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Sabana Shari'ah Compliant Industrial Real Estate Investment Trust

SGX:M1GU
Snowflake Description

Good value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
M1GU
SGX
SGD453M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Sabana REIT was listed on Singapore Exchange Securities Trading Limited on 26 November 2010. The last earnings update was 3 days ago. More info.


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M1GU Share Price and Events
7 Day Returns
0%
SGX:M1GU
-0.8%
SG REITs
0.6%
SG Market
1 Year Returns
-1.2%
SGX:M1GU
2.8%
SG REITs
-6.1%
SG Market
M1GU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (M1GU) 0% 1.2% 2.4% -1.2% -31.5% -58.5%
SG REITs -0.8% 0.3% 5.3% 2.8% 14.3% 12%
SG Market 0.6% 3.2% 4.6% -6.1% 10% -2.2%
1 Year Return vs Industry and Market
  • M1GU underperformed the REITs industry which returned 2.8% over the past year.
  • M1GU outperformed the Market in Singapore which returned -6.1% over the past year.
Price Volatility
M1GU
Industry
5yr Volatility vs Market

M1GU Value

 Is Sabana Shari'ah Compliant Industrial Real Estate Investment 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 Sabana Shari'ah Compliant Industrial Real Estate Investment 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 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust.

SGX:M1GU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 8%
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:M1GU
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 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 17%) (88.15%))
0.953
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.95
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.953 * 5.96%)
7.98%

Discounted Cash Flow Calculation for SGX:M1GU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Sabana Shari'ah Compliant Industrial Real Estate Investment 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:M1GU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 7.98%)
2019 36.16 Est @ -4.39% 33.48
2020 35.30 Est @ -2.38% 30.27
2021 34.95 Est @ -0.98% 27.76
2022 34.96 Est @ 0.01% 25.71
2023 35.20 Est @ 0.7% 23.97
2024 35.61 Est @ 1.18% 22.46
2025 36.15 Est @ 1.52% 21.12
2026 36.79 Est @ 1.75% 19.90
2027 37.49 Est @ 1.92% 18.78
2028 38.26 Est @ 2.03% 17.75
Present value of next 10 years cash flows SGD241.21
SGX:M1GU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD38.26 × (1 + 2.3%) ÷ (7.98% – 2.3%)
SGD688.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD688.98 ÷ (1 + 7.98%)10
SGD319.62
SGX:M1GU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD241.21 + SGD319.62
SGD560.83
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD560.83 / 1,053.08
SGD0.53
SGX:M1GU Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.53
Current discount Discount to share price of SGD0.43
= -1 x (SGD0.43 - SGD0.53) / SGD0.53
20.2%

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

Current Discount
Amount off the current price Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is available for.
Intrinsic value
20%
Share price is SGD0.425 vs Future cash flow value of SGD0.53256
Current Discount Checks
For Sabana Shari'ah Compliant Industrial Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust'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 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:M1GU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.06
SGX:M1GU Share Price ** SGX (2019-04-23) in SGD SGD0.43
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.52x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.18x

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

** Primary Listing of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust.

SGX:M1GU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:M1GU Share Price ÷ EPS (both in SGD)

= 0.43 ÷ 0.06

7.15x

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

  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is good value based on earnings compared to the SG REITs industry average.
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's expected growth come at a high price?
Raw Data
SGX:M1GU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.15x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.53x

*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 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's assets?
Raw Data
SGX:M1GU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD0.57
SGX:M1GU Share Price * SGX (2019-04-23) in SGD SGD0.43
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.95x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:M1GU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:M1GU Share Price ÷ Book Value per Share (both in SGD)

= 0.43 ÷ 0.57

0.74x

* Primary Listing of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust.

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

  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is good value based on assets compared to the SG REITs industry average.
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Value checks
We assess Sabana Shari'ah Compliant Industrial Real Estate Investment 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 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. Sabana Shari'ah Compliant Industrial Real Estate Investment 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.

