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Ascott Residence Trust

SGX:A68U
Snowflake Description

Established dividend payer with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
A68U
SGX
SGD3B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Ascott Reit was established with the objective of investing primarily in real estate and real estate-related assets which are income-producing and which are used or predominantly used, as serviced residences, rental housing properties and other hospitality assets. The last earnings update was 43 days ago. More info.


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A68U Share Price and Events
7 Day Returns
0.8%
SGX:A68U
-0.9%
SG REITs
0.3%
SG Market
1 Year Returns
6.2%
SGX:A68U
2.9%
SG REITs
-6.4%
SG Market
A68U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ascott Residence Trust (A68U) 0.8% 1.7% 4.3% 6.2% 5.7% 0%
SG REITs -0.9% -0.3% 4.6% 2.9% 13.2% 11.8%
SG Market 0.3% 3% 4.7% -6.4% 10.1% -2%
1 Year Return vs Industry and Market
  • A68U outperformed the REITs industry which returned 2.9% over the past year.
  • A68U outperformed the Market in Singapore which returned -6.4% over the past year.
Price Volatility
A68U
Industry
5yr Volatility vs Market

A68U Value

 Is Ascott Residence 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 Ascott Residence 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 Ascott Residence Trust.

SGX:A68U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
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:A68U
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))
= 0.537 (1 + (1- 17%) (73.52%))
0.91
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.91 * 5.96%)
7.73%

Discounted Cash Flow Calculation for SGX:A68U using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Ascott Residence 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.

Ascott Residence 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:A68U DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (SGD, Millions) Source Present Value
Discounted (@ 7.73%)
2019 128.00 Analyst x1 118.82
2020 131.00 Analyst x1 112.88
2021 137.00 Analyst x1 109.59
2022 143.36 Est @ 4.64% 106.45
2023 149.01 Est @ 3.94% 102.71
2024 154.15 Est @ 3.45% 98.63
2025 158.93 Est @ 3.11% 94.40
2026 163.49 Est @ 2.86% 90.14
2027 167.89 Est @ 2.7% 85.93
2028 172.22 Est @ 2.58% 81.83
Present value of next 10 years cash flows SGD1,001.38
SGX:A68U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD172.22 × (1 + 2.3%) ÷ (7.73% – 2.3%)
SGD3,249.05
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD3,249.05 ÷ (1 + 7.73%)10
SGD1,543.69
SGX:A68U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD1,001.38 + SGD1,543.69
SGD2,545.07
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,545.07 / 2,172.56
SGD1.17
SGX:A68U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD1.17
Current discount Discount to share price of SGD1.20
= -1 x (SGD1.20 - SGD1.17) / SGD1.17
-2.4%

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

  • The current share price of Ascott Residence Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Ascott Residence Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ascott Residence Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:A68U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.06
SGX:A68U Share Price ** SGX (2019-04-24) in SGD SGD1.2
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.6x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.16x

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

** Primary Listing of Ascott Residence Trust.

SGX:A68U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:A68U Share Price ÷ EPS (both in SGD)

= 1.2 ÷ 0.06

20.18x

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

  • Ascott Residence Trust is overvalued based on earnings compared to the SG REITs industry average.
  • Ascott Residence Trust is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Ascott Residence Trust's expected growth come at a high price?
Raw Data
SGX:A68U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 20.18x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
1.6%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.07x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

SGX:A68U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 20.18x ÷ 1.6%

12.88x

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

  • Ascott Residence Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Ascott Residence Trust's assets?
Raw Data
SGX:A68U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD1.40
SGX:A68U Share Price * SGX (2019-04-24) in SGD SGD1.2
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.95x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:A68U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:A68U Share Price ÷ Book Value per Share (both in SGD)

= 1.2 ÷ 1.40

0.85x

* Primary Listing of Ascott Residence Trust.

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

  • Ascott Residence Trust is good value based on assets compared to the SG REITs industry average.
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Value checks
We assess Ascott Residence 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. Ascott Residence 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.

