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Sasseur Real Estate Investment Trust

SGX:CRPU
Snowflake Description

Undervalued with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CRPU
SGX
SGD951M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Sasseur REIT is the first outlet mall REIT to be listed in Asia. The last earnings update was 21 days ago. More info.


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CRPU Share Price and Events
7 Day Returns
-0.6%
SGX:CRPU
-1.1%
SG REITs
0.3%
SG Market
1 Year Returns
-0.6%
SGX:CRPU
2.4%
SG REITs
-6.2%
SG Market
CRPU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sasseur Real Estate Investment Trust (CRPU) -0.6% 8.2% 20.5% -0.6% - -
SG REITs -1.1% -0.1% 4.9% 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
  • CRPU underperformed the REITs industry which returned 2.4% over the past year.
  • CRPU outperformed the Market in Singapore which returned -6.2% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Sasseur Real Estate Investment 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 Sasseur Real Estate Investment 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 Sasseur Real Estate Investment Trust.

SGX:CRPU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
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:CRPU
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%) (51.88%))
0.846
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.846 * 5.96%)
7.34%

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

The calculations below outline how an intrinsic value for Sasseur Real Estate Investment 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.

SGX:CRPU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 7.34%)
2019 131.90 Analyst x1 122.88
2020 121.20 Analyst x1 105.18
2021 129.50 Analyst x1 104.70
2022 123.82 Est @ -4.39% 93.26
2023 120.87 Est @ -2.38% 84.81
2024 119.70 Est @ -0.97% 78.24
2025 119.71 Est @ 0.01% 72.89
2026 120.54 Est @ 0.7% 68.38
2027 121.96 Est @ 1.18% 64.45
2028 123.81 Est @ 1.52% 60.95
Present value of next 10 years cash flows SGD855.76
SGX:CRPU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD123.81 × (1 + 2.3%) ÷ (7.34% – 2.3%)
SGD2,512.95
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD2,512.95 ÷ (1 + 7.34%)10
SGD1,237.17
SGX:CRPU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD855.76 + SGD1,237.17
SGD2,092.93
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,092.93 / 1,188.95
SGD1.76
SGX:CRPU Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD1.76
Current discount Discount to share price of SGD0.80
= -1 x (SGD0.80 - SGD1.76) / SGD1.76
54.8%

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

Current Discount
Amount off the current price Sasseur Real Estate Investment Trust is available for.
Intrinsic value
>50%
Share price is SGD0.8 vs Future cash flow value of SGD1.76
Current Discount Checks
For Sasseur Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sasseur Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sasseur Real Estate Investment Trust'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 Sasseur Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sasseur Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:CRPU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.19
SGX:CRPU Share Price ** SGX (2019-04-22) in SGD SGD0.8
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.52x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.26x

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

** Primary Listing of Sasseur Real Estate Investment Trust.

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

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

= 0.8 ÷ 0.19

4.16x

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

  • Sasseur Real Estate Investment Trust is good value based on earnings compared to the SG REITs industry average.
  • Sasseur Real Estate Investment Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Sasseur Real Estate Investment Trust's expected growth come at a high price?
Raw Data
SGX:CRPU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.16x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-22.3%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:CRPU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.16x ÷ -22.3%

-0.19x

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

  • Sasseur Real Estate Investment Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Sasseur Real Estate Investment Trust's assets?
Raw Data
SGX:CRPU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD0.91
SGX:CRPU Share Price * SGX (2019-04-22) in SGD SGD0.8
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:CRPU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.8 ÷ 0.91

0.87x

* Primary Listing of Sasseur Real Estate Investment Trust.

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

  • Sasseur Real Estate Investment Trust is good value based on assets compared to the SG REITs industry average.
X
Value checks
We assess Sasseur Real Estate Investment 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. Sasseur Real Estate Investment Trust has a total score of 5/6, 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 Sasseur Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 3 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
-22.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sasseur Real Estate Investment Trust expected to grow at an attractive rate?
  • Sasseur Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Sasseur Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Sasseur Real Estate Investment Trust's revenues are expected to decrease over the next 1-3 years, this is below the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:CRPU Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:CRPU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -22.3%
SGX:CRPU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -2.6%
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 5.9%
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:CRPU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:CRPU Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 142 109 80 3
2020-12-31 134 104 75 3
2019-12-31 125 106 71 3
SGX:CRPU Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 181 159 226
2017-09-30 119 60
2016-12-31 89 59 27

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sasseur Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Sasseur Real Estate Investment Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:CRPU 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 3 Analyst Estimates (S&P Global) See Below

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

SGX:CRPU Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.07 0.07 0.06 3.00
2020-12-31 0.06 0.06 0.06 3.00
2019-12-31 0.06 0.06 0.06 3.00
SGX:CRPU Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.19
2017-09-30 0.05
2016-12-31

*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.
  • Sasseur Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sasseur Real Estate Investment 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.
Sasseur Real Estate Investment 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.