M1GU Future Performance

 How is Sabana Shari'ah Compliant Industrial Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
-3.1%
Expected REITs industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sabana Shari'ah Compliant Industrial Real Estate Investment Trust expected to grow at an attractive rate?
  • Unable to compare Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's earnings growth to the Singapore market average as no estimate data is available.
  • Unable to compare Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:M1GU Future Growth Rates Data Sources
Data Point Source Value (per year)
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.9%
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:M1GU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:M1GU Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 78 38 63
2018-12-31 81 43 68
2018-09-30 81 42 -12
2018-06-30 82 44 2
2018-03-31 84 52 -24
2017-12-31 85 51 -27
2017-09-30 87 50 -37
2017-06-30 90 49 -40
2017-03-31 90 44 -62
2016-12-31 92 49 -62
2016-09-30 94 56 -138
2016-06-30 96 59 -133

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is high growth as no earnings estimate data is available.
  • Unable to determine if Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is high growth as no revenue estimate data is available.
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:M1GU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Sabana Shari'ah Compliant Industrial Real Estate Investment Trust Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:M1GU Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.06
2018-12-31 0.06
2018-09-30 -0.01
2018-06-30 0.00
2018-03-31 -0.02
2017-12-31 -0.03
2017-09-30 -0.04
2017-06-30 -0.05
2017-03-31 -0.08
2016-12-31 -0.08
2016-09-30 -0.19
2016-06-30 -0.18

*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.
  • Unable to establish if Sabana Shari'ah Compliant Industrial Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is trading at Sabana Shari'ah Compliant Industrial Real Estate Investment Trust'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Real Estate companies here
  3. Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Sabana Shari'ah Compliant Industrial Real Estate Investment 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.
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has a total score of 0/6, 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.

M1GU Past Performance

  How has Sabana Shari'ah Compliant Industrial Real Estate Investment 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 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust'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.
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has become profitable in the last year making it difficult to compare the SG REITs industry average.
Earnings and Revenue History
Sabana Shari'ah Compliant Industrial Real Estate Investment 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 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:M1GU 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 78.48 62.62 1.40
2018-12-31 80.96 67.69 1.29
2018-09-30 81.33 -12.45 2.39
2018-06-30 82.34 1.86 2.84
2018-03-31 84.22 -23.64 3.90
2017-12-31 85.20 -26.81 3.97
2017-09-30 87.34 -36.77 2.87
2017-06-30 89.51 -39.73 2.47
2017-03-31 90.18 -61.75 1.47
2016-12-31 91.81 -62.46 1.51
2016-09-30 93.83 -138.34 1.64
2016-06-30 96.29 -133.15 1.70
2016-03-31 99.07 -78.87 1.65
2015-12-31 100.82 -73.44 1.75
2015-09-30 101.56 36.99 1.71
2015-06-30 101.19 36.13 1.76
2015-03-31 101.14 36.68 1.87
2014-12-31 100.34 36.91 1.75
2014-09-30 99.87 59.68 1.60
2014-06-30 96.35 62.01 1.46
2014-03-31 92.55 66.55 1.92
2013-12-31 89.49 63.39 1.90
2013-09-30 86.12 77.07 1.95
2013-06-30 84.83 74.25 2.55
2013-03-31 83.63 71.67 2.23
2012-12-31 81.77 74.44 2.23
2012-09-30 72.46 38.79 2.03
2012-06-30 69.54 90.61 1.48

*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.
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Sabana Shari'ah Compliant Industrial Real Estate Investment 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 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.
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has a total score of 1/6, 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.

M1GU Health

 How is Sabana Shari'ah Compliant Industrial Real Estate Investment 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 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sabana Shari'ah Compliant Industrial Real Estate Investment 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.
  • High level of physical assets or inventory.
  • 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 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust Company Filings, last reported 3 weeks ago.

