SGX:CY6U

Stock Analysis Report

Ascendas India Trust

Executive Summary

Ascendas India Trust (“a-iTrust” or the “Trust”) was listed in August 2007 as the first Indian property trust in Asia.

Rewards


Snowflake Analysis


Similar Companies

Share Price & News

How has Ascendas India Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CY6U's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

13.0%

CY6U

3.2%

SG Real Estate

4.9%

SG Market


1 Year Return

-5.8%

CY6U

-29.9%

SG Real Estate

-23.8%

SG Market

Return vs Industry: CY6U exceeded the SG Real Estate industry which returned -29.9% over the past year.

Return vs Market: CY6U exceeded the SG Market which returned -23.8% over the past year.


Shareholder returns

CY6UIndustryMarket
7 Day13.0%3.2%4.9%
30 Day-31.5%-18.2%-17.7%
90 Day-27.1%-25.7%-23.5%
1 Year0.9%-5.8%-27.3%-29.9%-20.5%-23.8%
3 Year21.3%0.9%-30.3%-36.2%-17.1%-25.9%
5 Year65.4%22.8%-27.9%-37.7%-15.3%-29.8%

Price Volatility Vs. Market

How volatile is Ascendas India Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Ascendas India Trust undervalued compared to its fair value and its price relative to the market?

11.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CY6U (SGD1.13) is trading below our estimate of fair value (SGD1.27)

Significantly Below Fair Value: CY6U is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CY6U is good value based on its PE Ratio (3.7x) compared to the Real Estate industry average (10.1x).

PE vs Market: CY6U is good value based on its PE Ratio (3.7x) compared to the SG market (10.2x).


Price to Earnings Growth Ratio

PEG Ratio: CY6U's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: CY6U is overvalued based on its PB Ratio (1x) compared to the SG Real Estate industry average (0.4x).

Future Growth

How is Ascendas India Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-17.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CY6U's earnings are forecast to decline over the next 3 years (-17.4% per year).

Earnings vs Market: CY6U's earnings are forecast to decline over the next 3 years (-17.4% per year).

High Growth Earnings: CY6U's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CY6U's revenue (16% per year) is forecast to grow faster than the SG market (4.1% per year).

High Growth Revenue: CY6U's revenue (16% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CY6U's Return on Equity is forecast to be low in 3 years time (9.1%).

Past Performance

How has Ascendas India Trust performed over the past 5 years?

27.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CY6U has a large one-off gain of SGD358.6M impacting its December 31 2019 financial results.

Growing Profit Margin: CY6U's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: CY6U's earnings have grown significantly by 27.8% per year over the past 5 years.

Accelerating Growth: CY6U's earnings growth over the past year (61%) exceeds its 5-year average (27.8% per year).

Earnings vs Industry: CY6U earnings growth over the past year (61%) exceeded the Real Estate industry -30.5%.


Return on Equity

High ROE: CY6U's Return on Equity (25.4%) is considered high.

Financial Health

How is Ascendas India Trust's financial position?


Financial Position Analysis

Short Term Liabilities: CY6U's short term assets (SGD127.5M) do not cover its short term liabilities (SGD283.9M).

Long Term Liabilities: CY6U's short term assets (SGD127.5M) do not cover its long term liabilities (SGD960.6M).


Debt to Equity History and Analysis

Debt Level: CY6U's debt to equity ratio (55.9%) is considered high.

Reducing Debt: CY6U's debt to equity ratio has increased from 42.1% to 55.9% over the past 5 years.

Debt Coverage: CY6U's debt is not well covered by operating cash flow (18.8%).

Interest Coverage: CY6U's interest payments on its debt are well covered by EBIT (26.4x coverage).


Balance Sheet

Inventory Level: CY6U has a low level of unsold assets or inventory.

Debt Coverage by Assets: CY6U's debt is not covered by short term assets (assets are 0.2x debt).

Dividend

What is Ascendas India Trust's current dividend yield, its reliability and sustainability?