Past Performance

  How has Sasseur Real Estate Investment 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 Sasseur Real Estate Investment 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.
  • Unable to establish if Sasseur Real Estate Investment Trust's year on year earnings growth rate was positive over the past 5 years as it has been trading publicly for less than 3 years.
  • Unable to compare Sasseur Real Estate Investment Trust's 1-year earnings growth to the 5-year average as it has been trading publicly for less than 3 years.
  • Sasseur Real Estate Investment Trust's earnings growth has exceeded the SG REITs industry average in the past year (142.5% vs 5.9%).
Earnings and Revenue History
Sasseur Real Estate Investment 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 Sasseur Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:CRPU Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 180.81 225.63 15.06
2017-09-30 119.30 59.64 2.06
2016-12-31 89.40 27.27 13.78

*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.
  • Sasseur Real Estate Investment Trust has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Sasseur Real Estate Investment Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Unable to establish if Sasseur Real Estate Investment Trust 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 Sasseur Real Estate Investment 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.
Sasseur Real Estate Investment Trust has a total score of 3/6, 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 Sasseur Real Estate Investment 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 Sasseur Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sasseur Real Estate Investment Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sasseur Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sasseur Real Estate Investment 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 0.5x 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 Sasseur Real Estate Investment Trust Company Filings, last reported 3 months ago.

SGX:CRPU Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,073.97 493.43 195.13
2017-09-30 921.28 534.19 108.83
2016-12-31 921.28 527.25 67.93
  • Sasseur Real Estate Investment Trust's level of debt (45.9%) compared to net worth is high (greater than 40%).
  • Unable to establish if Sasseur Real Estate Investment Trust's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (32.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.2x coverage).
X
Financial health checks
We assess Sasseur Real Estate Investment 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. Sasseur Real Estate Investment Trust has a total score of 3/6, 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 Sasseur Real Estate Investment 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
8.91%
Current annual income from Sasseur Real Estate Investment Trust dividends. Estimated to be 8.49% next year.
If you bought SGD2,000 of Sasseur Real Estate Investment Trust shares you are expected to receive SGD178 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?
  • Sasseur Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Sasseur Real Estate Investment Trust'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:CRPU 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 3 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:CRPU Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.07 3.00
2020-12-31 0.07 4.00
2019-12-31 0.06 4.00
SGX:CRPU Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-01 0.071 8.878
2019-02-18 0.071 9.511
2018-08-06 0.061 8.839

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

  • It is too early to tell whether Sasseur Real Estate Investment Trust has stable dividend payments.
  • Sasseur Real Estate Investment Trust only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Sasseur Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (6.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Sasseur Real Estate Investment 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 Sasseur Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sasseur Real Estate Investment Trust 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 Sasseur Real Estate Investment 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
Anthony Ang
AGE 63
CEO Bio

