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CRPU

Sasseur Real Estate Investment Trust SGX:CRPU Stock Report

Last Price

S$0.70

Market Cap

S$859.5m

7D

-0.7%

1Y

-16.2%

Updated

04 Oct, 2022

Data

Company Financials +
CRPU fundamental analysis
Snowflake Score
Valuation6/6
Future Growth0/6
Past Performance3/6
Financial Health5/6
Dividends4/6

CRPU Stock Overview

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

Sasseur Real Estate Investment Trust Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Sasseur Real Estate Investment Trust
Historical stock prices
Current Share PriceS$0.70
52 Week HighS$0.91
52 Week LowS$0.69
Beta0.77
1 Month Change-9.68%
3 Month Change-8.50%
1 Year Change-16.17%
3 Year Change-12.50%
5 Year Changen/a
Change since IPO-13.04%

Recent News & Updates

Shareholder Returns

CRPUSG REITsSG Market
7D-0.7%-1.8%-1.3%
1Y-16.2%-11.5%-2.0%

Return vs Industry: CRPU underperformed the SG REITs industry which returned -13.7% over the past year.

Return vs Market: CRPU underperformed the SG Market which returned -3.6% over the past year.

Price Volatility

Is CRPU's price volatile compared to industry and market?
CRPU volatility
CRPU Average Weekly Movement2.3%
REITs Industry Average Movement3.1%
Market Average Movement4.4%
10% most volatile stocks in SG Market12.0%
10% least volatile stocks in SG Market2.3%

Stable Share Price: CRPU is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: CRPU's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/aCecilia Tanhttps://www.sasseurreit.com

Sasseur Real Estate Investment Trust invests in a portfolio of real estate and related assets. The company operates through four segments: Chongqing Liangjiang Outlets, Chongqing Bishan Outlets, Hefei Outlets, and Kunming Outlets. Its property portfolio comprises four retail outlet malls covering a gross floor area of 377,737 square meters located in the People’s Republic of China.

Sasseur Real Estate Investment Trust Fundamentals Summary

How do Sasseur Real Estate Investment Trust's earnings and revenue compare to its market cap?
CRPU fundamental statistics
Market CapS$859.49m
Earnings (TTM)S$118.54m
Revenue (TTM)S$134.60m

7.3x

P/E Ratio

6.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CRPU income statement (TTM)
RevenueS$134.60m
Cost of RevenueS$11.05m
Gross ProfitS$123.55m
Other ExpensesS$5.01m
EarningsS$118.54m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.097
Gross Margin91.79%
Net Profit Margin88.07%
Debt/Equity Ratio43.0%

How did CRPU perform over the long term?

See historical performance and comparison

Dividends

10.1%

Current Dividend Yield

77%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is CRPU undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CRPU?

Other financial metrics that can be useful for relative valuation.

CRPU key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue9.2x
Enterprise Value/EBITDAn/a
PEG Ratio48.4x

Price to Earnings Ratio vs Peers

How does CRPU's PE Ratio compare to its peers?

CRPU PE Ratio vs Peers
The above table shows the PE ratio for CRPU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average17.4x
P40U Starhill Global Real Estate Investment Trust
13.4x6.7%S$1.2b
JYEU Lendlease Global Commercial REIT
12.4x-8.7%S$1.7b
ODBU United Hampshire US Real Estate Investment Trust
6.6x-14.1%US$302.3m
BMGU BHG Retail REIT
37.4x43.3%S$269.1m
CRPU Sasseur Real Estate Investment Trust
7.3x0.1%S$859.5m

Price-To-Earnings vs Peers: CRPU is good value based on its Price-To-Earnings Ratio (7.3x) compared to the peer average (17.4x).


Price to Earnings Ratio vs Industry

How does CRPU's PE Ratio compare vs other companies in the SG REITs Industry?

Price-To-Earnings vs Industry: CRPU is good value based on its Price-To-Earnings Ratio (7.3x) compared to the SG REITs industry average (11.1x)


Price to Earnings Ratio vs Fair Ratio

What is CRPU's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CRPU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.3x
Fair PE Ratio13x

Price-To-Earnings vs Fair Ratio: CRPU is good value based on its Price-To-Earnings Ratio (7.3x) compared to the estimated Fair Price-To-Earnings Ratio (13x).


Share Price vs Fair Value

What is the Fair Price of CRPU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CRPU (SGD0.7) is trading below our estimate of fair value (SGD2.59)

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


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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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?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


0.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CRPU's forecast earnings growth (0.1% per year) is below the savings rate (1.8%).

Earnings vs Market: CRPU's earnings (0.1% per year) are forecast to grow slower than the SG market (11.2% per year).

High Growth Earnings: CRPU's earnings are forecast to grow, but not significantly.

Revenue vs Market: CRPU's revenue (4.8% per year) is forecast to grow slower than the SG market (7.4% per year).

High Growth Revenue: CRPU's revenue (4.8% 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 (7.4%).


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Past Performance

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

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-11.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CRPU has a large one-off gain of SGD63.6M impacting its June 30 2022 financial results.

Growing Profit Margin: CRPU's current net profit margins (88.1%) are higher than last year (44%).


Past Earnings Growth Analysis

Earnings Trend: CRPU's earnings have declined by 11.5% per year over the past 5 years.

Accelerating Growth: CRPU's earnings growth over the past year (102%) exceeds its 5-year average (-11.5% per year).

Earnings vs Industry: CRPU earnings growth over the past year (102%) exceeded the REITs industry 81.7%.


Return on Equity

High ROE: CRPU's Return on Equity (10.1%) is considered low.