A68U Future Performance

 How is Ascott Residence Trust expected to perform in the next 1 to 3 years based on estimates from 11 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
1.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ascott Residence Trust expected to grow at an attractive rate?
  • Ascott Residence Trust's earnings growth is positive but not above the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Ascott Residence Trust's earnings growth is positive but not above the Singapore market average.
  • Ascott Residence Trust's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:A68U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:A68U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 1.6%
SGX:A68U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 2.7%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.2%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:A68U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:A68U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 558 224 134 6
2020-12-31 545 220 131 11
2019-12-31 531 227 124 11
SGX:A68U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 514 227 128
2018-09-30 512 205 122
2018-06-30 505 174 181
2018-03-31 498 174 206
2017-12-31 496 181 195
2017-09-30 489 222 195
2017-06-30 486 222 131
2017-03-31 481 219 116
2016-12-31 476 200 124
2016-09-30 468 165 162
2016-06-30 457 169 176
2016-03-31 437 168 158

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ascott Residence Trust's earnings are expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
  • Ascott Residence Trust's revenue is expected to grow by 2.7% 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:A68U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Ascott Residence Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:A68U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.06 0.06 0.05 5.00
2020-12-31 0.06 0.07 0.05 7.00
2019-12-31 0.08 0.12 0.05 6.00
SGX:A68U Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.06
2018-09-30 0.06
2018-06-30 0.08
2018-03-31 0.09
2017-12-31 0.09
2017-09-30 0.09
2017-06-30 0.06
2017-03-31 0.07
2016-12-31 0.08
2016-09-30 0.10
2016-06-30 0.11
2016-03-31 0.10

*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.
  • Ascott Residence Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Ascott Residence 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.
Ascott Residence Trust has a total score of 0/6, 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.

A68U Past Performance

  How has Ascott Residence 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 Ascott Residence 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.
  • Ascott Residence Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Ascott Residence Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Ascott Residence Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.
Earnings and Revenue History
Ascott Residence 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 Ascott Residence Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:A68U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 514.27 128.39 5.86
2018-09-30 512.25 121.83 6.12
2018-06-30 504.69 181.23 5.66
2018-03-31 497.81 205.52 5.46
2017-12-31 496.29 195.05 5.53
2017-09-30 488.55 194.98 5.45
2017-06-30 485.57 131.14 5.72
2017-03-31 481.33 115.91 5.86
2016-12-31 475.59 124.06 5.70
2016-09-30 468.01 162.36 5.56
2016-06-30 457.31 176.03 5.24
2016-03-31 436.63 157.51 5.20
2015-12-31 421.11 151.75 5.05
2015-09-30 396.90 120.23 5.24
2015-06-30 377.40 93.93 5.57
2015-03-31 366.85 114.05 5.48
2014-12-31 357.21 121.11 5.38
2014-09-30 346.16 176.83 5.38
2014-06-30 338.52 223.78 5.39
2014-03-31 327.81 214.93 5.31
2013-12-31 316.61 208.66 5.17
2013-09-30 308.64 122.62 5.06
2013-06-30 299.90 68.42 4.48
2013-03-31 301.42 161.74 4.31
2012-12-31 303.84 162.35 3.98
2012-09-30 303.17 212.15 4.24
2012-06-30 298.75 222.16 4.37

*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.
  • Ascott Residence Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ascott Residence Trust used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • Ascott Residence Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ascott Residence 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.
Ascott Residence Trust has a total score of 0/6, 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.

A68U Health

 How is Ascott Residence 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 Ascott Residence Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ascott Residence Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ascott Residence Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ascott Residence 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 0.3x 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 Ascott Residence Trust Company Filings, last reported 3 months ago.

