SPH REIT
Market Cap
S$2.3b
Last Updated
2021/03/08 11:04 UTC
Data Sources
Company Financials +
Executive Summary
SPH REIT is a Singapore-based real estate investment trust established principally to invest in a portfolio of income-producing real estate primarily for retail purposes in Asia-Pacific, as well as real estate-related assets. More Details
Rewards
Risk Analysis
Snowflake Analysis
Second-rate dividend payer with moderate growth potential.
Share Price & News
How has SPH REIT's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: SK6U is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: SK6U's weekly volatility (2%) has been stable over the past year.
Market Performance
7 Day Return
1.2%
SK6U
-0.2%
SG REITs
1.3%
SG Market
1 Year Return
-13.9%
SK6U
-13.0%
SG REITs
-1.6%
SG Market
Return vs Industry: SK6U matched the SG REITs industry which returned -13% over the past year.
Return vs Market: SK6U underperformed the SG Market which returned -1.6% over the past year.
Shareholder returns
| SK6U | Industry | Market | |
|---|---|---|---|
| 7 Day | 1.2% | -0.2% | 1.3% |
| 30 Day | 1.2% | -3.6% | 2.2% |
| 90 Day | 1.2% | -0.2% | 6.6% |
| 1 Year | -11.3%-13.9% | -8.4%-13.0% | 3.5%-1.6% |
| 3 Year | -3.8%-16.1% | 17.3%-2.3% | -7.2%-18.6% |
| 5 Year | 12.1%-12.6% | 45.6%7.6% | 17.0%-4.4% |
Long-Term Price Volatility Vs. Market
How volatile is SPH REIT's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
How Much Of SPH REIT (SGX:SK6U) Do Institutions Own?2 months ago | Simply Wall St
If You Had Bought SPH REIT's (SGX:SK6U) Shares A Year Ago You Would Be Down 21%3 months ago | Simply Wall St
How Many SPH REIT (SGX:SK6U) Shares Have Insiders Sold, In The Last Year?Valuation
Is SPH REIT undervalued compared to its fair value and its price relative to the market?
37.8%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: SK6U (SGD0.84) is trading below our estimate of fair value (SGD1.34)
Significantly Below Fair Value: SK6U is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: SK6U is unprofitable, so we can't compare its PE Ratio to the SG REITs industry average.
PE vs Market: SK6U is unprofitable, so we can't compare its PE Ratio to the SG market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate SK6U's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: SK6U's PB Ratio (0.8x) is in line with the SG REITs industry average.
Next Steps
Future Growth
How is SPH REIT forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
49.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SK6U is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2%).
Earnings vs Market: SK6U is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: SK6U's is expected to become profitable in the next 3 years.
Revenue vs Market: SK6U's revenue (3.8% per year) is forecast to grow slower than the SG market (9.1% per year).
High Growth Revenue: SK6U's revenue (3.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SK6U's Return on Equity is forecast to be low in 3 years time (5.8%).
Next Steps
Past Performance
How has SPH REIT performed over the past 5 years?
-11.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SK6U is currently unprofitable.
Growing Profit Margin: SK6U is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: SK6U is unprofitable, and losses have increased over the past 5 years at a rate of 11.5% per year.
Accelerating Growth: Unable to compare SK6U's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: SK6U is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-29.3%).
Return on Equity
High ROE: SK6U has a negative Return on Equity (-2.27%), as it is currently unprofitable.
Next Steps
Financial Health
How is SPH REIT's financial position?
Financial Position Analysis
Short Term Liabilities: SK6U's short term assets (SGD114.6M) do not cover its short term liabilities (SGD295.5M).
Long Term Liabilities: SK6U's short term assets (SGD114.6M) do not cover its long term liabilities (SGD1.1B).
Debt to Equity History and Analysis
Debt Level: SK6U's debt to equity ratio (46.5%) is considered high.