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Financial Health

How is Sasseur Real Estate Investment Trust's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CRPU's short term assets (SGD160.1M) do not cover its short term liabilities (SGD637.0M).

Long Term Liabilities: CRPU's short term assets (SGD160.1M) exceed its long term liabilities (SGD114.3M).


Debt to Equity History and Analysis

Debt Level: CRPU's net debt to equity ratio (32%) is considered satisfactory.

Reducing Debt: CRPU's debt to equity ratio has reduced from 57.7% to 43% over the past 5 years.

Debt Coverage: CRPU's debt is well covered by operating cash flow (22.3%).

Interest Coverage: CRPU's interest payments on its debt are well covered by EBIT (5.1x coverage).


Balance Sheet


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Dividend

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

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


10.15%

Current Dividend Yield

Dividend Yield vs Market

Sasseur Real Estate Investment Trust Dividend Yield vs Market
How does Sasseur Real Estate Investment Trust dividend yield compare to the market?
SegmentDividend Yield
Company (Sasseur Real Estate Investment Trust)10.1%
Market Bottom 25% (SG)2.5%
Market Top 25% (SG)6.5%
Industry Average (REITs)6.1%
Analyst forecast in 3 Years (Sasseur Real Estate Investment Trust)10.8%

Notable Dividend: CRPU's dividend (10.15%) is higher than the bottom 25% of dividend payers in the SG market (2.49%).

High Dividend: CRPU's dividend (10.15%) is in the top 25% of dividend payers in the SG market (6.57%)


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 4 years.


Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (77.3%), CRPU's payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (77.3%), CRPU's dividend payments are covered by cash flows.


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Management

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

1.9yrs

Average management tenure


CEO

Cecilia Tan (52 yo)

no data

Tenure

Ms. Hong Lye Tan , also known as Cecilia, serves as Chief Executive Officer at Sasseur Real Estate Investment Trust. She served as Chief Executive Officer of Sasseur Asset Management Pte. Ltd.at Sasseur R...


Leadership Team

Experienced Management: CRPU's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Members

Experienced Board: CRPU's board of directors are considered experienced (4.9 years average tenure).


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

SGX:CRPU Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
27 Sep 22BuyS$13,750Lay Hong TanIndividual20,000S$0.69
17 Jun 22BuyS$16,230Lay Hong TanIndividual22,000S$0.74
24 Mar 22BuyS$4,222,354Sasseur Cayman Holding Ltd.Company5,085,952S$0.83
21 Feb 22SellS$9,019,997Sasseur Cayman Holding Ltd.Company11,000,000S$0.82
03 Jan 22SellS$143,212Sasseur Cayman Holding Ltd.Company167,500S$0.85
30 Dec 21SellS$340,894Sasseur Cayman Holding Ltd.Company405,500S$0.85

Ownership Breakdown

What is the ownership structure of CRPU?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders14,180,4001.2%
Institutions52,965,6194.3%
General Public467,719,18138.1%
Private Companies692,982,24056.4%

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


Top Shareholders

Top 25 shareholders own 61.61% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
56.44%
Sasseur Cayman Holding Ltd.
692,982,240SGD485.1m0.39%no data
0.91%
Xue Yang
11,132,900SGD7.8m0%no data
0.58%
Ifast Financial Pte. Ltd., Asset Management Arm
7,166,900SGD5.0m0%0.54%
0.52%
Kim Eng Securities Pte. Ltd, Asset Management Arm
6,399,100SGD4.5m0%1.12%
0.45%
Dimensional Fund Advisors LP
5,535,332SGD3.9m9.19%no data
0.4%
BlackRock, Inc.
4,914,000SGD3.4m6.09%no data
0.37%
Lion Global Investors Limited
4,588,965SGD3.2m0%0.19%
0.33%
AllianceBernstein L.P.
4,009,200SGD2.8m0%no data
0.26%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
3,178,400SGD2.2m0.75%no data
0.24%
The Vanguard Group, Inc.
2,890,100SGD2.0m3.35%no data
0.2%
SRE Capital Pte. Ltd.
2,509,600SGD1.8m2%0.47%
0.18%
PGIM, Inc.
2,185,200SGD1.5m0%no data
0.14%
Sumitomo Mitsui DS Asset Management Company, Limited
1,739,700SGD1.2m0%no data
0.14%
Sen Meng Chan
1,700,000SGD1.2m0%no data
0.062%
Asset Management One Co., Ltd.
763,800SGD534.7k0%no data
0.062%
BBL Asset Management Company Limited
760,783SGD532.5k0%0.01%
0.054%
AXA Investment Managers S.A.
666,500SGD466.6k0%no data
0.042%
Northern Trust Global Investments
513,600SGD359.5k0%no data
0.041%
Meng Huat Ang
500,000SGD350.0k0%no data
0.036%
State Street Global Advisors, Inc.
436,200SGD305.3k0.51%no data
0.034%
Nomura Asset Management Co., Ltd.
420,000SGD294.0k0%no data
0.034%
Cambria Investment Management, L.P.
413,400SGD289.4k0%0.02%
0.032%
Grantham Mayo Van Otterloo & Co. LLC
388,300SGD271.8k-10.92%no data
0.03%
Daiwa Asset Management Co. Ltd.
364,000SGD254.8k0%no data
0.029%
Heng Tan Cheng
350,000SGD245.0k0%no data

Company Information

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


Key Information

  • Name: Sasseur Real Estate Investment Trust
  • Ticker: CRPU
  • Exchange: SGX
  • Founded: NaN
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: S$859.493m
  • Shares outstanding: 1.23b
  • 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

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/04 00:00
End of Day Share Price2022/10/04 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.