7.66%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CY6U's dividend (7.66%) is higher than the bottom 25% of dividend payers in the SG market (3.23%).

High Dividend: CY6U's dividend (7.66%) is in the top 25% of dividend payers in the SG market (7.09%)


Stability and Growth of Payments

Stable Dividend: CY6U's dividend payments have been volatile in the past 10 years.

Growing Dividend: CY6U's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45.5%), CY6U's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CY6U's dividends in 3 years are forecast to be covered by earnings (72.9% payout ratio).

Management

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

2.2yrs

Average management tenure


CEO

Sanjeev Prasad Dasgupta (52yo)

5.42s

Tenure

Mr. Sanjeev Djurhati Prasad Dasgupta has been the Chief Executive Officer at Ascendas Property Fund Trustee Pte Ltd. since July 11, 2014 and previously served as Assistant Chief Executive of Ascendas Prope ...


Leadership Team

NamePositionTenureCompensationOwnership
Sanjeev Prasad Dasgupta
CEO & Executive Director5.42yrsno data0.0067% SGD92.2k
Choon-Siang Tan
Chief Financial Officer2.67yrsno datano data
Rohith Bhandary
Head of Investments0.83yrno datano data
Sumit Gera
Head of Portfolio & Asset Management2.17yrsno datano data
Ananth Nayak
Chief Financial Officer of ASIPLno datano datano data
Mary Judith De Souza
Joint Company Secretaryno datano datano data
Wei Seng Hon
Joint Company Secretaryno datano datano data
Vinamra Srivastava
Chief Executive Officer of ASIPL1.92yrsno datano data
Bhavesh Madeka
Head of Finance - ASIPLno datano datano data

2.2yrs

Average Tenure

50yo

Average Age

Experienced Management: CY6U's management team is considered experienced (2.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Sanjeev Prasad Dasgupta
CEO & Executive Director5.42yrsno data0.0067% SGD92.2k
T. V. Pai
Independent Director8.25yrsS$88.50kno data
Zia Mody
Independent Director2yrsS$66.00kno data
Neng Tong Yap
Non-Executive Director3.67yrsS$71.00k0.057% SGD780.0k
Alan Nisbet
Lead Independent Director0.75yrS$98.90kno data
Manohar Ramesh Khiatani
Deputy Chairman of the Board3.67yrsS$98.00kno data
Chie Foo Chiang
Independent Chairman of the Board3.67yrsS$124.00kno data

3.7yrs

Average Tenure

60yo

Average Age

Experienced Board: CY6U's board of directors are considered experienced (3.7 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.7%.


Top Shareholders

Company Information

Ascendas India Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Ascendas India Trust
  • Ticker: CY6U
  • Exchange: SGX
  • Founded: 2004
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: S$1.375b
  • Shares outstanding: 1.15b
  • Website: https://www.a-itrust.com

Location

  • Ascendas India Trust
  • 1 Fusionopolis Place
  • No. 10-10, Galaxis
  • Singapore
  • 138522
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CY6USGX (Singapore Exchange)YesTrust UnitsSGSGDAug 2007
ACND.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDAug 2007

Biography

Ascendas India Trust (“a-iTrust” or the “Trust”) was listed in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India. a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion. The portfolio comprises seven world-class IT business parks and six modern warehouses in India, namely the International Tech Park Bangalore, International Tech Park Chennai and CyberVale in Chennai, CyberPearl, The V and aVance Business Hub in Hyderabad, BlueRidge 2 in Pune and Arshiya warehouses near Mumbai. a-iTrust is structured as a business trust, offering stable income distributions similar to a Real Estate Investment Trust. The Trust focuses on enhancing shareholder value by actively managing existing properties, developing vacant land in its portfolio, and acquiring new properties. a-iTrust is managed by Ascendas Property Fund Trustee Pte. Ltd., a subsidiary of Ascendas-Singbridge Group. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/30 13:02
End of Day Share Price2020/03/30 00:00
Earnings2019/12/31
Annual Earnings2019/03/31


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.