SGX:A68U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,130.91 1,916.67 227.85
2018-09-30 3,123.48 1,893.16 219.15
2018-06-30 3,154.76 1,851.53 196.75
2018-03-31 3,130.81 1,878.48 190.93
2017-12-31 3,171.68 1,965.55 257.35
2017-09-30 3,154.11 1,621.76 275.12
2017-06-30 3,113.41 1,543.71 294.53
2017-03-31 2,624.30 1,925.88 159.52
2016-12-31 2,682.26 1,880.48 143.07
2016-09-30 2,631.75 1,969.92 174.74
2016-06-30 2,655.15 1,975.92 180.52
2016-03-31 2,687.82 1,805.83 199.12
2015-12-31 2,668.58 1,826.39 220.47
2015-09-30 2,613.54 1,846.11 210.98
2015-06-30 2,611.05 1,517.26 417.49
2015-03-31 2,346.11 1,556.56 157.20
2014-12-31 2,353.24 1,565.05 192.56
2014-09-30 2,154.87 1,528.13 151.30
2014-06-30 2,211.11 1,345.15 143.38
2014-03-31 2,170.77 1,287.83 158.43
2013-12-31 2,187.13 1,208.37 204.52
2013-09-30 1,838.76 1,365.42 121.62
2013-06-30 1,802.16 1,333.05 141.24
2013-03-31 1,749.92 1,068.72 136.23
2012-12-31 1,640.97 1,190.22 125.18
2012-09-30 1,657.57 1,242.41 217.04
2012-06-30 1,716.04 1,226.91 147.15
  • Ascott Residence Trust's level of debt (61.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (55.3% vs 61.2% today).
  • Debt is not well covered by operating cash flow (11.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).
X
Financial health checks
We assess Ascott Residence 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. Ascott Residence Trust has a total score of 2/6, 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.

A68U Dividends

 What is Ascott Residence 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
5.97%
Current annual income from Ascott Residence Trust dividends. Estimated to be 6.1% next year.
If you bought SGD2,000 of Ascott Residence Trust shares you are expected to receive SGD119 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?
  • Ascott Residence Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.51%).
  • Ascott Residence Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.47%).
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:A68U 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 11 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 3.9%
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:A68U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.08 6.00
2020-12-31 0.07 11.00
2019-12-31 0.07 11.00
SGX:A68U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-28 0.072 6.126
2018-03-19 0.071 6.452
2018-01-25 0.071 5.989
2017-01-24 0.083 7.103
2016-01-25 0.080 7.080
2015-07-22 0.081 6.746
2015-01-21 0.082 6.435
2014-01-21 0.084 6.859
2013-01-23 0.088 6.759
2012-07-27 0.086 6.701
2012-01-19 0.085 7.910
2011-07-22 0.077 7.469
2011-04-21 0.062 5.209
2011-03-24 0.075 6.370
2011-01-21 0.075 6.360
2010-10-25 0.056 4.591
2010-07-26 0.071 6.022
2010-01-21 0.073 6.223
2009-07-24 0.071 6.943

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Ascott Residence Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1818.2x coverage).
X
Income/ dividend checks
We assess Ascott Residence 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 Ascott Residence Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ascott Residence 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.

A68U Management

 What is the CEO of Ascott Residence 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
Siew Kim Beh
COMPENSATION SGD0
AGE 47
TENURE AS CEO 1.9 years
CEO Bio

Ms. Siew Kim Beh has been the Chief Executive Officer of Ascott Residence Trust Management Limited (ARTML) at CapitaLand Limited since May 19, 2017. Ms. Beh served as Deputy Chief Executive Officer of Ascott Residence Trust Management Limited - Manager of Ascott Residence Trust from March 01, 2017 to May 19, 2017. Ms. Beh assists the Chief Executive Officer in all aspects of ARTML's business. She has over 23 years of experience in financial and corporate planning, development and compliance in real estate, as well as auditing in Singapore and Malaysia. Prior to joining ARTML on March 1, 2017, Ms. Beh served as the Financial Controller and Head of Corporate Planning & Compliance at CapitaLand China. She was responsible for the corporate planning, financial reporting, forecasting, capital management and compliance functions of CapitaLand China. As a member of the senior management team, Ms. Beh has been actively involved in deal analysis, investor relations, as well as private and institutional financing. In her 10 years with CapitaLand China, she has participated in the set up of private equity funds, acquisitions and divestment deals, including CapitaLand's high profile acquisition of Orient Overseas Developments Limited in 2010. Before joining CapitaLand, Ms. Beh held other finance and audit positions in SembCorp Industries Limited, Ernst & Young and Arthur Andersen. She served as Vice President of Group Reporting & Policies of Sembcorp Industries Ltd. She has been an Executive Non-Independent Director - Ascott Residence Trust Management Limited since May 19, 2017. She has been the Chief Executive Officer & Executive Non-Independent Director of Ascott Residence Trust Management Limited, the Manager of Ascott Residence Trust since May 1, 2017. She holds a Bachelor of Business from University of Tasmania, Australia and is also a Certified Public Accountant of the Institute of Singapore Chartered Accountants.

