Manulife US Real Estate Investment Trust (“Manulife US REIT”) is the first pure-play U.S.
Moderate growth potential and slightly overvalued.
Share Price & News
How has Manulife US Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: BTOU has not had significant price volatility in the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: BTOU exceeded the SG REITs industry which returned 13.6% over the past year.
Return vs Market: BTOU exceeded the SG Market which returned -3.7% over the past year.
Price Volatility Vs. Market
How volatile is Manulife US Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 year ago | Simply Wall StDid An Insider Sell Their Shares In Manulife US Real Estate Investment Trust (SGX:BTOU)?
1 year ago | Simply Wall StWill Manulife US Real Estate Investment Trust (SGX:BTOU) Continue To Underperform Its Industry?
Is Manulife US Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BTOU ($1.02) is trading below our estimate of fair value ($1.36)
Significantly Below Fair Value: BTOU is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: BTOU is poor value based on its PE Ratio (30x) compared to the REITs industry average (15x).
PE vs Market: BTOU is poor value based on its PE Ratio (30x) compared to the SG market (13.5x).
Price to Earnings Growth Ratio
PEG Ratio: BTOU is poor value based on its PEG Ratio (1.6x)
Price to Book Ratio
PB vs Industry: BTOU is overvalued based on its PB Ratio (1.3x) compared to the SG REITs industry average (1x).
How is Manulife US Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BTOU's forecast earnings growth (18.5% per year) is above the savings rate (1.8%).
Earnings vs Market: BTOU's earnings (18.5% per year) are forecast to grow faster than the SG market (5.5% per year).
High Growth Earnings: BTOU's earnings are forecast to grow, but not significantly.
Revenue vs Market: BTOU's revenue (6.3% per year) is forecast to grow faster than the SG market (5.4% per year).
High Growth Revenue: BTOU's revenue (6.3% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: BTOU's Return on Equity is forecast to be low in 3 years time (7.2%).
How has Manulife US Real Estate Investment Trust performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: BTOU has high quality earnings.
Growing Profit Margin: BTOU's current net profit margins (26.7%) are lower than last year (44.6%).
Past Earnings Growth Analysis
Earnings Trend: BTOU's earnings have grown by 2.7% per year over the past 5 years.
Accelerating Growth: BTOU's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: BTOU had negative earnings growth (-26.3%) over the past year, making it difficult to compare to the REITs industry average (2.6%).
Return on Equity
High ROE: BTOU's Return on Equity (3.8%) is considered low.
How is Manulife US 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
Inventory Level: BTOU has a high level of physical assets or inventory.
Debt Coverage by Assets: BTOU's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: BTOU's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if BTOU has a sufficient allowance for bad loans.
Low Risk Liabilities: BTOU reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if BTOU has an acceptable proportion of non-loan assets held.
Low Risk Deposits: BTOU has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if BTOU has an appropriate level of bad loans.
What is Manulife US Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: BTOU's dividend (5.84%) is higher than the bottom 25% of dividend payers in the SG market (2.69%).
High Dividend: BTOU's dividend (5.84%) is in the top 25% of dividend payers in the SG market (5.66%)
Stability and Growth of Payments
Stable Dividend: BTOU has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: BTOU's dividend payments have increased, but the company has only paid a dividend for 3 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (115.3%), BTOU's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: BTOU's dividends in 3 years are not forecast to be well covered by earnings (106.2% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Jill Smith (65yo)
Ms. Jillian Avis Kathryn Smith, also known as Jill, serves as Chief Executive Officer of Manulife US Real Estate Management Pte. Ltd., the manager of Manulife US Real Estate Investment Trust. Ms. Smith ser ...
|Chief Executive Officer of Manulife US Real Estate Management Pte. Ltd.||0yrs||no data||no data|
|Chief Financial Officer of Manulife US Real Estate Management Pte. Ltd.||0.3yrs||no data||no data|
|Chief Investment Officer of Manulife US Real Estate Management Pte. Ltd.||2.1yrs||no data||no data|
|Head of Investor Relations - Manulife US Real Estate Management Pte. Ltd||0yrs||no data||no data|
|Head of Compliance - Manulife US Real Estate Management Pte. Ltd.||0yrs||no data||no data|
|Financial Controller of Manulife US Real Estate Mgmt. Pte Ltd||0yrs||no data||no data|
|Company Secretary of Manulife US Real Estate Management Pte. Ltd.||0.2yrs||no data||no data|
Experienced Management: BTOU's management team is not considered experienced ( 0.3 years average tenure), which suggests a new team.
|Non-Executive Director||1yrs||no data||no data|
|Independent Non-Executive Director of Manulife US Real Estate Management Pte. Ltd.||2.7yrs||US$46.43k||no data|
|Non-Executive Director of Manulife US Real Estate Management Pte. Ltd.||4.9yrs||no data||no data|
|Chairman of the Board of Manulife US Real Estate Management Pte. Ltd.||0yrs||US$85.00k||0.063% $1.0m|
|Lead Independent Director of Manulife US Real Estate Management Pte. Ltd.||0yrs||US$80.00k||no data|
|Independent Non-Executive Director of Manulife US Real Estate Management Pte. Ltd.||4.7yrs||US$85.00k||0.028% $452.2k|
|Independent Non-Executive Director of Manulife US Real Estate Management Pte. Ltd.||0.3yrs||no data||no data|
Experienced Board: BTOU's board of directors are not considered experienced ( 2.7 years average tenure), which suggests a new board.
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 19.4%.
Manulife US Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
- Name: Manulife US Real Estate Investment Trust
- Ticker: BTOU
- Exchange: SGX
- Industry: Office REITs
- Sector: Real Estate
- Market Cap: US$1.600b
- Shares outstanding: 1.57b
- Website: https://www.manulifeusreit.sg
Number of Employees
- Manulife US Real Estate Investment Trust
- No. 16-03, Manulife Tower
- 8 Cross Street
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|BTOU||SGX (Singapore Exchange)||Yes||Units||SG||USD||May 2016|
Manulife US Real Estate Investment Trust (“Manulife US REIT”) is the first pure-play U.S. office REIT listed in Asia. It is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States (“U.S.”), as well as real estate-related assets. Manulife US REIT’s portfolio comprises nine prime, freehold and Trophy or Class A quality office properties strategically located in California, Atlanta, New Jersey and Washington D.C. Metro Area. The current portfolio valued at US$2.1 billion, has an aggregate Net Lettable Area of 4.7 million sq ft and an occupancy rate of 95.8% as at 31 December 2019.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/02/25 13:08|
|End of Day Share Price||2020/02/25 00:00|
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.