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 as Singapore’s Non-Resident Ambassador to the Republic of Tunisia. Mr. Ang is Chief Executive Officer of Sasseur Asset Management Pte. Ltd., manager of Sasseur Real Estate Investment Trust. Mr. Ang serves as an Advisor to the ARA Group. He was Executive Director of Ara Asset Management (Fortune) Limited since 2010. He served as the Chief Executive Officer at ARA Asset Management Limited, the manager of Fortune Real Estate Investment Trust until February 3, 2015. He has over 28 years of experience in international marketing and business development, general and operational management in manufacturing, venture capital and real estate fund management. He served as a Responsible Officer of ARA Asset Management (Prosperity) Limited - Manager of Prosperity REIT. He served as the Chief Executive Officer of ARA Managers (Asia Dragon) Pte. Ltd. He served as the Chief Executive Officer of Ara Asset Management (Fortune) Limited. He served as a Group General Manager of Armstrong Industrial Corp. Ltd. from 1993 to 1999 and was responsible for its business development and marketing activities. He joined Armstrong Industrial Corporation Limited in 1993. He served as a Senior Vice President of Vertex Management Pte. Ltd. from 2000 to 2001 and Executive Vice President of GIC Real Estate Pte Ltd. from 2001 to 2002, where he was responsible for all corporate developments and services for GICRE's worldwide operations. He served as an Executive Director of ARA Private Real Estate Funds of ARA Asset Management Limited at Fortune Real Estate Investment Trust since February 2015 until January 1, 2017. He served as an Executive Director of Armstrong Industrial Corporation Limited since March 31, 2000. He served as an Executive Director of Majulah Connection Limited from 2003 to 2005. He started his career with the Singapore Economic Development Board, where he served for 14 years, including 6 years in the USA as the Regional Director of their North American Operations. He served as a Director of Special Projects at National Science & Technology Board (now A*Star). He has been Lead Independent Director and Director of Europtronic Group Ltd. since May 1, 2015. He has been Independent Non-Executive Director at Yong Tai Berhad since January 15, 2016 and Bursa Malaysia. He serves as an Independent Director of E3 Holdings Ltd. and ARA Asia Dragon Limited. He served as an Independent & Non-Executive Director of E3 Holdings Ltd. since August 10, 2005 and Ei-nets Ltd. since August 10, 2005. He served as a Director of Am ARA REIT Managers Sdn Bhd since August 1, 2014 until January 28, 2016. He served as an Active Council Member of the Singapore Manufacturer Association (now Singapore Confederation of Industry) and a Member of the French Singapore Business Association. He was a Founding Member of the Singapore American Business Association (SABA based in San Francisco). Mr. Ang currently serves on the school advisory council of Bukit Panjang Government High School. He is a Fellow of the Chartered Management Institute, United Kingdom. Mr. Ang holds a Master of Business Administration degree from European Institution of Business Administration (INSEAD), France in 1982 and B.Sc. in Mechanical Engineering first class honors degree from the Imperial College of London University, United Kingdom in 1978.

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

Average tenure of the Sasseur Real Estate Investment Trust management team in years:

1
Average Tenure
  • The average tenure for the Sasseur Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

Anthony Ang

TITLE
Chief Executive Officer of Sasseur Asset Management Pte. Ltd.
AGE
63

Fred Chee

TITLE
Chief Financial Officer of Sasseur Asset Management Pte. Ltd
TENURE
0.8 yrs

Ken Chew

TITLE
Chief Investment Officer of Sasseur Asset Management Pte. Ltd.
AGE
52

Xiang Ting Soh

TITLE
Account of Sasseur Asset Management Pte. Ltd

Chay Floren

TITLE
Senior Manager of Admin & HR and PA to CEO of Sasseur Asset Management Pte. Ltd

Siew Lu Wong

TITLE
Investor Relations & Corporate Affairs Manager of Sasseur Asset Management Pte Ltd

Hsing Yuen Cheng

TITLE
Director of Asset Management of Sasseur Asset Management Pte. Ltd

Victor Lai

TITLE
Company Secretary of Sasseur Asset Management Pte. Ltd.
TENURE
1 yrs

Angela Toh

TITLE
Company Secretary of Sasseur Asset Management Pte. Ltd.
TENURE
1 yrs

Jim Xu

TITLE
Chief Executive Officer of Sasseur Group
Board of Directors Tenure

Average tenure and age of the Sasseur Real Estate Investment Trust board of directors in years:

1.4
Average Tenure
54
Average Age
  • The average tenure for the Sasseur Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Vito Xu

TITLE
Chairman of Sasseur Asset Management Pte. Ltd.
AGE
52

Qingyang Gu

TITLE
Lead Independent Director of Sasseur Asset Management Pte. Ltd.
AGE
56

Heng Tan Cheng

TITLE
Independent Non-Executive Director of Sasseur Asset Management Pte. Ltd.
AGE
67
TENURE
1.4 yrs

Xue Yang

TITLE
Non-Executive Director of Sasseur Asset Management Pte. Ltd.
AGE
35
TENURE
1.4 yrs

Jun Wang

TITLE
Non-Executive Director of Sasseur Asset Management Pte. Ltd.
AGE
40
TENURE
1.4 yrs

Yimin Zhou

TITLE
Non-Executive Director of Sasseur Asset Management Pte. Ltd.
AGE
59
TENURE
1.4 yrs

Mario Boselli

TITLE
Independent Director of Sasseur Asset Management Pte. Ltd.
AGE
76
TENURE
1.4 yrs

Geng Wu

TITLE
Independent Director of Sasseur Asset Management Pte. Ltd.
AGE
46
TENURE
1.4 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)
08. Mar 19 Buy Sasseur Cayman Holding Ltd. Company 08. Mar 19 08. Mar 19 8,673,352 SGD0.74 SGD6,053,001
18. Jan 19 Buy Meng Huat Ang Individual 16. Jan 19 16. Jan 19 100,000 SGD0.69 SGD69,000
15. Nov 18 Buy Meng Huat Ang Individual 14. Nov 18 14. Nov 18 100,000 SGD0.69 SGD68,642
20. Aug 18 Buy Meng Huat Ang Individual 16. Aug 18 16. Aug 18 100,000 SGD0.74 SGD74,030
X
Management checks
We assess Sasseur Real Estate Investment 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. Sasseur Real Estate Investment 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.