SGX:M1GU Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 602.46 399.19 59.74
2018-12-31 604.48 361.85 7.22
2018-09-30 554.23 359.45 7.89
2018-06-30 567.76 360.20 7.85
2018-03-31 573.33 364.95 20.27
2017-12-31 571.55 366.07 7.68
2017-09-30 601.64 351.82 8.52
2017-06-30 600.76 366.44 9.59
2017-03-31 631.83 365.49 7.53
2016-12-31 556.80 438.49 9.21
2016-09-30 596.38 436.20 8.82
2016-06-30 597.93 433.06 8.43
2016-03-31 650.49 440.92 22.88
2015-12-31 653.74 481.29 10.44
2015-09-30 773.14 480.96 10.48
2015-06-30 773.35 481.12 12.85
2015-03-31 774.18 480.29 12.26
2014-12-31 772.59 480.47 12.29
2014-09-30 757.28 451.34 12.42
2014-06-30 756.83 452.29 13.84
2014-03-31 754.87 451.13 11.40
2013-12-31 756.50 451.99 17.08
2013-09-30 745.20 450.91 12.33
2013-06-30 707.14 419.30 13.44
2013-03-31 697.68 429.05 15.64
2012-12-31 702.86 428.09 18.97
2012-09-30 677.40 426.88 84.51
2012-06-30 680.54 365.90 26.18
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's level of debt (66.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (59.8% vs 66.3% today).
  • Debt is not well covered by operating cash flow (9.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Sabana Shari'ah Compliant Industrial Real Estate Investment 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. Sabana Shari'ah Compliant Industrial Real Estate Investment Trust 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.

M1GU Dividends

 What is Sabana Shari'ah Compliant Industrial Real Estate Investment 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
7.48%
Current annual income from Sabana Shari'ah Compliant Industrial Real Estate Investment Trust dividends.
If you bought SGD2,000 of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust shares you are expected to receive SGD150 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?
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.47%).
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:M1GU 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 0 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.6%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

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

SGX:M1GU Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-24 0.032 7.544
2018-01-25 0.033 7.939
2017-10-23 0.032 7.514
2017-07-25 0.032 6.891
2017-04-11 0.046 10.290
2017-01-25 0.046 10.375
2016-03-23 0.069 13.129
2016-01-25 0.069 10.721
2015-04-20 0.071 9.102
2015-01-21 0.071 7.850
2014-10-15 0.072 7.571
2014-04-16 0.075 7.279
2014-02-28 0.094 9.089
2014-01-22 0.094 9.040
2013-03-28 0.093 8.058
2013-01-17 0.093 7.550
2012-07-19 0.091 8.281
2012-01-20 0.095 10.053
2011-10-19 0.086 9.711
2011-07-27 0.087 9.833
2011-04-27 0.088 9.468

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

  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has only been paying a dividend for 8 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - 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 Sabana Shari'ah Compliant Industrial Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sabana Shari'ah Compliant Industrial Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.


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

M1GU Management

 What is the CEO of Sabana Shari'ah Compliant Industrial Real Estate Investment 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
Donald Han
AGE 53
TENURE AS CEO 1.3 years
CEO Bio

Mr. Yong Lee Han, also known as Donald, has been the Chief Executive Officer of Sabana Real Estate Investment Management Pte Ltd, a Manager of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust since January 25, 2018. Mr. Han is a real estate veteran, an accomplished and respected consultant across most sectors in the property market, from residential agency to collective enbloc, office investment sales to retail leasing, regional hospitality and hotel disposition to international project marketing. He started his career at Richard Ellis Pte Ltd, where he built experience in industrial property and investment sales. He set up Cushman & Wakefield (C&W) Singapore Pte Ltd and was appointed Managing Director of the Singapore office in 1997. He was subsequently promoted to C&W’s Asia Pacific Capital Markets Managing Director in 2008. He left C&W whilst at the helm as Vice Chairman of C&W Singapore and an advisory Asia Pacific Board member with a team of over 100 personnel under him. He eventually acquired a stake of UK owned Chesterton Singapore operations in 2013 leading a team of over 100 personnel. He holds a Bachelor of Science (Estate Management) from the National University of Singapore and is a member of the Singapore Institute of Surveyors and Valuers.

