Loading...

ESR-REIT

SGX:J91U
Snowflake Description

Average dividend payer with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
J91U
SGX
SGD2B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

ESR-REIT has been listed on the Singapore Exchange Securities Trading Limited since 25 July 2006. The last earnings update was 56 days ago. More info.


Add to Portfolio Compare Print
J91U Share Price and Events
7 Day Returns
1.8%
SGX:J91U
1%
SG REITs
0.8%
SG Market
1 Year Returns
16.5%
SGX:J91U
12.9%
SG REITs
-3%
SG Market
J91U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
ESR-REIT (J91U) 1.8% 6.6% 4.6% 16.5% 3.7% -25.2%
SG REITs 1% 4.4% 5.5% 12.9% 21.8% 15.5%
SG Market 0.8% 0.9% 0.1% -3% 10.1% -6.3%
1 Year Return vs Industry and Market
  • J91U outperformed the REITs industry which returned 12.9% over the past year.
  • J91U outperformed the Market in Singapore which returned -3% over the past year.
Price Volatility
J91U
Industry
5yr Volatility vs Market

Value

 Is ESR-REIT 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 ESR-REIT 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 ESR-REIT.

SGX:J91U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.6%
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:J91U
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 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.493 (1 + (1- 17%) (83.95%))
0.891
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.891 * 5.96%)
7.61%

Discounted Cash Flow Calculation for SGX:J91U using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for ESR-REIT 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.

ESR-REIT is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

SGX:J91U DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (SGD, Millions) Source Present Value
Discounted (@ 7.61%)
2019 126.00 Analyst x1 117.09
2020 134.00 Analyst x1 115.71
2021 137.00 Analyst x1 109.94
2022 141.93 Est @ 3.6% 105.84
2023 146.49 Est @ 3.21% 101.51
2024 150.79 Est @ 2.94% 97.10
2025 154.93 Est @ 2.75% 92.71
2026 158.98 Est @ 2.61% 88.41
2027 162.99 Est @ 2.52% 84.22
2028 166.99 Est @ 2.46% 80.19
Present value of next 10 years cash flows SGD992.71
SGX:J91U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD166.99 × (1 + 2.3%) ÷ (7.61% – 2.3%)
SGD3,218.20
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD3,218.20 ÷ (1 + 7.61%)10
SGD1,545.34
SGX:J91U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD992.71 + SGD1,545.34
SGD2,538.06
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,538.06 / 3,185.18
SGD0.8
SGX:J91U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.80
Current discount Discount to share price of SGD0.57
= -1 x (SGD0.57 - SGD0.80) / SGD0.80
29.1%

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

Current Discount
Amount off the current price ESR-REIT is available for.
Intrinsic value
29%
Share price is SGD0.565 vs Future cash flow value of SGD0.79683
Current Discount Checks
For ESR-REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • ESR-REIT's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • ESR-REIT's share price is below the future cash flow value, but not 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 ESR-REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are ESR-REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:J91U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD-0.10
SGX:J91U Share Price ** SGX (2019-06-14) in SGD SGD0.57
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 14.27x
Singapore Market PE Ratio Median Figure of 323 Publicly-Listed Companies 12.68x

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

** Primary Listing of ESR-REIT.

SGX:J91U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:J91U Share Price ÷ EPS (both in SGD)

= 0.57 ÷ -0.10

-5.86x

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

  • ESR-REIT is loss making, we can't compare its value to the SG REITs industry average.
  • ESR-REIT is loss making, we can't compare the value of its earnings to the Singapore market.
Price based on expected Growth
Does ESR-REIT's expected growth come at a high price?
Raw Data
SGX:J91U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -5.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
32.8%per year
Singapore REITs Industry PEG Ratio Median Figure of 36 Publicly-Listed REITs Companies 1.63x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.6x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for ESR-REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on ESR-REIT's assets?
Raw Data
SGX:J91U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD0.52
SGX:J91U Share Price * SGX (2019-06-14) in SGD SGD0.57
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.97x
Singapore Market PB Ratio Median Figure of 431 Publicly-Listed Companies 0.72x
SGX:J91U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:J91U Share Price ÷ Book Value per Share (both in SGD)

= 0.57 ÷ 0.52

1.09x

* Primary Listing of ESR-REIT.

