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Keppel-KBS US REIT

SGX:CMOU
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CMOU
SGX
$609M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Listed on 9 November 2017 on the mainboard of the Singapore Exchange Securities Trading Limited, Keppel-KBS US REIT (KORE) is a distinctive office REIT with properties located in key growth markets of the United States (US). The last earnings update was 5 days ago. More info.


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CMOU Share Price and Events
7 Day Returns
0.7%
SGX:CMOU
-1.1%
SG REITs
0.3%
SG Market
1 Year Returns
-16.4%
SGX:CMOU
2.4%
SG REITs
-6.2%
SG Market
CMOU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Keppel-KBS US REIT (CMOU) 0.7% 6.5% 13.8% -16.4% - -
SG REITs -1.1% 0.4% 4.8% 2.4% 13.4% 11.6%
SG Market 0.3% 3.1% 3.7% -6.2% 8.5% -3%
1 Year Return vs Industry and Market
  • CMOU underperformed the REITs industry which returned 2.4% over the past year.
  • CMOU underperformed the Market in Singapore which returned -6.2% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Keppel-KBS US REIT 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 Keppel-KBS US REIT 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 Keppel-KBS US REIT.

SGX:CMOU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 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:CMOU
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))
= 0.538 (1 + (1- 17%) (69.66%))
0.899
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.9
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.899 * 5.96%)
7.66%

Discounted Cash Flow Calculation for SGX:CMOU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Keppel-KBS US REIT 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.

SGX:CMOU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.66%)
2019 67.90 Est @ 14.45% 63.07
2020 75.24 Est @ 10.81% 64.91
2021 81.45 Est @ 8.26% 65.27
2022 86.72 Est @ 6.47% 64.55
2023 91.25 Est @ 5.22% 63.09
2024 95.21 Est @ 4.34% 61.14
2025 98.77 Est @ 3.73% 58.91
2026 102.03 Est @ 3.3% 56.53
2027 105.09 Est @ 3% 54.08
2028 108.03 Est @ 2.79% 51.64
Present value of next 10 years cash flows $603.19
SGX:CMOU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $108.03 × (1 + 2.3%) ÷ (7.66% – 2.3%)
$2,062.55
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,062.55 ÷ (1 + 7.66%)10
$985.84
SGX:CMOU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $603.19 + $985.84
$1,589.03
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,589.03 / 823.49
$1.93
SGX:CMOU Discount to Share Price
Calculation Result
Value per share (USD) From above. $1.93
Current discount Discount to share price of $0.74
= -1 x ($0.74 - $1.93) / $1.93
61.7%

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

Current Discount
Amount off the current price Keppel-KBS US REIT is available for.
Intrinsic value
>50%
Share price is $0.74 vs Future cash flow value of $1.93
Current Discount Checks
For Keppel-KBS US REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Keppel-KBS US REIT's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Keppel-KBS US REIT's share price is below the future cash flow value, and 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 Keppel-KBS US REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Keppel-KBS US REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:CMOU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.05
SGX:CMOU Share Price ** SGX (2019-04-18) in USD $0.74
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.18x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.23x

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

** Primary Listing of Keppel-KBS US REIT.

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

= SGX:CMOU Share Price ÷ EPS (both in USD)

= 0.74 ÷ 0.05

15.21x

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

  • Keppel-KBS US REIT is overvalued based on earnings compared to the SG REITs industry average.
  • Keppel-KBS US REIT is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Keppel-KBS US REIT's expected growth come at a high price?
Raw Data
SGX:CMOU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.21x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
7.8%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.21x ÷ 7.8%

1.96x

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

  • Keppel-KBS US REIT is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Keppel-KBS US REIT's assets?
Raw Data
SGX:CMOU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $0.78
SGX:CMOU Share Price * SGX (2019-04-18) in USD $0.74
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:CMOU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:CMOU Share Price ÷ Book Value per Share (both in USD)

= 0.74 ÷ 0.78

0.94x

* Primary Listing of Keppel-KBS US REIT.

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

  • Keppel-KBS US REIT is good value based on assets compared to the SG REITs industry average.
X
Value checks
We assess Keppel-KBS US REIT'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. Keppel-KBS US REIT has a total score of 3/6, 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.

Future Performance

 How is Keppel-KBS US REIT expected to perform in the next 1 to 3 years based on estimates from 2 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
7.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Keppel-KBS US REIT expected to grow at an attractive rate?
  • Keppel-KBS US REIT's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Keppel-KBS US REIT's earnings growth is expected to exceed the Singapore market average.
  • Keppel-KBS US REIT's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:CMOU Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:CMOU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 7.8%
SGX:CMOU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 8.7%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.1%
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:CMOU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:CMOU Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 127 56 50 2
2020-12-31 123 53 48 2
2019-12-31 118 50 47 2
SGX:CMOU Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 90 59 36
2018-12-31 85 49 42
2017-06-30 83 21
2017-03-31 82 20
2016-12-31 80 39 18

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Keppel-KBS US REIT's earnings are expected to grow by 7.8% yearly, however this is not considered high growth (20% yearly).
  • Keppel-KBS US REIT's revenue is expected to grow by 8.7% 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:CMOU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Keppel-KBS US REIT Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:CMOU Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.06 0.06 0.06 1.00
2020-12-31 0.06 0.06 0.05 2.00
2019-12-31 0.06 0.07 0.05 2.00
SGX:CMOU Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.05
2018-12-31 0.06
2017-06-30 0.03
2017-03-31 0.03
2016-12-31 0.03

*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.
  • Keppel-KBS US REIT is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Keppel-KBS US REIT'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.
Keppel-KBS US REIT has a total score of 3/6, 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.