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

Average tenure of the Sabana Shari'ah Compliant Industrial Real Estate Investment Trust management team in years:

2.4
Average Tenure
  • The tenure for the Sabana Shari'ah Compliant Industrial Real Estate Investment Trust management team is about average.
Management Team

Donald Han

TITLE
Chief Executive Officer of Sabana Real Estate Investment Management Pte Ltd
AGE
53
TENURE
1.3 yrs

QingBin Liu

TITLE
Vice President of Finance of Sabana Real Estate Investment Management Pte Ltd
TENURE
0.7 yrs

Wei Been Aw

TITLE
COO & Head of Asset Management of Sabana Real Estate Investment Management Pte Ltd
TENURE
8.4 yrs

Chan Yong Han

TITLE
Compliance Officer of Sabana Real Estate Investment Management Pte Ltd

Angel Goh

TITLE
Assistant Manager of Human Resources of Sabana Real Estate Investment Management Pte Ltd

Kevin Cho

TITLE
Company Secretary of Sabana Real Estate Investment Management Pte Ltd
TENURE
3.5 yrs
Board of Directors Tenure

Average tenure and age of the Sabana Shari'ah Compliant Industrial Real Estate Investment Trust board of directors in years:

1.6
Average Tenure
54
Average Age
  • The average tenure for the Sabana Shari'ah Compliant Industrial Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Kok Hoon Yong

TITLE
Chairman of the Board of Sabana Real Estate Investment Management Pte Ltd
COMPENSATION
SGD150K
AGE
61
TENURE
1.8 yrs

Kelvin Tan

TITLE
Non-Executive Independent Director of Sabana Real Estate Investment Management Pte Ltd
COMPENSATION
SGD96K
AGE
53
TENURE
1.4 yrs

Henry Chua

TITLE
Non-Executive Director of Sabana Real Estate Investment Management Pte Ltd
COMPENSATION
SGD55K
AGE
65
TENURE
8.4 yrs

Cheong Hin Tan

TITLE
Non-Executive Independent Director of Sabana Real Estate Investment Management Pte Ltd
COMPENSATION
SGD51K
AGE
54
TENURE
1.3 yrs

Mohamed Elgari

TITLE
Member of Independent Shari'ah Committee

Obiyathulla Bacha

TITLE
Member of Independent Shari'ah Committee

Ashraf bin Mohammed Hashim

TITLE
Member of Independent Shari'ah Committee
AGE
50
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)
04. May 18 Buy ESR Cayman Limited Company 02. May 18 02. May 18 857,900 SGD0.42 SGD364,607
X
Management checks
We assess Sabana Shari'ah Compliant Industrial Real Estate Investment 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. Sabana Shari'ah Compliant Industrial Real Estate Investment 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.

M1GU News

Simply Wall St News

Is Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) A Risky Dividend Stock?

Today we'll take a closer look at Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) from a dividend investor's perspective. … In this case, Sabana Shari'ah Compliant Industrial Real Estate Investment Trust likely looks attractive to dividend investors, given its 7.5% dividend yield and eight-year payment history. … Explore this interactive chart for our latest analysis on Sabana Shari'ah Compliant Industrial Real Estate Investment Trust!

Simply Wall St -

Could The Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) Ownership Structure Tell Us Something Useful?

Every investor in Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) should be aware of the most powerful shareholder groups. … Generally speaking, as a company grows, institutions will increase their ownership. … Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is a smaller company with a market capitalization of S$448m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

How Should You Analyze REIT Stock Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU)?

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is a S$416m. … real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for Sabana Shari'ah Compliant Industrial Real Estate Investment Trust

Simply Wall St -

What Type Of Shareholder Owns Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's (SGX:M1GU)?

Every investor in Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) should be aware of the most powerful shareholder groups. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is not a large company by global standards.