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

  • ESR-REIT is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess ESR-REIT'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. ESR-REIT has a total score of 1/6, 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 ESR-REIT expected to perform in the next 1 to 3 years based on estimates from 6 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
32.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is ESR-REIT expected to grow at an attractive rate?
  • ESR-REIT's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • ESR-REIT's earnings growth is expected to exceed the Singapore market average.
  • ESR-REIT's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:J91U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:J91U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 32.8%
SGX:J91U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 5.3%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.2%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.6%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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:J91U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:J91U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 269 132 1
2021-12-31 271 187 144 5
2020-12-31 265 171 134 6
2019-12-31 256 170 116 4
SGX:J91U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 188 93 -223
2018-12-31 157 68 -239
2018-09-30 126 73 -1
2018-06-30 120 69 0
2018-03-31 116 70 -1
2017-12-31 110 69 -1
2017-09-30 110 70 4
2017-06-30 111 72 5
2017-03-31 111 71 6
2016-12-31 112 70 7
2016-09-30 113 73 52
2016-06-30 114 75 53

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • ESR-REIT's earnings are expected to grow significantly at over 20% yearly.
  • ESR-REIT's revenue is expected to grow by 5.3% 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:J91U 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 6 Analyst Estimates (S&P Global) See Below

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

SGX:J91U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.04 0.04 0.04 1.00
2021-12-31 0.05 0.06 0.04 3.00
2020-12-31 0.04 0.04 0.04 3.00
2019-12-31 0.04 0.05 0.04 3.00
SGX:J91U Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 -0.10
2018-12-31 -0.13
2018-09-30 0.00
2018-06-30 0.00
2018-03-31 0.00
2017-12-31 0.00
2017-09-30 0.00
2017-06-30 0.00
2017-03-31 0.00
2016-12-31 0.01
2016-09-30 0.04
2016-06-30 0.04

*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.
  • ESR-REIT is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess ESR-REIT'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.
ESR-REIT has a total score of 4/6, 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 ESR-REIT 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 ESR-REIT'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.
  • ESR-REIT does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare ESR-REIT's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare ESR-REIT's 1-year growth to the SG REITs industry average as it is not currently profitable.
Earnings and Revenue History
ESR-REIT'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 ESR-REIT Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:J91U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 188.13 -222.98 1.92
2018-12-31 156.92 -239.46 1.89
2018-09-30 125.69 -0.52 2.16
2018-06-30 120.44 -0.37 2.48
2018-03-31 115.57 -0.63 2.43
2017-12-31 109.70 -0.50 2.18
2017-09-30 110.31 4.29 1.87
2017-06-30 110.84 5.05 1.75
2017-03-31 111.46 5.94 1.79
2016-12-31 112.09 7.09 1.87
2016-09-30 112.79 51.72 1.80
2016-06-30 113.62 53.49 1.83
2016-03-31 113.14 51.64 1.97
2015-12-31 112.37 52.52 2.33
2015-09-30 110.06 52.82 2.26
2015-06-30 106.84 52.18 2.17
2015-03-31 103.72 45.72 3.55
2014-12-31 99.84 45.32 3.12
2014-09-30 110.32 47.51 3.52
2014-06-30 109.20 80.30 3.73
2014-03-31 95.98 108.12 16.19
2013-12-31 110.44 118.88 16.36
2013-09-30 97.80 160.43 19.49
2013-06-30 96.19 128.77 19.38
2013-03-31 106.25 103.02 5.54
2012-12-31 88.98 89.46 5.29
2012-09-30 85.74 49.73 2.00
2012-06-30 83.98 43.10 1.89

*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.
  • It is difficult to establish if ESR-REIT has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if ESR-REIT has efficiently used its assets last year compared to the SG REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if ESR-REIT improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess ESR-REIT'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.
ESR-REIT has a total score of 0/6, 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 ESR-REIT'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 ESR-REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • ESR-REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • ESR-REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of ESR-REIT'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 0x 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 ESR-REIT Company Filings, last reported 2 months ago.

