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Ascendas India Trust

SGX:CY6U
Snowflake Description

Good value with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CY6U
SGX
SGD1B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Ascendas India Trust (“a-iTrust” or the “Trust”) was listed in August 2007 as the first Indian property trust in Asia. The last earnings update was 5 days ago. More info.


Add to Portfolio Compare Print
  • Ascendas India Trust is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
CY6U Share Price and Events
7 Day Returns
0.7%
SGX:CY6U
-1.3%
SG Real Estate
-0.2%
SG Market
1 Year Returns
29.5%
SGX:CY6U
-6.7%
SG Real Estate
-2.7%
SG Market
CY6U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ascendas India Trust (CY6U) 0.7% 6.3% 14.3% 29.5% 42.4% 67.9%
SG Real Estate -1.3% -1.3% -4% -6.7% 5.9% -10.2%
SG Market -0.2% 0.4% -0.2% -2.7% 10% -6.9%
1 Year Return vs Industry and Market
  • CY6U outperformed the Real Estate industry which returned -6.7% over the past year.
  • CY6U outperformed the Market in Singapore which returned -2.7% over the past year.
Price Volatility
CY6U
Industry
5yr Volatility vs Market

CY6U Value

 Is Ascendas India 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 Ascendas India 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 Ascendas India Trust.

SGX:CY6U 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 10.1%
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:CY6U
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.03
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.03 (1 + (1- 17%) (51.59%))
1.315
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.32
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.315 * 5.96%)
10.14%

Discounted Cash Flow Calculation for SGX:CY6U using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ascendas India 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:CY6U DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 10.14%)
2019 116.00 Analyst x1 105.32
2020 82.00 Analyst x1 67.59
2021 253.00 Analyst x1 189.34
2022 292.77 Est @ 15.72% 198.93
2023 327.01 Est @ 11.7% 201.74
2024 356.04 Est @ 8.88% 199.42
2025 380.63 Est @ 6.91% 193.56
2026 401.66 Est @ 5.52% 185.44
2027 419.97 Est @ 4.56% 176.04
2028 436.27 Est @ 3.88% 166.03
Present value of next 10 years cash flows SGD1,683.43
SGX:CY6U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD436.27 × (1 + 2.3%) ÷ (10.14% – 2.3%)
SGD5,693.03
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD5,693.03 ÷ (1 + 10.14%)10
SGD2,166.65
SGX:CY6U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD1,683.43 + SGD2,166.65
SGD3,850.07
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD3,850.07 / 1,042.20
SGD3.69
SGX:CY6U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD3.69
Current discount Discount to share price of SGD1.36
= -1 x (SGD1.36 - SGD3.69) / SGD3.69
63.2%

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

Current Discount
Amount off the current price Ascendas India Trust is available for.
Intrinsic value
>50%
Share price is SGD1.36 vs Future cash flow value of SGD3.69
Current Discount Checks
For Ascendas India Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ascendas India Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ascendas India 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 Ascendas India Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ascendas India Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:CY6U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.19
SGX:CY6U Share Price ** SGX (2019-06-18) in SGD SGD1.36
Singapore Real Estate Industry PE Ratio Median Figure of 39 Publicly-Listed Real Estate Companies 9.28x
Singapore Market PE Ratio Median Figure of 323 Publicly-Listed Companies 12.57x

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

** Primary Listing of Ascendas India Trust.

SGX:CY6U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:CY6U Share Price ÷ EPS (both in SGD)

= 1.36 ÷ 0.19

7.34x

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

  • Ascendas India Trust is good value based on earnings compared to the SG Real Estate industry average.
  • Ascendas India Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Ascendas India Trust's expected growth come at a high price?
Raw Data
SGX:CY6U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-32.9%per year
Singapore Real Estate Industry PEG Ratio Median Figure of 13 Publicly-Listed Real Estate Companies 0.54x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.59x

*Line of best fit is calculated by linear regression .

SGX:CY6U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.34x ÷ -32.9%

-0.22x

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

  • Ascendas India 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 Ascendas India Trust's assets?
Raw Data
SGX:CY6U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD1.02
SGX:CY6U Share Price * SGX (2019-06-18) in SGD SGD1.36
Singapore Real Estate Industry PB Ratio Median Figure of 47 Publicly-Listed Real Estate Companies 0.51x
Singapore Market PB Ratio Median Figure of 431 Publicly-Listed Companies 0.72x
SGX:CY6U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:CY6U Share Price ÷ Book Value per Share (both in SGD)

= 1.36 ÷ 1.02

1.34x

* Primary Listing of Ascendas India Trust.

