SGX:CRPU

Stock Analysis Report

Sasseur Real Estate Investment Trust

Executive Summary

Sasseur Real Estate Investment Trust invests in a portfolio of real estate and related assets.


Snowflake Analysis

Good value average dividend payer.

Share Price & News

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


Latest Share Price and Events

Stable Share Price: CRPU's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

3.4%

CRPU

8.0%

SG REITs

4.8%

SG Market


1 Year Return

-20.6%

CRPU

-15.2%

SG REITs

-23.8%

SG Market

Return vs Industry: CRPU underperformed the SG REITs industry which returned -17.8% over the past year.

Return vs Market: CRPU exceeded the SG Market which returned -24.8% over the past year.


Shareholder returns

CRPUIndustryMarket
7 Day3.4%8.0%4.8%
30 Day-23.1%-22.4%-20.5%
90 Day-31.3%-22.3%-23.5%
1 Year-13.9%-20.6%-10.2%-15.2%-20.5%-23.8%
3 Yearn/a13.5%-5.6%-17.1%-26.0%
5 Yearn/a21.9%-12.1%-15.4%-29.8%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CRPU (SGD0.62) is trading below our estimate of fair value (SGD2.36)

Significantly Below Fair Value: CRPU is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CRPU is good value based on its PE Ratio (5.8x) compared to the REITs industry average (10.3x).

PE vs Market: CRPU is good value based on its PE Ratio (5.8x) compared to the SG market (10.1x).


Price to Earnings Growth Ratio

PEG Ratio: CRPU's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: CRPU is overvalued based on its PB Ratio (0.7x) compared to the SG REITs industry average (0.7x).


Next Steps

Future Growth

How is Sasseur Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-18.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CRPU's earnings are forecast to decline over the next 3 years (-18.9% per year).

Earnings vs Market: CRPU's earnings are forecast to decline over the next 3 years (-18.9% per year).

High Growth Earnings: CRPU's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CRPU's revenue (5.7% per year) is forecast to grow faster than the SG market (4.1% per year).

High Growth Revenue: CRPU's revenue (5.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CRPU's Return on Equity is forecast to be low in 3 years time (7%).


Next Steps

Past Performance

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

-44.1%

Last years earnings growth


Earnings and Revenue History

Quality Earnings: CRPU has a large one-off gain of SGD95.1M impacting its December 31 2019 financial results.

Growing Profit Margin: CRPU's current net profit margins are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: Insufficient data to determine if CRPU's year-on-year earnings growth rate was positive over the past 5 years.

Accelerating Growth: CRPU's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CRPU had negative earnings growth (-44.1%) over the past year, making it difficult to compare to the REITs industry average (4.4%).


Return on Equity

High ROE: CRPU's Return on Equity (11.8%) is considered low.


Next Steps

Financial Health

How is Sasseur 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: CRPU has a high level of physical assets or inventory.

Debt Coverage by Assets: CRPU's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

10.62%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CRPU's dividend (10.62%) is higher than the bottom 25% of dividend payers in the SG market (3.26%).

High Dividend: CRPU's dividend (10.62%) is in the top 25% of dividend payers in the SG market (7.22%)


Stability and Growth of Payments

Stable Dividend: CRPU has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: CRPU's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (83.7%), CRPU's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CRPU's dividends in 3 years are forecast to be covered by earnings (99.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.5yrs

Average management tenure


CEO

Anthony Ang (64yo)

no data

Tenure

Mr. Meng Huat Ang, also known as Anthony, has been an Independent Director of Heatec Jietong Holdings Ltd. since April 17, 2017. He serves as a Venture Partner at iGlobe Partners. Mr. Ang currently serves  ...


Leadership Team

NamePositionTenureCompensationOwnership
Meng Huat Ang
Chief Executive Officer of Sasseur Asset Management Pte. Ltd.no datano data0.042% SGD307.5k
Leong Jaslyn
Financial Controller of Sasseur Asset Management Pte. Ltd.0.83yrno datano data
Hian Chin Chew
Chief Operating Officer of Sasseur Asset Management Pte. Ltd.0.50yrno datano data
Xiang Ting Soh
Account of Sasseur Asset Management Pte. Ltdno datano datano data
Chay Floren
Senior Manager of Admin & HR and PA to CEO of Sasseur Asset Management Pte. Ltdno datano datano data
Siew Lu Wong
Head of Investor Relations & Corporate Affairs of Sasseur Asset Management Pte Ltdno datano datano data
Hsing Yuen Cheng
Director of Asset Management of Sasseur Asset Management Pte. Ltdno datano datano data
Jun Xu
Chief Executive Officer of Sasseur Groupno datano datano data
Lay Hong Tan
Joint Company Secretary of Sasseur Asset Management Pte. Ltd.0.42yrno datano data
Form Po Cho
Joint Company Secretary of Sasseur Asset Management Pte. Ltd.0.42yrno datano data

0.5yrs

Average Tenure

Experienced Management: CRPU's management team is not considered experienced ( 0.5 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Mario Boselli
Independent Director of Sasseur Asset Management Pte. Ltd.2.33yrsno datano data
Heng Tan Cheng
Independent Non-Executive Director of Sasseur Asset Management Pte. Ltd.2.33yrsno data0.029% SGD215.3k
Geng Wu
Independent Director of Sasseur Asset Management Pte. Ltd.2.33yrsno data0.010% SGD76.9k
Jun Wang
Non-Executive Director of Sasseur Asset Management Pte. Ltd.2.33yrsno datano data
Yimin Zhou
Non-Executive Director of Sasseur Asset Management Pte. Ltd.2.33yrsno datano data
Rongcan Xu
Chairman of Sasseur Asset Management Pte. Ltd.no datano datano data
Xue Yang
Non-Executive Director of Sasseur Asset Management Pte. Ltd.2.33yrsno data0.039% SGD286.0k
Qingyang Gu
Lead Independent Director of Sasseur Asset Management Pte. Ltd.no datano data0.026% SGD192.2k

2.3yrs

Average Tenure

55yo

Average Age

Experienced Board: CRPU's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: CRPU insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: Sasseur Real Estate Investment Trust
  • Ticker: CRPU
  • Exchange: SGX
  • Founded: 2017
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$737.187m
  • Shares outstanding: 1.20b
  • Website: https://www.sasseurreit.com

Location

  • Sasseur Real Estate Investment Trust
  • 7 Temasek Boulevard
  • No. 06-05, Suntec Tower One
  • Singapore
  • 38987
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CRPUSGX (Singapore Exchange)YesTrust unitsSGSGDMar 2018

Biography

Sasseur Real Estate Investment Trust invests in a portfolio of real estate and related assets. The company operates through four segments: Chongqing Outlets, Bishan Outlets, Hefei Outlets, and Kunming Outlets. Its property portfolio comprises four retail outlet malls covering a gross floor area of 371,603.3 square meters located in the People’s Republic of China. The company was incorporated in 2017 and is based in Singapore. Sasseur Real Estate Investment Trust is a subsidiary of Sasseur Cayman Holding II. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/27 13:35
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.