SGX:J91U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,636.66 1,510.70 12.04
2018-12-31 1,630.78 1,284.49 17.66
2018-09-30 1,071.42 509.92 9.94
2018-06-30 1,073.53 512.46 12.73
2018-03-31 1,076.91 500.02 9.85
2017-12-31 930.00 669.79 11.65
2017-09-30 827.05 492.81 2.75
2017-06-30 825.23 517.07 3.70
2017-03-31 826.68 514.83 4.49
2016-12-31 827.03 509.59 3.70
2016-09-30 872.06 522.85 10.72
2016-06-30 873.21 534.31 5.01
2016-03-31 875.17 529.60 4.86
2015-12-31 872.91 525.25 3.26
2015-09-30 872.40 530.11 8.57
2015-06-30 871.49 529.78 8.51
2015-03-31 870.55 510.58 9.42
2014-12-31 866.33 475.45 6.28
2014-09-30 864.14 453.59 15.71
2014-06-30 860.10 414.85 24.48
2014-03-31 865.41 377.83 9.01
2013-12-31 861.55 356.06 73.54
2013-09-30 857.40 428.39 151.52
2013-06-30 824.39 474.95 33.21
2013-03-31 802.19 444.60 16.91
2012-12-31 786.69 497.12 89.76
2012-09-30 739.78 427.37 42.68
2012-06-30 733.54 412.06 29.78
  • ESR-REIT's level of debt (78.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (43.7% vs 78.5% today).
  • Debt is not well covered by operating cash flow (7.2%, less than 20% of total debt).
  • ESR-REIT is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess ESR-REIT'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. ESR-REIT has a total score of 0/6, 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 ESR-REIT'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
6.83%
Current annual income from ESR-REIT dividends. Estimated to be 7.28% next year.
If you bought SGD2,000 of ESR-REIT shares you are expected to receive SGD137 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?
  • ESR-REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.62%).
  • ESR-REIT's dividend is above the markets top 25% of dividend payers in Singapore (5.65%).
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:J91U 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 6 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.4%
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 5.6%

Industry and Market average data is calculated daily.

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

SGX:J91U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.04 1.00
2022-12-31 0.04 2.00
2021-12-31 0.04 5.00
2020-12-31 0.04 6.00
2019-12-31 0.04 5.00
SGX:J91U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-17 0.039 7.254
2018-01-16 0.039 7.402
2017-01-25 0.042 7.310
2016-10-26 0.039 7.278
2016-07-22 0.043 7.914
2016-04-27 0.044 8.183
2016-01-13 0.046 8.562
2015-10-21 0.048 8.178
2015-07-22 0.049 7.877
2015-04-21 0.049 7.005
2015-01-15 0.050 7.205
2014-10-23 0.050 7.291
2014-07-23 0.050 7.010
2014-04-15 0.050 6.616
2014-01-29 0.050 7.047
2013-10-31 0.050 7.239
2013-07-24 0.050 7.370
2013-04-18 0.049 6.420
2013-01-17 0.049 6.514
2012-11-01 0.048 7.294
2012-07-30 0.047 7.506
2012-04-18 0.047 8.497
2012-03-29 0.042 7.852
2012-01-31 0.042 8.162
2011-02-28 0.049 10.085
2011-02-10 0.049 9.501
2010-03-31 0.054 10.380
2010-01-27 0.054 11.840
2009-07-23 0.054 12.421

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of ESR-REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (3225.8x coverage).
X
Income/ dividend checks
We assess ESR-REIT'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 ESR-REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. ESR-REIT has a total score of 4/6, 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 ESR-REIT'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
Adrian Chui
COMPENSATION SGD0
AGE 42
TENURE AS CEO 2.3 years
CEO Bio