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

  • Ascendas India Trust is overvalued based on assets compared to the SG Real Estate industry average.
X
Value checks
We assess Ascendas India 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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Ascendas India Trust has a total score of 4/6, 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.

CY6U Future Performance

 How is Ascendas India 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
-32.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ascendas India Trust expected to grow at an attractive rate?
  • Ascendas India 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
  • Ascendas India Trust's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Ascendas India Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:CY6U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:CY6U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -32.9%
SGX:CY6U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 17.2%
Singapore Real Estate Industry Earnings Growth Rate Market Cap Weighted Average -4.2%
Singapore Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.5%
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:CY6U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 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:CY6U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 259 198 99 2
2020-03-31 205 87 83 3
SGX:CY6U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 182 149 192
2018-12-31 185 156 198
2018-09-30 186 149 190
2018-06-30 187 131 192
2018-03-31 188 123 191
2017-12-31 182 98 137
2017-09-30 175 96 138
2017-06-30 167 96 146
2017-03-31 157 95 139
2016-12-31 148 104 120
2016-09-30 147 93 109
2016-06-30 146 97 106

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Ascendas India Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Ascendas India Trust's revenue is expected to grow by 17.2% 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:CY6U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Ascendas India Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:CY6U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 0.09 0.09 0.09 3.00
2020-03-31 0.08 0.09 0.08 2.00
SGX:CY6U Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.19
2018-12-31 0.19
2018-09-30 0.19
2018-06-30 0.20
2018-03-31 0.20
2017-12-31 0.15
2017-09-30 0.15
2017-06-30 0.16
2017-03-31 0.15
2016-12-31 0.13
2016-09-30 0.12
2016-06-30 0.11

*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.
  • Ascendas India Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Ascendas India 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.
Ascendas India Trust has a total score of 1/6, 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.

CY6U Past Performance

  How has Ascendas India 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 Ascendas India Trust's growth in the last year to its industry (Real Estate).
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.
  • Ascendas India Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Ascendas India Trust's 1-year earnings growth is less than its 5-year average (0.4% vs 28.2%)
  • Ascendas India Trust's earnings growth has not exceeded the SG Real Estate industry average in the past year (0.4% vs 12.1%).
Earnings and Revenue History
Ascendas India 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 Ascendas India Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:CY6U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 181.97 192.12 14.71
2018-12-31 184.66 197.82 16.14
2018-09-30 186.23 189.94 15.81
2018-06-30 186.99 192.27 15.44
2018-03-31 188.15 191.31 13.30
2017-12-31 182.38 136.51 13.10
2017-09-30 175.18 137.97 13.05
2017-06-30 166.70 145.61 12.46
2017-03-31 156.67 139.17 11.97
2016-12-31 148.38 120.24 10.55
2016-09-30 146.53 108.85 10.24
2016-06-30 145.86 105.97 10.33
2016-03-31 143.96 104.73 10.26
2015-12-31 141.12 63.60 10.25
2015-09-30 135.42 64.72 9.62
2015-06-30 131.05 62.53 9.13
2015-03-31 128.76 65.91 8.77
2014-12-31 127.28 63.09 8.87
2014-09-30 124.48 63.91 8.68
2014-06-30 121.32 56.73 8.44
2014-03-31 120.71 50.11 8.42
2013-12-31 119.79 44.58 7.83
2013-09-30 122.55 38.99 7.97
2013-06-30 125.49 47.53 8.17
2013-03-31 126.27 41.52 8.10
2012-12-31 129.90 28.22 9.15
2012-09-30 128.80 28.53 9.13
2012-06-30 128.32 22.78 9.16

*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.
  • Ascendas India Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ascendas India Trust used its assets more efficiently than the SG Real Estate industry average last year based on Return on Assets.
  • Ascendas India Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ascendas India 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 Real Estate 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.
Ascendas India Trust 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.

CY6U Health

 How is Ascendas India 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 Ascendas India Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ascendas India Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Ascendas India Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ascendas India 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.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.2x 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 Ascendas India Trust Company Filings, last reported 2 months ago.

