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.

Snowflake


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


Market Performance


7 Day Return

0%

CY6U

0.4%

SG Real Estate

0.2%

SG Market


1 Year Return

50.0%

CY6U

0.7%

SG Real Estate

1.4%

SG Market

Return vs Industry: CY6U exceeded the SG Real Estate industry which returned 0.7% over the past year.

Return vs Market: CY6U exceeded the SG Market which returned 1.4% over the past year.


Shareholder returns

CY6UIndustryMarket
7 Day0%0.4%0.2%
30 Day5.4%-2.5%-2.6%
90 Day13.0%-8.2%-7.0%
1 Year59.7%50.0%3.8%0.7%5.5%1.4%
3 Year73.7%46.5%2.7%-5.5%15.1%2.8%
5 Year170.1%102.6%1.5%-11.9%10.9%-7.5%

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?

8.4x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Undervalued: CY6U (SGD1.56) is trading above our estimate of fair value (SGD1.06)

Significantly Undervalued: CY6U is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: CY6U is good value based on its PE Ratio (8.4x) compared to the Real Estate industry average (11.1x).

PE vs Market: CY6U is good value based on its PE Ratio (8.4x) compared to the SG market (13.2x).


Price to Earnings Growth Ratio

Low 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 (1.6x) compared to the SG Real Estate industry average (0.5x).

Future Growth

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

-13.0%

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 (-13% per year).

Earnings vs Market: CY6U's earnings are forecast to decline over the next 3 years (-13% per year).

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

Revenue vs Market: CY6U's revenue (11.8% per year) is forecast to grow faster than the SG market (5.4% per year).

High Growth Revenue: CY6U's revenue (11.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: CY6U's Return on Equity is forecast to be low in 3 years time (8.2%).

Past Performance

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

26.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: CY6U's earnings have grown significantly by 26.8% per year over the past 5 years.

Accelerating Growth: CY6U's earnings growth over the past year (0.3%) is below its 5-year average (26.8% per year).

Earnings vs Industry: CY6U earnings growth over the past year (0.3%) exceeded the Real Estate industry -22.8%.


Return on Equity

High ROE: CY6U's Return on Equity (18.6%) is considered low.


Return on Assets

ROA vs Industry: CY6U has a higher Return on Assets than the Real Estate industry average last year.


Return on Capital Employed

ROCE Improving: CY6U's Return on Capital Employed has declined over the past 3 years.

Financial Health

How is Ascendas India Trust's financial position?


Financial Position Analysis

Short Term Liabilities: CY6U's short term assets (SGD147.0M) do not cover its short term liabilities (SGD279.1M)

Long Term Liabilities: CY6U's short term assets (147.0M) do not cover its long term liabilities (966.4M)


Debt to Equity History and Analysis

Debt Level: CY6U's debt to equity ratio (70.9%) is considered high

Reducing Debt: CY6U's debt to equity ratio has increased from 41.8% to 70.9% over the past 5 years.

Debt Coverage: CY6U's debt is not well covered by operating cash flow (19.5%).

Interest Coverage: CY6U's interest payments on its debt are well covered by EBIT (26.9x 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?

4.81%

Current Dividend Yield


Dividend Yield vs Market

company4.8%marketbottom25%2.5%markettop25%5.6%industryaverage3.4%forecastin3Years5.3%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: CY6U's dividend (4.81%) is higher than the bottom 25% of dividend payers in the SG market (2.5%).

High Dividend: CY6U's dividend (4.81%) is low compared to the top 25% of dividend payers in the SG market (5.58%).

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 (39.5%), 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 (82.4% payout ratio).

Management

What is the CEO of Ascendas India Trust's salary, the management and board of directors tenure and is there insider trading?

1.9yrs

Average management tenure


CEO

Sanjeev Prasad Dasgupta (52yo)

5yrs

Tenure

0

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 ...


Management Age and Tenure

1.9yrs

Average Tenure

50yo

Average Age

Experienced Management: CY6U's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Age and Tenure

3.3yrs

Average Tenure

60yo

Average Age

Experienced Board: CY6U's board of directors are considered experienced (3.3 years average tenure).


Insider Trading

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


Recent Insider Transactions

SellS$14,966,38802 Oct 19
Massachusetts Financial Services Company
EntityCompany
Shares9,626,000
Max PriceS$1.55
BuyS$10,873,79527 Sep 19
Matthews International Capital Management, LLC
EntityCompany
Shares6,992,800
Max PriceS$1.55
BuyS$14,432,25427 Sep 19
Matthews International Capital Management, LLC
EntityCompany
Shares9,281,200
Max PriceS$1.55
BuyS$2,72003 Jul 19
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
EntityCompany
Shares2,000
Max PriceS$1.36
BuyS$2,68001 Jul 19
J.P. Morgan Asset Management, Inc.
EntityCompany
Shares2,000
Max PriceS$1.34
SellS$31,35601 Jul 19
J.P. Morgan Asset Management, Inc.
EntityCompany
Shares27,400
Max PriceS$1.14
BuyS$1,128,07211 May 19
Massachusetts Financial Services Company
EntityCompany
Shares854,600
Max PriceS$1.32

Ownership Breakdown


Management Team

  • Wei Hon

    Joint Company Secretary

    • Tenure: 0yrs
  • Mary De Souza

    Joint Company Secretary

    • Tenure: 0yrs
  • Sanjeev Prasad Dasgupta (52yo)

    CEO & Executive Director

    • Tenure: 5yrs
  • Ananth Nayak (50yo)

    Chief Financial Officer of ASIPL

    • Tenure: 0yrs
  • Rohith Bhandary

    Head of Investments

    • Tenure: 0.4yrs
  • Choon-Siang Tan (43yo)

    Chief Financial Officer

    • Tenure: 2.3yrs
  • Vinamra Srivastava

    Chief Executive Officer of ASIPL

    • Tenure: 1.5yrs
  • Bhavesh Madeka

    Head of Finance - ASIPL

    • Tenure: 0yrs

Board Members

  • T. V. Pai (60yo)

    Independent Director

    • Tenure: 7.8yrs
    • Compensation: S$88.50k
  • Zia Mody (63yo)

    Independent Director

    • Tenure: 1.7yrs
    • Compensation: S$66.00k
  • Jonathan Yap (51yo)

    Non-Executive Director

    • Tenure: 3.3yrs
    • Compensation: S$71.00k
  • Sanjeev Prasad Dasgupta (52yo)

    CEO & Executive Director

    • Tenure: 5yrs
  • Alan Nisbet (68yo)

    Lead Independent Director

    • Tenure: 0.3yrs
    • Compensation: S$98.90k
  • Manohar Ramesh Khiatani (59yo)

    • Tenure: 3.3yrs
    • Compensation: S$98.00k
  • Chie Foo Chiang (62yo)

    Independent Chairman of the Board

    • Tenure: 3.3yrs
    • Compensation: S$124.00k

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$1.617b
  • Shares outstanding: 1.04b
  • 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 busin ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/16 12:43
End of Day Share Price2019/10/16 00:00
Earnings2019/06/30
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.