Reducing Debt: SK6U's debt to equity ratio has increased from 35.2% to 46.5% over the past 5 years.
Debt Coverage: SK6U's debt is not well covered by operating cash flow (12.7%).
Interest Coverage: SK6U is unprofitable, therefore interest payments are not well covered by earnings.
Balance Sheet
Next Steps
Dividend
What is SPH REIT current dividend yield, its reliability and sustainability?
3.26%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: SK6U's dividend (3.26%) is higher than the bottom 25% of dividend payers in the SG market (1.88%).
High Dividend: SK6U's dividend (3.26%) is low compared to the top 25% of dividend payers in the SG market (4.82%).
Stability and Growth of Payments
Stable Dividend: SK6U has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: SK6U has only been paying a dividend for 7 years, and since then payments have fallen.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (65%), SK6U's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: SK6U's dividends in 3 years are forecast to be covered by earnings (93.2% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
8.2yrs
Average management tenure
CEO
Susan Leng
8.17yrs
Tenure
Ms. Mee Yin Leng, also known as Susan, has been the Chief Executive Officer of SPH REIT Management Pte Ltd - Manager at SPH REIT since 2013. Prior to joining the Manager, Ms. Leng served as the General Man...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chief Executive Officer of SPH REIT Management Pte Ltd. | 8.17yrs | no data | 0.022% SGD 515.6k | |
| CFO & Head of Investor Relations of SPH REIT Management Pte Ltd. | 2.17yrs | no data | no data | |
| Investment Manager of SPH REIT Management Pte Ltd | 8.17yrs | no data | no data | |
| Company Secretary of SPH REIT Management Pte. Ltd | no data | no data | no data |
8.2yrs
Average Tenure
Experienced Management: SK6U's management team is seasoned and experienced (8.2 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Non-Executive & Non-Independent Director of SPH REIT Management Pte. Ltd. | 7.75yrs | S$44.65k | 0.0072% SGD 168.1k | |
| Non-Executive & Independent Director of SPH REIT Management Pte. Ltd. | 7.75yrs | S$63.65k | 0.0036% SGD 84.0k | |
| Non-Executive & Independent Chairman of SPH REIT Management Pte. Ltd. | 8.17yrs | S$73.15k | no data | |
| Non-Executive & Non-Independent Director of SPH REIT Management Pte. Ltd. | 3.58yrs | S$44.65k | no data | |
| Non-Independent Non-Executive Director of SPH Reit Management Pte Ltd | 2.33yrs | S$44.65k | no data | |
| Non-Executive & Independent Director of SPH REIT Management Pte. Ltd. | 2.5yrs | S$57.00k | no data | |
| Non-Executive & Independent Director SPH REIT Management Pte Ltd. | 1.17yrs | no data | no data |
3.6yrs
Average Tenure
59yo
Average Age
Experienced Board: SK6U's board of directors are considered experienced (3.6 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
SPH REIT's company bio, employee growth, exchange listings and data sources
Key Information
- Name: SPH REIT
- Ticker: SK6U
- Exchange: SGX
- Founded: 2013
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: S$2.334b
- Shares outstanding: 2.78b
- Website: https://www.sphreit.com.sg
Location
- SPH REIT
- 1000 Toa Payoh North
- News Centre
- Singapore
- 318994
- Singapore
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| SK6U | SGX (Singapore Exchange) | Yes | Trust Units | SG | SGD | Jul 2013 |
| 50E | DB (Deutsche Boerse AG) | Yes | Trust Units | DE | EUR | Jul 2013 |
Biography
SPH REIT is a Singapore-based real estate investment trust established principally to invest in a portfolio of income-producing real estate primarily for retail purposes in Asia-Pacific, as well as real es...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/03/08 11:04 |
| End of Day Share Price | 2021/03/08 00:00 |
| Earnings | 2020/08/31 |
| Annual Earnings | 2020/08/31 |
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.