SGX:CY6U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,136.75 731.29 108.48
2018-12-31 988.60 708.66 99.08
2018-09-30 963.24 670.73 89.15
2018-06-30 1,013.33 656.85 66.33
2018-03-31 1,003.57 515.67 109.81
2017-12-31 804.94 508.86 88.46
2017-09-30 798.83 489.41 72.94
2017-06-30 816.34 483.01 58.35
2017-03-31 817.18 466.18 75.00
2016-12-31 721.21 446.29 127.94
2016-09-30 692.73 420.20 112.50
2016-06-30 656.88 414.05 116.87
2016-03-31 691.45 364.42 85.92
2015-12-31 639.45 363.08 79.77
2015-09-30 652.50 348.00 85.48
2015-06-30 635.36 337.94 71.61
2015-03-31 676.09 319.89 69.79
2014-12-31 596.11 250.42 77.74
2014-09-30 609.65 251.36 96.68
2014-06-30 596.93 249.40 70.14
2014-03-31 608.11 236.61 74.38
2013-12-31 571.10 226.41 61.47
2013-09-30 560.06 206.01 51.20
2013-06-30 590.39 205.93 45.33
2013-03-31 648.60 206.06 69.86
2012-12-31 596.12 164.25 60.56
2012-09-30 530.62 249.34 53.10
2012-06-30 493.54 249.23 38.65
  • Ascendas India Trust's level of debt (64.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (38.9% vs 64.3% today).
  • Debt is well covered by operating cash flow (20.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 14.1x coverage).
X
Financial health checks
We assess Ascendas India 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. Ascendas India Trust has a total score of 2/6, 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.

CY6U Dividends

 What is Ascendas India 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
5.51%
Current annual income from Ascendas India Trust dividends. Estimated to be 6.19% next year.
If you bought SGD2,000 of Ascendas India Trust shares you are expected to receive SGD110 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?
  • Ascendas India Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.62%).
  • Ascendas India Trust's dividend is below the markets top 25% of dividend payers in Singapore (5.68%).
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:CY6U 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 Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 33 Stocks 3.3%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 276 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:CY6U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 0.09 3.00
2020-03-31 0.08 2.00
SGX:CY6U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-04-25 0.075 5.750
2018-10-24 0.069 6.199
2018-06-11 0.061 5.630
2018-04-25 0.061 5.798
2017-10-25 0.058 5.336
2017-04-26 0.057 5.022
2016-10-25 0.055 5.132
2016-04-27 0.055 5.454
2016-01-21 0.055 6.304
2015-10-26 0.055 6.362
2015-04-29 0.049 5.567
2015-01-26 0.048 5.277
2015-01-15 0.048 5.515
2014-10-27 0.048 5.859
2014-04-24 0.046 5.701
2013-10-25 0.044 6.212
2013-04-26 0.043 6.204
2013-01-22 0.050 6.043
2012-10-25 0.050 6.541
2012-06-27 0.059 7.592
2012-04-27 0.059 7.751
2012-01-26 0.061 7.521
2011-10-28 0.061 8.443
2011-04-27 0.064 7.276
2010-10-22 0.067 7.019
2010-06-08 0.076 7.681
2010-04-29 0.076 7.973

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

  • Ascendas India Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Ascendas India Trust has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Ascendas India Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Ascendas India Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - 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 Ascendas India Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ascendas India Trust has a total score of 2/6, see the detailed checks below.


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

CY6U Management

 What is the CEO of Ascendas India 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
Sanjeev Prasad Dasgupta
AGE 51
TENURE AS CEO 4.7 years
CEO Bio

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 Property Fund Trustee Pte Ltd. Mr. Dasgupta serves as the Chief Executive Officer of Ascendas Property Fund Trustee Pte Ltd - Trustee-Manager of Ascendas India Trust and served as its Assistant Chief Executive Officer. He has been an Executive Director of Ascendas Property Fund Trustee Pte Ltd. since October 1, 2014. He served as the President and Co-Head of Real Estate at ICICI Venture, Real Estate. Mr. Dasgupta joined ICICI Venture in November 2009 and was handling some of the fund house’s key transactions and the fundraising initiative. From 2005 to 2009, Mr. Dasgupta served as the Managing Director at Future Capital Real Estate, where he led investments in retail and mixed-use assets. He worked with companies such as Tata Exports, UTI Inc, Salomon Smith Barney, Merrill Lynch, Tata Teleservices (Maharashtra) Limited and Epicenter Technologies Pvt. Ltd. Mr. Dasgupta has 22 years of experience in the areas of real estate fund management, corporate finance, strategy and financial control. His experience spans domestic and international tenures. In these assignments, he has handled finance, investment banking and business development functions. He has been an Executive Director of Ascendas Property Fund Trustee Pte Ltd - Trustee-Manager of Ascendas India Trust since October 1, 2014. Mr. Dasgupta is a qualified Chartered Accountant and a Company Secretary. He holds an MBA from London Business School.