News

Simply Wall St News

What Type Of Shareholder Owns Sasseur Real Estate Investment Trust's (SGX:CRPU)?

A look at the shareholders of Sasseur Real Estate Investment Trust (SGX:CRPU) can tell us which group is most powerful. … With a market capitalization of S$951m, Sasseur Real Estate Investment Trust is a small cap stock, so it might not be well known by many institutional investors. … institutional investors have bought into the company.

Simply Wall St -

Have Insiders Been Buying Sasseur Real Estate Investment Trust (SGX:CRPU) Shares?

So before you buy or sell Sasseur Real Estate Investment Trust (SGX:CRPU), you may well want to know whether insiders have been buying or selling. … Check out our latest analysis for Sasseur Real Estate Investment Trust. … In the last twelve months there was more buying than selling by Sasseur Real Estate Investment Trust insiders

Simply Wall St -

How Should You Analyze REIT Stock Sasseur Real Estate Investment Trust (SGX:CRPU)?

Sasseur Real Estate Investment Trust is a S$791m. … real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for Sasseur Real Estate Investment Trust.

Simply Wall St -

Do Institutions Own Shares In Sasseur Real Estate Investment Trust (SGX:CRPU)?

A look at the shareholders of Sasseur Real Estate Investment Trust (SGX:CRPU) can tell us which group is most powerful. … Conversely, insiders often decrease their ownership over time. … With a market capitalization of S$820m, Sasseur Real Estate Investment Trust is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

One Metric To Rule Them All: Sasseur Real Estate Investment Trust (SGX:CRPU)

Sasseur Real Estate Investment Trust is a S$849.8m. … real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for Sasseur Real Estate Investment Trust

Simply Wall St -

With An ROE Of 6.47%, Has Sasseur Real Estate Investment Trust's (SGX:CRPU) Management Done Well?

See our latest analysis for Sasseur Real Estate Investment 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 Sasseur Real Estate Investment Trust’s equity capital deployed. … Sasseur Real Estate Investment Trust exhibits a weak ROE against its peers, as well as insufficient levels to cover its own cost of equity this year.

Simply Wall St -

How To Look At Sasseur Real Estate Investment Trust (SGX:CRPU)

Sasseur Real Estate Investment Trust is a S$950.13M small-cap real estate investment trust (REIT) based in Singapore, Singapore. … Check out our latest analysis for Sasseur Real Estate Investment Trust Funds from Operations (FFO) is a higher quality measure of CRPU's earnings compared to net income. … Next Steps: As a REIT, Sasseur Real Estate Investment Trust offers some unique characteristics which could help diversify your portfolio.

Simply Wall St -

Company Info

Description

Sasseur REIT is the first outlet mall REIT to be listed in Asia. Sasseur REIT offers investors with the unique opportunity to invest in the fast-growing retail outlet mall sector in the People’s Republic of China (the “PRC”) through its initial portfolio of four quality retail outlet mall assets strategically located in fast growing cities in China such as Chongqing, Kunming and Hefei, with a net lettable area of 304,573.1 sq m. Sasseur REIT is established with the investment strategy of investing principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for retail outlet mall purposes, as well as real estate related assets in relation to the foregoing, with an initial focus on Asia.

Details
Name: Sasseur Real Estate Investment Trust
CRPU
Exchange: SGX
Founded:
SGD951,162,681
1,188,953,352
Website: http://www.sasseurreit.com
Address: Sasseur Real Estate Investment Trust
7 Temasek Boulevard,
#06-05, Suntec Tower One,
Singapore,
038987,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX CRPU Trust units Singapore Exchange SG SGD 28. Mar 2018
Number of employees
Current staff
Staff numbers
0
Sasseur Real Estate Investment Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 13:06
End of day share price update: 2019/04/22 00:00
Last estimates confirmation: 2019/04/02
Last earnings filing: 2019/04/01
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.