Past Performance

  How has Keppel-KBS US REIT 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 Keppel-KBS US REIT'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.
  • Keppel-KBS US REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • Keppel-KBS US REIT's 1-year earnings growth is less than its 5-year average (12.5% vs 36.2%)
  • Keppel-KBS US REIT's earnings growth has exceeded the SG REITs industry average in the past year (12.5% vs 5.9%).
Earnings and Revenue History
Keppel-KBS US REIT'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 Keppel-KBS US REIT Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:CMOU Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 90.47 35.85 1.94
2018-12-31 84.73 42.41 2.06
2017-06-30 83.39 21.35 3.10
2017-03-31 81.73 19.83 3.07
2016-12-31 80.07 18.30 3.03
2015-12-31 75.08 13.50 2.89
2014-12-31 68.94 5.54 2.76

*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.
  • Keppel-KBS US REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Keppel-KBS US REIT used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • Unable to establish if Keppel-KBS US REIT improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Keppel-KBS US REIT'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.
Keppel-KBS US REIT has a total score of 2/6, 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.

Health

 How is Keppel-KBS US REIT'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 Keppel-KBS US REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Keppel-KBS US REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Keppel-KBS US REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Keppel-KBS US REIT'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 0.1x 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 Keppel-KBS US REIT Company Filings, last reported 3 weeks ago.

SGX:CMOU Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 646.41 424.48 30.87
2018-12-31 657.98 372.98 40.61
2017-06-30 525.83 288.17 29.00
2017-03-31 525.83 288.17 29.00
2016-12-31 525.83 288.17 29.00
2015-12-31
2014-12-31
  • Keppel-KBS US REIT's level of debt (65.7%) compared to net worth is high (greater than 40%).
  • Unable to establish if Keppel-KBS US REIT's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (14%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Keppel-KBS US REIT'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. Keppel-KBS US REIT 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.

Dividends

 What is Keppel-KBS US REIT'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
6.49%
Current annual income from Keppel-KBS US REIT dividends. Estimated to be 8.12% next year.
If you bought $2,000 of Keppel-KBS US REIT shares you are expected to receive $130 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?
  • Keppel-KBS US REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Keppel-KBS US REIT's dividend is above the markets top 25% of dividend payers in Singapore (5.46%).
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:CMOU 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 2 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:CMOU Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.06 3.00
2020-12-31 0.06 3.00
2019-12-31 0.06 3.00
SGX:CMOU Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-01-24 0.048 6.984
2018-07-17 0.060 8.718

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

  • It is too early to tell whether Keppel-KBS US REIT has stable dividend payments.
  • Keppel-KBS US REIT only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Keppel-KBS US REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Keppel-KBS US REIT'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 Keppel-KBS US REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Keppel-KBS US REIT has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Keppel-KBS US REIT'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
David Snyder
AGE 46
CEO Bio

Mr. David Eric Snyder, CPA served as the Chief Financial Officer of KBS Real Estate Investment Trust II, Inc. since December 2008. Mr. Snyder served as Chief Financial Officer, Treasurer and Secretary of KBS Strategic Opportunity Reit II, Inc. and KBS Strategic Opportunity REIT, Inc. from February 2013 to June 11, 2015. Mr. Snyder served as the Chief Financial Officer, Treasurer and Secretary of KBS Legacy Partners Apartment REIT, Inc. Mr. Snyder served as Chief Financial Officer of KBS Capital Advisors, LLC. He served as Chief Financial Officer of KBS Real Estate Investment Trust Inc. from December 2, 2008 to June 11, 2015. Mr. Snyder served as Controller of Nationwide Health Properties Inc. from January 1998 to February 29, 2008 and served as its Vice President from July 27, 2005 to February 29, 2008. At Nationwide Health Properties, Mr. Snyder was responsible for internal and external financial reporting, Sarbanes-Oxley compliance, budgeting, debt compliance, negotiation and documentation of debt and equity financing and the negotiation of acquisition and leasing documentation. In addition, Mr. Snyder was part of the senior management team that approved investments, determined appropriate financing and developed strategic goals and plans. As part of his investment and financing responsibilities, Mr. Snyder participated in the origination, modification and refinancing of: mortgage loans made to customers, mortgages obtained on real estate and unsecured credit facilities. Mr. Snyder has over 15 years of financial/accounting experience, 14 of which have been in the real estate industry. He served as Director of Financial Reporting at Regency Health Services, Inc. from November 1996 to December 1997. From October 1993 to October 1996, Mr. Snyder was Senior Accountant at Arthur Andersen LLP (Arthur Anderson & Co.). He was an Adjunct Professor of Accounting at Biola University from 1998 to 2005. Mr. Snyder also taught accounting and auditing on an adjunct basis at Biola University for seven years. Mr. Snyder is a Certified Public Accountant. He graduated Magna Cum Laude from Biola University in La Mirada, Calif., with a BA in Business Administration with a concentration in Accounting.