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

Average tenure of the Ascott Residence Trust management team in years:

2.5
Average Tenure
  • The tenure for the Ascott Residence Trust management team is about average.
Management Team

Siew Kim Beh

TITLE
CEO & Executive Non-Independent Director of Ascott Residence Trust Management Limited
AGE
47
TENURE
1.9 yrs

Siew Fong Kang

TITLE
Vice President of Finance - Ascott Residence Trust Management Limited

Chua Boon

TITLE
Head of Investment & Asset Management - Ascott Residence Trust Management Limited

Wei Kang

TITLE
Vice President Investor Relations & Asset Management

Joan Tan

TITLE
Vice President of Group Communications - Ascott Residence Trust Management Limited

Karen Chan

TITLE
Company Secretary of Ascott Residence Trust Management Limited
TENURE
2.5 yrs

Karen Chang

TITLE
Company Secretary of Ascott Residence Trust Management Limited
TENURE
2.5 yrs
Board of Directors Tenure

Average tenure and age of the Ascott Residence Trust board of directors in years:

2.6
Average Tenure
53
Average Age
  • The average tenure for the Ascott Residence Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bob Tan

TITLE
Chairman of Ascott Residence Trust Management Limited
COMPENSATION
SGD131K
AGE
66
TENURE
2.6 yrs

Siew Kim Beh

TITLE
CEO & Executive Non-Independent Director of Ascott Residence Trust Management Limited
AGE
47
TENURE
1.9 yrs

Chee Koon Lee

TITLE
Non-Executive Non-Independent Director of Ascott Residence Trust Management Limited
AGE
43
TENURE
5.8 yrs

Michael Gabriel Gabriel

TITLE
Independent Non-Executive Director of Ascott Residence Trust Management Limited
COMPENSATION
SGD96K
AGE
62
TENURE
2.6 yrs

Zulkifli Bin Baharudin

TITLE
Independent Non-Executive Director of Ascott Residence Trust Management Limited
COMPENSATION
SGD75K
AGE
58
TENURE
6.3 yrs

Elaine Young

TITLE
Independent Non-Executive Director of Ascott Residence Trust Management Limited
COMPENSATION
SGD105K
AGE
53
TENURE
2.6 yrs

Andrew Geoffrey Lim

TITLE
Non-Executive Non-Independent Director of Ascott Residence Trust Management Limited
AGE
48
TENURE
1.3 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)
X
Management checks
We assess Ascott Residence 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. Ascott Residence 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.

A68U News

Simply Wall St News

Could Ascott Residence Trust's (SGX:A68U) Investor Composition Influence The Stock Price?

If you want to know who really controls Ascott Residence Trust (SGX:A68U), then you'll have to look at the makeup of its share registry. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Ascott Residence Trust has a market capitalization of S$2.5b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Ascott Residence Trust (SGX:A68U): Immense Growth Potential?

Ascott Residence Trust's (SGX:A68U) announced its latest earnings update in December 2018, whicha

Simply Wall St -

What Kind Of Shareholder Owns Most Ascott Residence Trust (SGX:A68U) Stock?

The big shareholder groups in Ascott Residence Trust (SGX:A68U) have power over the company. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Ascott Residence Trust isn't enormous, but it's not particularly small either.

Simply Wall St -

How Should You Analyze REIT Stock Ascott Residence Trust (SGX:A68U)?

Ascott Residence Trust is a S$2.36b. … real estate investment trust (REIT) based in Singapore, Singapore. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St -

Is It Too Late To Buy Ascott Residence Trust (SGX:A68U)?