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

Average tenure of the Ascendas India Trust management team in years:

1.7
Average Tenure
  • The average tenure for the Ascendas India Trust management team is less than 2 years, this suggests a new team.
Management Team

Sanjeev Prasad Dasgupta

TITLE
CEO & Executive Director
AGE
51
TENURE
4.7 yrs

Choon-Siang Tan

TITLE
Chief Financial Officer
AGE
42
TENURE
1.9 yrs

Mary De Souza

TITLE
Joint Company Secretary

Wei Hon

TITLE
Joint Company Secretary

Vinamra Srivastava

TITLE
Chief Executive Officer of ASIPL
TENURE
1.2 yrs

Bhavesh Madeka

TITLE
Head of Finance - ASIPL

Sumit Gera

TITLE
Vice President of Portfolio & Asset Management
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the Ascendas India Trust board of directors in years:

3.8
Average Tenure
59
Average Age
  • The tenure for the Ascendas India Trust board of directors is about average.
Board of Directors

Chie Foo Chiang

TITLE
Chairman of the Board
COMPENSATION
SGD124K
AGE
61
TENURE
2.9 yrs

Sanjeev Prasad Dasgupta

TITLE
CEO & Executive Director
AGE
51
TENURE
4.7 yrs

Manohar Khiatani

TITLE
Deputy Chairman of the Board
COMPENSATION
SGD98K
AGE
58
TENURE
2.9 yrs

Alan Nisbet

TITLE
Independent Director
COMPENSATION
SGD99K
AGE
67
TENURE
3.8 yrs

Jonathan Yap

TITLE
Non-Executive Director
COMPENSATION
SGD71K
AGE
50
TENURE
2.9 yrs

T. V. Pai

TITLE
Independent Director
COMPENSATION
SGD89K
AGE
59
TENURE
7.5 yrs

Girija Prasad Pande

TITLE
Independent Director
COMPENSATION
SGD66K
AGE
68
TENURE
6.4 yrs

Eng Leng Ng

TITLE
Independent Director
COMPENSATION
SGD68K
AGE
52
TENURE
6.2 yrs

Zia Mody

TITLE
Independent Director
COMPENSATION
SGD66K
AGE
62
TENURE
1.3 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)
11. May 19 Buy Massachusetts Financial Services Company Company 09. May 19 09. May 19 854,600 SGD1.32 SGD1,128,072
X
Management checks
We assess Ascendas India 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. Ascendas India 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.

CY6U News

Simply Wall St News

Will Ascendas India Trust's (SGX:CY6U) Earnings Grow In The Next Couple Of Years?

The most recent earnings update Ascendas India Trust's (SGX:CY6U) released in March 2018a

Simply Wall St -

Does Ascendas India Trust's (SGX:CY6U) PE Ratio Signal A Buying Opportunity?

and want to better understand how you can grow your money by investing in Ascendas India Trust (SGX:CY6U). … Ascendas India Trust (SGX:CY6U) trades with a trailing P/E of 5.1x, which is lower than the industry average of 9.9x. … Check out our latest analysis for Ascendas India Trust

Simply Wall St -

Should Income Investors Buy Ascendas India Trust (SGX:CY6U) Before Its Ex-Dividend?

See our latest analysis for Ascendas India Trust 5 checks you should use to assess a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is it the top 25% annual dividend yield payer? … SGX:CY6U Historical Dividend Yield May 11th 18 Does Ascendas India Trust pass our checks? … Next Steps: Keeping in mind the dividend characteristics above, Ascendas India Trust is definitely worth considering for investors looking to build a dedicated income portfolio.

Simply Wall St -

Is Ascendas India Trust (SGX:CY6U) A Smart Choice For Dividend Investors?

Over the past 10 years, Ascendas India Trust (SGX:CY6U) has returned an average of 7.00% per year to shareholders in terms of dividend yield. … See our latest analysis for Ascendas India Trust Here's how I find good dividend stocks When researching a dividend stock, I always follow the following screening criteria: Is its annual yield among the top 25% of dividend-paying companies? … In terms of its peers, Ascendas India Trust produces a yield of 3.55%, which is high for Real Estate stocks but still below the market's top dividend payers.Next Steps: If you are building an income portfolio, then Ascendas India Trust is a complicated choice since it has some positive aspects as well as negative ones.

Simply Wall St -

How Do Analysts See Ascendas India Trust's (SGX:CY6U) Margin Performing In The Years Ahead?