Mr. Wai Yin Chui, also known as Adrian, serves as CEO & Executive Director of ESR FUNDS MANAGEMENT (S) LIMITED at ESR Cayman Ltd. He has been Chief Executive Officer and Executive Director of ESR Funds Management (S) Limited, a Manager of ESR-REIT since joining in March 24, 2017. Mr. Chui key responsibilities include setting the strategic objectives for CIT alongside the Board as well as driving the overall business plan execution with the support of the management team. He was ran the South East Asia real estate advisory division of Standard Chartered Bank (“SCB”). His overall responsibilities at SCB included structuring, fundamental analysis and approval of acquisition financing for real estate companies / REITs / Business Trusts, valuation and execution advice for mergers & acquisitions, as well as structuring, execution and investment case positioning & strategies of REIT Initial Public Offerings (“IPOs”) and follow-on offerings of equity, equity- linked and debt securities across all real estate segments. Over 17 years of experience in real estate developers, REITs, banking and capital markets in Singapore and ASEAN. He held management roles with CapitaCommercial Trust Management Limited and was part of the pioneer management team of Ascendas Funds Management (S) Limited . Before SCB, Mr. Chui was the Director of Real Estate, Lodging and Leisure Group at UBS Investment Bank’s Singapore office, where he headed a team involved in structuring and listing of Singapore and cross-border REITs / Business Trusts and property company IPOs for Southeast Asia. His past work experience also includes a stint at Morgan Stanley Asia (Singapore) Securities Pte Ltd, where he was the property research analyst responsible for Singapore listed REITs and property companies, including CapitaLand Limited and Ascendas Real Estate Investment Trust. He holds a Bachelor of Business from Nanyang Technological University in Singapore.

CEO Compensation
  • Insufficient data for Adrian to compare compensation growth.
  • Adrian's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the ESR-REIT management team in years:

0.8
Average Tenure
43
Average Age
  • The average tenure for the ESR-REIT management team is less than 2 years, this suggests a new team.
Management Team

Adrian Chui

TITLE
CEO & Executive Director of ESR Funds Management (S) Limited
AGE
42
TENURE
2.3 yrs

Lawrence Chan

TITLE
Chief Financial Officer
AGE
43
TENURE
0.6 yrs

Nancy Tan

TITLE
Head of Real Estate & COO
AGE
54
TENURE
0.8 yrs

Charlene-Jayne Chang

TITLE
Head of Capital Markets & Investor Relations
TENURE
0.8 yrs

York Ying Loy

TITLE
Head of Compliance & Risk Management
TENURE
5 yrs

Irene Phua

TITLE
Head of Human Resources & Corporate Services of ESR Funds Management (S) Limited

Steven Leow

TITLE
Head of Property Services - of ESR Funds Management (S) Limited

Robin Yoo

TITLE
Company Secretary of Cambridge Industrial Trust Management Limited

Angeline Chiang

TITLE
Company Secretary of Cambridge Industrial Trust Management Limited
Board of Directors Tenure

Average tenure and age of the ESR-REIT board of directors in years:

1.3
Average Tenure
53
Average Age
  • The average tenure for the ESR-REIT board of directors is less than 3 years, this suggests a new board.
Board of Directors

Eng-Peng Ooi

TITLE
Independent Chairman of ESR Funds Management (S) Limited
COMPENSATION
SGD144K
AGE
61
TENURE
2.4 yrs

Adrian Chui

TITLE
CEO & Executive Director of ESR Funds Management (S) Limited
AGE
42
TENURE
2.3 yrs

Bruce Kendle Berry

TITLE
Independent Non-Executive Director of ESR Funds Management (S) Limited
COMPENSATION
SGD103K
AGE
64
TENURE
2.8 yrs

Wilson Ang

TITLE
Non-Executive Director of ESR Funds Management (S) Limited
AGE
53
TENURE
0.4 yrs

Jeffrey David Perlman

TITLE
Non-Executive Director of ESR Funds Management (S) Limited
AGE
34
TENURE
2.4 yrs

Phil Pearce

TITLE
Non-Executive Director of ESR Funds Management (S) Limited
COMPENSATION
SGD48K
AGE
50
TENURE
2.2 yrs

Horn Kee Leong

TITLE
Independent Non-Executive Director of ESR Funds Management (S) Limited
AGE
66
TENURE
0.4 yrs

Ronald Lim

TITLE
Independent Non-Executive Director of ESR Funds Management (S) Limited
AGE
71
TENURE
0.4 yrs

Tong Jinquan

TITLE
Non-Executive Director of ESR Funds Management (S) Limited
TENURE
0.4 yrs

Stefanie Yuen Thio

TITLE
Independent Non-Executive Director of ESR Funds Management (S) Limited
AGE
48
TENURE
0.3 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)
X
Management checks
We assess ESR-REIT'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. ESR-REIT 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 Kind Of Investor Owns Most Of ESR-REIT (SGX:J91U)?