Simply Wall St -

Why Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) Delivered An Inferior ROE Compared To The Industry

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust’s (SGX:M1GU) most recent return on equity was a substandard 0.3% relative to its industry performance of 6.6% over the past year. … An investor may attribute an inferior ROE to a relatively inefficient performance, and whilst this can often be the case, knowing the nuts and bolts of the ROE calculation may change that perspective and give you a deeper insight into M1GU's past performance. … View our latest analysis for Sabana Shari'ah Compliant Industrial Real Estate Investment Trust

Simply Wall St -

How To Look At Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU)

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is a S$463.36m. … real estate investment trust (REIT) based in Singapore, Singapore. … View out our latest analysis for Sabana Shari'ah Compliant Industrial Real Estate Investment Trust

Simply Wall St -

Before You Buy Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's (SGX:M1GU), Consider This

Generally, an investor should consider two types of risk that impact the market value of M1GU. … Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's beta of 0.21 indicates that the stock value will be less variable compared to the whole stock market. … M1GU’s beta indicates it is a stock that investors may find valuable if they want to reduce the overall market risk exposure of their stock portfolio.

Simply Wall St -

Who Owns Most Of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU)?

With this size of ownership, retail investors can collectively play a role in major company policies that affect shareholders returns, including executive remuneration and the appointment of directors. … Private Company Ownership Potential investors in M1GU should also look at another important group of investors: private companies, with a stake of 11.22%, who are primarily invested because of strategic and capital gain interests. … Thus, investors should dig deeper into M1GU's business relations with these companies and how it can affect shareholder returns in the long-term.Next Steps: The company's high institutional ownership makes margin of safety a very important consideration to existing investors since long bull and bear trends often emerge when these big-ticket investors see a change in long-term potential of the company.

Simply Wall St -

You May Have Been Looking At Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (SGX:M1GU) All Wrong

Sabana Shari'ah Compliant Industrial Real Estate Investment Trust is a S$437.03M small-cap real estate investment trust (REIT) based in Singapore, Singapore. … Check out our latest analysis for Sabana Shari'ah Compliant Industrial Real Estate Investment Trust Funds from Operations (FFO) is a higher quality measure of M1GU's earnings compared to net income. … Next Steps: As a REIT, Sabana Shari'ah Compliant Industrial Real Estate Investment Trust offers some unique characteristics which could help diversify your portfolio.

Simply Wall St -

All You Need To Know About Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's (SGX:M1GU) Risks

See our latest analysis for Sabana Shari'ah Compliant Industrial Real Estate Investment Trust What does M1GU's beta value mean? … Sabana Shari'ah Compliant Industrial Real Estate Investment Trust's beta of 0.29 indicates that the stock value will be less variable compared to the whole stock market. … Based on this beta value, M1GU appears to be a stock that an investor with a high-beta portfolio would look for to reduce risk exposure to the market.

Simply Wall St -

M1GU Company Info

Description

Sabana REIT was listed on Singapore Exchange Securities Trading Limited on 26 November 2010. It was established principally to invest in income-producing real estate used for industrial purposes, as well as real estate-related assets, in line with Shari’ah investment principles. Sabana REIT currently has a diversified portfolio of 18 quality properties in Singapore, in the high-tech industrial, warehouse and logistics, chemical warehouse and logistics, as well as general industrial sectors. Its total assets amount to S$1.0 billion. Sabana REIT is listed in several indices within the SGX S-REIT Index, Morgan Stanley Capital International, Inc (MSCI) Index and FTSE index. Sabana REIT is one of the constituents of the FTSE ST Singapore Shariah Index. Sabana REIT is managed by Sabana Real Estate Investment Management Pte. Ltd., (in its capacity as the Manager of Sabana REIT) in accordance with the terms of the trust deed dated 29 October 2010 (as amended). Sabana REIT is a real estate investment trust constituted on 29 October 2010 under the laws of Singapore.

Details
Name: Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
M1GU
Exchange: SGX
Founded: 2010
SGD452,825,917
1,053,083,530
Website: http://www.sabana-reit.com
Address: Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
151 Lorong Chuan,
No. 02-03 New Tech Park,
Singapore,
556741,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX M1GU Units Singapore Exchange SG SGD 26. Nov 2010
OTCPK SBBS.F Units Pink Sheets LLC US USD 26. Nov 2010
Number of employees
Current staff
Staff numbers
0
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 12:54
End of day share price update: 2019/04/23 00:00
Last earnings filing: 2019/04/20
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.