Margin Calculation for CY6U Profit Margin = Net Income ÷ Revenue ∴ Profit Margin = 136.51 Million ÷ 182.38 Million = 74.85% Ascendas India Trust's margin has expanded in the past five years, with average net income growth of 24.08% outstripping 5.19% in average revenue growth, which suggests that the company has been able to convert a larger percentage of revenue into net income whilst grow their top line at the same time. … Using Ascendas India Trust's margin expectations as a way to understand projections for the future Forward looking projections suggest margins will move from expansion into contraction, with 8.02% in expected annual revenue growth and earnings expected to fall at -13.79% on an annual basis. … Thus, it is essential to run your own analysis on Ascendas India Trust's future expectations whilst maintaining a watchful eye over cost behaviour, because if the business is able to maintain their revenue trajectory, there may be an opportunity to return to positive earnings growth and attractive returns.

Simply Wall St -

March Top Undervalued Real Estate Stocks

Ascendas India Trust and OUE Commercial Real Estate Investment Trust are real estate stocks on my list that are potentially undervalued, which means their current share prices are trading well-below what the companies are actually worth. … OUE Commercial Real Estate Investment Trust was established in 2013 and with the company's market cap sitting at SGD SGD1.10B, it falls under the small-cap stocks category. … SGX:TS0U PE PEG Gauge Mar 26th 18 Frasers Commercial Trust (SGX:ND8U) Frasers Commercial Trust (FCOT) is a commercial real estate investment trust (REIT) focused on growing shareholder value for its unitholders through active asset management, sound financial management and strategic investments.

Simply Wall St -

At $1.01, Is It Time To Buy Ascendas India Trust (SGX:CY6U)?

Ascendas India Trust (SGX:CY6U), a real estate company based in Singapore, received a lot of attention from a substantial price movement on the SGX in the over the last few months, increasing to SGD1.16 at one point, and dropping to the lows of SGD1.01. … Let’s take a look at Ascendas India Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … What’s more interesting is that, Ascendas India Trust’s share price is quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value.

Simply Wall St -

Should You Expect Ascendas India Trust (SGX:CY6U) To Continue Delivering An ROE Of 19.17%?

Check out our latest analysis for Ascendas India Trust What you must know about ROE Return on Equity (ROE) is a measure of Ascendas India Trust’s profit relative to its shareholders’ equity. … Ascendas India Trust’s cost of equity is 8.38%. … Since Ascendas India Trust’s return covers its cost in excess of 10.80%, its use of equity capital is efficient and likely to be sustainable.

Simply Wall St -

How Financially Strong Is Ascendas India Trust (SGX:CY6U)?

How does CY6U’s operating cash flow stack up against its debt? … Additionally, CY6U has generated SGD94.9M in operating cash flow in the last twelve months, resulting in an operating cash to total debt ratio of 20.35%, indicating that CY6U’s debt is appropriately covered by operating cash. … For CY6U, the ratio of 4.18x suggests that interest is appropriately covered, which means that debtors may be willing to loan the company more money, giving CY6U ample headroom to grow its debt facilities.Next Steps: CY6U’s debt and cash flow levels indicate room for improvement.

Simply Wall St -

Is Ascendas India Trust (SGX:CY6U) A Good Choice For Dividend Investors?

See our latest analysis for Ascendas India Trust How I analyze a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Does it pay an annual yield higher than 75% of dividend payers? … SGX:CY6U Historical Dividend Yield Jan 24th 18 Does Ascendas India Trust pass our checks? … Relative to peers, Ascendas India Trust generates a yield of 5.06%, which is high for Real Estate stocks.Next Steps: Taking into account the dividend metrics, Ascendas India Trust ticks most of the boxes as a strong dividend investment, putting it in my list of top dividend payers.

Simply Wall St -

CY6U Company Info

Description

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.

Details
Name: Ascendas India Trust
CY6U
Exchange: SGX
Founded: 2004
SGD1,417,398,230
1,042,204,581
Website: http://www.a-itrust.com
Address: Ascendas India Trust
1 Fusionopolis Place,
No. 10-10, Galaxis,
Singapore,
138522,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX CY6U Trust Units Singapore Exchange SG SGD 01. Aug 2007
OTCPK ACND.F Trust Units Pink Sheets LLC US USD 01. Aug 2007
Number of employees
Current staff
Staff numbers
0
Ascendas India Trust employees.
Industry
Real Estate Operating Companies
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 12:44
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/04/26
Last earnings filing: 2019/06/14
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


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.