Ascott Residence Trust (SGX:A68U), a reits company based in Singapore,. … Let’s take a look at Ascott Residence Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … 7.07% below my intrinsic value, which means if you buy Ascott Residence Trust today, you’d be paying a

Simply Wall St -

Should You Invest In Ascott Residence Trust (SGX:A68U)?

Ascott Residence Trust is a S$2.38B mid-cap real estate investment trust (REIT) based in Singapore, Singapore. … Check out our latest analysis for Ascott Residence Trust REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … Next Steps: Ascott Residence Trust can bring diversification into your portfolio due to its unique REIT characteristics.

Simply Wall St -

Future Outlook Of The Real Estate Industry And Ascott Residence Trust (SGX:A68U)

Ascott Residence Trust (SGX:A68U), a S$2.42B small-cap, is a real estate company operating in an industry which remains the single largest sector globally, and has continued to play a key role in investor portfolios as an asset class. … Today, I will analyse the industry outlook, and also determine whether Ascott Residence Trust is a laggard or leader relative to its real estate sector peers. … As a future industry laggard in growth, Ascott Residence Trust may be a cheaper stock relative to its peers.

Simply Wall St -

Should You Buy Ascott Residence Trust (SGX:A68U) Now?

Let’s take a look at Ascott Residence Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … It’s trading around 3% above my intrinsic value, which means if you buy Ascott Residence Trust today, you’d be paying a relatively reasonable price for it. … Furthermore, it seems like Ascott Residence Trust’s share price is quite stable, which means there may be less chances to buy low in the future now that it’s fairly valued.

Simply Wall St -

Should You Expect Ascott Residence Trust (SGX:A68U) To Continue Delivering An ROE Of 7.02%?

Check out our latest analysis for Ascott Residence Trust Peeling the layers of ROE – trisecting a company’s profitability Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Ascott Residence Trust’s equity capital deployed. … Since Ascott Residence Trust’s return does not cover its cost, with a difference of -1.36%, this means its current use of equity is not efficient and not sustainable.

Simply Wall St -

Should Ascott Residence Trust (SGX:A68U) Be Part Of Your Dividend Portfolio?

Ascott Residence Trust (SGX:A68U) has returned to shareholders over the past 10 years, an average dividend yield of 8.00% annually. … See our latest analysis for Ascott Residence Trust 5 questions I ask before picking a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is their annual yield among the top 25% of dividend payers? … SGX:A68U Historical Dividend Yield Mar 30th 18 How does Ascott Residence Trust fare?

Simply Wall St -

A68U Company Info

Description

Ascott Reit was established with the objective of investing primarily in real estate and real estate-related assets which are income-producing and which are used or predominantly used, as serviced residences, rental housing properties and other hospitality assets. Ascott Reit’s asset size has grown to S$5.3 billion since it was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in March 2006. Ascott Reit’s international portfolio comprises 73 properties with 11,430 units in 37 cities across 14 countries in the Americas, Asia Pacific and Europe (as at 31 December 2018). Ascott Reit’s serviced residences are mostly operated under the Ascott, Citadines and Somerset brands. They are mainly located in key gateway cities such as Barcelona, Berlin, Brussels, Frankfurt, Guangzhou, Hanoi, Ho Chi Minh City, Jakarta, Kuala Lumpur, London, Manila, Melbourne, Munich, New York, Paris, Perth, Shanghai, Singapore and Tokyo. Ascott Reit is managed by Ascott Residence Trust Management Limited, an indirect wholly owned subsidiary of CapitaLand Limited, one of Asia’s largest real estate companies.

Details
Name: Ascott Residence Trust
A68U
Exchange: SGX
Founded: 2006
SGD2,607,070,845
2,172,559,038
Website: http://www.ascottreit.com
Address: Ascott Residence Trust
No. 30-01 Capital Tower,
168 Robinson Road,
Singapore,
068912,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX A68U Trust Units Singapore Exchange SG SGD 31. Mar 2006
OTCPK ACTR.F Trust Units Pink Sheets LLC US USD 31. Mar 2006
Number of employees
Current staff
Staff numbers
0
Ascott Residence Trust employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 12:42
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/04/15
Last earnings filing: 2019/03/12
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


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.