PB Ratio (1.4x) compared to the SG REITs industry average (1x).


Next Steps

Future Growth

How is Ascendas Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

7.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: A17U's forecast earnings growth (7.6% per year) is above the savings rate (2.3%).

Earnings vs Market: A17U's earnings (7.6% per year) are forecast to grow faster than the SG market (5.7% per year).

High Growth Earnings: A17U's earnings are forecast to grow, but not significantly.

Revenue vs Market: A17U's revenue (5.1% per year) is forecast to grow slower than the SG market (5.4% per year).

High Growth Revenue: A17U's revenue (5.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: A17U's Return on Equity is forecast to be low in 3 years time (7.7%).


Next Steps

Past Performance

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

3.6%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: A17U's earnings have grown by 3.6% per year over the past 5 years.

Accelerating Growth: A17U's earnings growth over the past year (8.3%) exceeds its 5-year average (3.6% per year).

Earnings vs Industry: A17U earnings growth over the past year (8.3%) exceeded the REITs industry 0.3%.


Return on Equity

High ROE: A17U's Return on Equity (7.7%) is considered low.


Return on Assets

ROA vs Industry: A17U has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: A17U's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Ascendas Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: A17U has a high level of physical assets or inventory.

Debt Coverage by Assets: A17U's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: A17U's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if A17U has a sufficient allowance for bad loans.

Low Risk Liabilities: A17U reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if A17U has an acceptable proportion of non-loan assets held.

Low Risk Deposits: A17U has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if A17U has an appropriate level of bad loans.


Next Steps

Dividend

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

5.09%

Current Dividend Yield


Dividend Yield vs Market

company5.1%marketbottom25%2.5%markettop25%5.6%industryaverage5.2%forecastin3Years5.3%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: A17U's dividend (5.09%) is higher than the bottom 25% of dividend payers in the SG market (2.5%).

High Dividend: A17U's dividend (5.09%) is low compared to the top 25% of dividend payers in the SG market (5.59%).

Stable Dividend: A17U's dividends per share have been stable in the past 10 years.

Growing Dividend: A17U's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (79%), A17U's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: A17U's dividends in 3 years are forecast to be thoroughly covered by earnings (0.03% payout ratio).


Next Steps

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?

0.9yrs

Average management tenure


CEO

William Tay (49yo)

1.7yrs

Tenure

0

Mr. Wee Leong Tay, also known as William has been Executive Director and CEO oof Ascendas Funds Management (S) Limited (AFM), the Manager of, Ascendas Real Estate Investment Trust since 1 February 2018. He ...


Management Age and Tenure

0.9yrs

Average Tenure

49yo

Average Age

Experienced Management: A17U's management team is not considered experienced ( 0.9 years average tenure), which suggests a new team.


Board Age and Tenure

3.9yrs

Average Tenure

59yo

Average Age

Experienced Board: A17U's board of directors are considered experienced (3.9 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

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Ownership Breakdown


Management Team

  • Wei Hon

    Company Secretary of Ascendas Funds Management (S) Limited

    • Tenure: 0yrs
  • Mary De Souza

    Company Secretary of Ascendas Funds Management (S) Limited

    • Tenure: 0yrs
  • Kit Yeow (54yo)

    Head of Capital Markets & Investor Relations of Ascendas Funds Management (S) Limited

    • Tenure: 0.8yrs
  • Lee Koo (49yo)

    Chief Financial Officer of Ascendas Funds Management (S) Limited

    • Tenure: 0yrs
  • Sasidharan Nair

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

    • Tenure: 0yrs
  • Lawden Tan

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

    • Tenure: 0yrs
  • William Tay (49yo)

    CEO & Executive Non-Independent Director of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 1.7yrs
  • Serena Teo

    Head of Singapore Portfolio & Asset Management of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 0.9yrs

Board Members

  • Daniel Cuthbert Ee (66yo)

    Independent Director of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 1yrs
    • Compensation: S$46.50k
  • Hock San Lim (72yo)

    Chairman of the Board of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 2yrs
    • Compensation: S$137.50k
  • Adrian Chan (54yo)

    Lead Independent Director of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 0yrs
    • Compensation: S$100.95k
  • Yew Wong (69yo)

    Independent Director of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 3.9yrs
    • Compensation: S$78.75k
  • Manohar Ramesh Khiatani (59yo)

    Non-Executive Non-Independent Director of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 6.3yrs
    • Compensation: S$83.75k
  • Chiet Chong (64yo)

    Independent Director of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 3.9yrs
    • Compensation: S$85.25k
  • Sau Lim (58yo)

    Independent Director of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 3.9yrs
    • Compensation: S$63.50k
  • Andrew Geoffrey Lim (49yo)

    Non-Executive Non-Independent Director of Ascendas Funds Management (S) Limited

    • Tenure: 0yrs
  • William Tay (49yo)

    CEO & Executive Non-Independent Director of Ascendas Funds Management (S) Limited (AFM)

    • Tenure: 1.7yrs

Company Information

Ascendas Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Ascendas Real Estate Investment Trust
  • Ticker: A17U
  • Exchange: SGX
  • Founded: 2002
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: S$9.867b
  • Shares outstanding: 3.11b
  • Website: https://www.ascendas-reit.com

Location

  • Ascendas Real Estate Investment Trust
  • 1 Fusionopolis Place
  • No. 10-10 Galaxis
  • Singapore
  • 138522
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ACDS.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDNov 2002
A17USGX (Singapore Exchange)YesTrust UnitsSGSGDNov 2002
S3ZDB (Deutsche Boerse AG)YesTrust UnitsDEEURNov 2002

Biography

Ascendas Real Estate Investment Trust (Ascendas Reit) is Singapore’s first and largest listed business space and industrial real estate investment trust. It was listed on the Singapore Exchange Securities  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/14 12:36
End of Day Share Price2019/10/14 00:00
Earnings2019/06/30
Annual Earnings2019/03/31


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.