Taking a look at our data on the ownership groups (below), it's seems that institutions own shares in the company. … Check out our latest analysis for ESR-REIT SGX:J91U Ownership Summary, May 15th 2019 What Does The Institutional Ownership Tell Us About ESR-REIT? … Private Company Ownership Our data indicates that Private Companies hold 9.6%, of the company's shares.

Simply Wall St -

Those Who Purchased ESR-REIT (SGX:J91U) Shares Five Years Ago Have A 26% Loss To Show For It

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … The most recent dividend was actually lower than it was in the past, so that may have sent the share price lower

Simply Wall St -

What Kind Of Shareholders Own ESR-REIT (SGX:J91U)?

Every investor in ESR-REIT (SGX:J91U) should be aware of the most powerful shareholder groups. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

How To Look At ESR-REIT (SGX:J91U)

real estate investment trust (REIT) based in Singapore, Singapore. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St -

Who Really Owns ESR-REIT (SGX:J91U)?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … ESR-REIT is a smaller company with a market capitalization of S$823.5m, so it may still be flying under the radar of many institutional investors. … institutional investors have bought into the company.

Simply Wall St -

Why ESR-REIT (SGX:J91U) May Not Be As Efficient As Its Industry

and want to begin learning the link between ESR-REIT (SGX:J91U)’s return fundamentals and stock market performance. … Though J91U's recent performance is underwhelming, it is useful to understand what ROE is made up of and how it should be interpreted. … Today I will look at how components such as financial leverage can influence ROE which may impact the sustainability of J91U's returns.

Simply Wall St -

Investing In Property Through ESR-REIT (SGX:J91U)

real estate investment trust (REIT) based in Singapore, Singapore. … REITs own and operate income-generating property and adhere to a different set of regulations. … Below, I'll look at a few important metrics to keep in mind as part of your research on J91U

Simply Wall St -

Why ESR-REIT (SGX:J91U) Could Be A Buy

saw significant share price volatility over the past couple of months on the SGX, rising to the highs of SGD0.55 and falling to the lows of SGD0.48. … A question to answer is whether ESR-REIT's current trading price of SGD0.49 reflective of the actual value of the? … Let’s take a look at ESR-REIT’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

ESR-REIT (SGX:J91U): Can Growth Justify Its June Share Price?

ESR-REIT (SGX:J91U) is considered a high growth stock. … However its last closing price of SGD0.495 left investors wondering whether this growth has already been factored into the share price. … ESR-REIT's extremely high growth potential in the near future is attracting investors

Simply Wall St -

How To Look At ESR-REIT (SGX:J91U)

The higher the coverage, the less risky J91U is, broadly speaking, to have debt on its books. … I also look at J91U's interest coverage ratio, which demonstrates how many times its earnings can cover its yearly interest expense. … I also use FFO to look at J91U's valuation relative to other REITs in Singapore by using the price-to-FFO metric.

Simply Wall St -

Company Info

Description

ESR-REIT has been listed on the Singapore Exchange Securities Trading Limited since 25 July 2006. ESR-REIT invests in quality income-producing industrial properties and as at 31 March 2019 has a diversified portfolio of 57 properties located across Singapore, with a total gross floor area of approximately 14.1 million square feet and an aggregate property value of S$3.03 billion. The properties are in the following business sectors: Business Park, Hi-Specs Industrial, Logistics/Warehouse and General Industrial, and are located close to major transportation hubs and key industrial zones island-wide.

Details
Name: ESR-REIT
J91U
Exchange: SGX
Founded: 2006
SGD1,799,626,385
3,185,179,443
Website: http://www.esr-reit.com.sg
Address: ESR-REIT
138 Market Street,
No 26-03/04 CapitaGreen,
Singapore,
048946,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX J91U UNITS Singapore Exchange SG SGD 25. Jul 2006
OTCPK CGIU.F UNITS Pink Sheets LLC US USD 25. Jul 2006
Number of employees
Current staff
Staff numbers
0
ESR-REIT employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 12:48
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/18
Last earnings filing: 2019/04/23
Last earnings reported: 2019/03/31
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.