CEO Compensation
  • Insufficient data for David to compare compensation growth.
  • Insufficient data for David to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team

David Snyder

TITLE
CEO & Chief Investment Officer
AGE
46

Andy Gwee

TITLE
Chief Financial Officer of Keppel-KBS US REIT Management Pte. Ltd
AGE
42

Grace Chia

TITLE
Head of Investor Relations of Keppel-KBS US REIT Management Pte. Ltd
AGE
38

Kelvin Chua

TITLE
Company Secretary of Keppel-KBS US REIT Management Pte. Ltd
Board of Directors Tenure

Average tenure and age of the Keppel-KBS US REIT board of directors in years:

1.5
Average Tenure
53
Average Age
  • The average tenure for the Keppel-KBS US REIT board of directors is less than 3 years, this suggests a new board.
Board of Directors

Peter McMillan

TITLE
Chairman of Keppel-KBS US REIT Management Pte. Ltd
COMPENSATION
$75K
AGE
61

Hee Soong

TITLE
Independent Non-Executive Director of Keppel-Kbs Us Reit Management Pte. Ltd
COMPENSATION
$69K
AGE
59
TENURE
1.5 yrs

Kenneth Tan

TITLE
Independent Non-Executive Director of Keppel-Kbs Us Reit Management Pte. Ltd
COMPENSATION
$60K
AGE
44
TENURE
1.5 yrs

John Ahn

TITLE
Independent Non-Executive Director of Keppel-Kbs Us Reit Management Pte. Ltd
COMPENSATION
$60K
AGE
53
TENURE
1.5 yrs

Paul Tham

TITLE
Independent Non-Executive Director of Keppel-Kbs Us Reit Management Pte. Ltd
COMPENSATION
$60K
AGE
36
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
01. Apr 19 Sell DBS Group Holdings Limited, Asset Management Arm Company 25. Mar 19 25. Mar 19 -700,000 $0.69 $-485,002
18. Feb 19 Sell DBS Group Holdings Limited, Asset Management Arm Company 11. Feb 19 11. Feb 19 -550,100 $0.67 $-369,854
X
Management checks
We assess Keppel-KBS US REIT'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. Keppel-KBS US REIT 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.

News

Simply Wall St News

Company Info

Description

Listed on 9 November 2017 on the mainboard of the Singapore Exchange Securities Trading Limited, Keppel-KBS US REIT (KORE) is a distinctive office REIT with properties located in key growth markets of the United States (US). KORE’s investment strategy is to principally invest in a diversified portfolio of income-producing commercial and real estate-related assets in key growth markets of the US with favourable economic and office fundamentals that are above the national average, so as to provide sustainable distributions and strong total returns for Unitholders. KORE’s portfolio comprises a balanced mix of 13 quality freehold properties across seven key growth markets across the US. With an aggregate NLA of approximately 4.3 million square feet, these quality properties have a diversified tenant base led by tenants in the growth and defensive sectors such as technology, finance and insurance, professional services, as well as medical and healthcare. The assets in the West Coast are The Plaza Buildings, Bellevue Technology Center and The Westpark Portfolio, located in Seattle, Washington; as well as Iron Point in Sacramento, California. In the Central region, the assets are Westmoor Center in Denver, Colorado; Great Hills Plaza and Westech 360 in Austin, Texas; as well as 1800 West Loop South and West Loop I & II in Houston, Texas. In the East Coast, KORE owns Powers Ferry and Northridge Center I & II in Atlanta, Georgia; as well as Maitland Promenade I and Maitland Promenade II in Orlando, Florida. KORE is managed by Keppel-KBS US REIT Management Pte. Ltd., which is jointly owned by two Sponsors, Keppel Capital Holdings Pte. Ltd. and KBS Pacific Advisors Pte. Ltd.

Details
Name: Keppel-KBS US REIT
CMOU
Exchange: SGX
Founded: 2017
$609,382,318
823,489,620
Website: http://www.kepkbsusreit.com
Address: Keppel-KBS US REIT
Keppel Bay Tower,
Level 2,
Singapore,
098632,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX CMOU Common Units Singapore Exchange SG USD 09. Nov 2017
Number of employees
Current staff
Staff numbers
6
Keppel-KBS US REIT employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 13:05
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/04/16
Last earnings reported: 2019/03/31
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.