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Soilbuild Businessce REIT

SGX:SV3U
Snowflake Description

Imperfect balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SV3U
SGX
SGD670M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Soilbuild Business Space REIT (“Soilbuild REIT”) is a Singapore and Australia-focused real estate investment trust (“REIT”) with a portfolio of business parks and industrial properties used by industries engaging in manufacturing, engineering, logistic, warehousing, electronics, marine, oil & gas, research and development and value-added knowledge-based activities. The last earnings update was 5 days ago. More info.


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SV3U Share Price and Events
7 Day Returns
-0.8%
SGX:SV3U
-1.1%
SG REITs
0.3%
SG Market
1 Year Returns
-4.6%
SGX:SV3U
2.4%
SG REITs
-6.2%
SG Market
SV3U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Soilbuild Businessce REIT (SV3U) -0.8% 3.3% 0.8% -4.6% -11.3% -19.4%
SG REITs -1.1% -0.1% 4.9% 2.4% 13.4% 11.6%
SG Market 0.3% 3.1% 3.7% -6.2% 8.5% -3%
1 Year Return vs Industry and Market
  • SV3U underperformed the REITs industry which returned 2.4% over the past year.
  • SV3U outperformed the Market in Singapore which returned -6.2% over the past year.
Price Volatility
SV3U
Industry
5yr Volatility vs Market

Value

 Is Soilbuild Businessce 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 Soilbuild Businessce 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 Soilbuild Businessce REIT.

SGX:SV3U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
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:SV3U
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))
= 0.538 (1 + (1- 17%) (77.39%))
0.922
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.922 * 5.96%)
7.8%

Discounted Cash Flow Calculation for SGX:SV3U using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Soilbuild Businessce 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.

SGX:SV3U DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 7.8%)
2019 40.32 Est @ -14.06% 37.41
2020 36.63 Est @ -9.15% 31.53
2021 34.54 Est @ -5.71% 27.57
2022 33.40 Est @ -3.31% 24.73
2023 32.86 Est @ -1.62% 22.57
2024 32.71 Est @ -0.45% 20.85
2025 32.83 Est @ 0.38% 19.41
2026 33.15 Est @ 0.96% 18.18
2027 33.60 Est @ 1.36% 17.09
2028 34.15 Est @ 1.64% 16.12
Present value of next 10 years cash flows SGD235.46
SGX:SV3U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD34.15 × (1 + 2.3%) ÷ (7.8% – 2.3%)
SGD635.76
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD635.76 ÷ (1 + 7.8%)10
SGD300.04
SGX:SV3U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD235.46 + SGD300.04
SGD535.49
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD535.49 / 1,063.34
SGD0.5
SGX:SV3U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.50
Current discount Discount to share price of SGD0.63
= -1 x (SGD0.63 - SGD0.50) / SGD0.50
-24.1%

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

  • The current share price of Soilbuild Businessce REIT is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Soilbuild Businessce REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Soilbuild Businessce REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:SV3U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.05
SGX:SV3U Share Price ** SGX (2019-04-22) in SGD SGD0.63
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 13.26x

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

** Primary Listing of Soilbuild Businessce REIT.

SGX:SV3U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:SV3U Share Price ÷ EPS (both in SGD)

= 0.63 ÷ 0.05

13.6x

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

  • Soilbuild Businessce REIT is overvalued based on earnings compared to the SG REITs industry average.
  • Soilbuild Businessce REIT is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Soilbuild Businessce REIT's expected growth come at a high price?
Raw Data
SGX:SV3U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-0.6%per year
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 1.63x

*Line of best fit is calculated by linear regression .

SGX:SV3U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.6x ÷ -0.6%

-23.18x

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

  • Soilbuild Businessce REIT earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Soilbuild Businessce REIT's assets?
Raw Data
SGX:SV3U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD0.68
SGX:SV3U Share Price * SGX (2019-04-22) in SGD SGD0.63
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:SV3U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:SV3U Share Price ÷ Book Value per Share (both in SGD)

= 0.63 ÷ 0.68

0.91x

* Primary Listing of Soilbuild Businessce REIT.

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

  • Soilbuild Businessce REIT is good value based on assets compared to the SG REITs industry average.
X
Value checks
We assess Soilbuild Businessce 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. Soilbuild Businessce 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 Soilbuild Businessce REIT expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Soilbuild Businessce REIT expected to grow at an attractive rate?
  • Soilbuild Businessce REIT's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Soilbuild Businessce REIT's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • Soilbuild Businessce REIT's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:SV3U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:SV3U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -0.6%
SGX:SV3U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 1.9%
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:SV3U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:SV3U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 92 65 48 3
2019-12-31 93 60 47 2
SGX:SV3U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 87 47 49
2018-12-31 84 66 51
2018-09-30 79 66 -31
2018-06-30 79 63 -30
2018-03-31 82 58 -28
2017-12-31 85 49 -28
2017-09-30 86 43 2
2017-06-30 85 54 2
2017-03-31 83 72 1
2016-12-31 81 71 -1
2016-09-30 80 74 53
2016-06-30 81 64 54

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Soilbuild Businessce REIT's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Soilbuild Businessce REIT's revenue is expected to grow by 1.9% 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:SV3U 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 3 Analyst Estimates (S&P Global) See Below

All data from Soilbuild Businessce REIT Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:SV3U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.04 0.04 0.04 1.00
2019-12-31 0.04 0.04 0.04 1.00
SGX:SV3U Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.05
2018-12-31 0.05
2018-09-30 -0.03
2018-06-30 -0.03
2018-03-31 -0.03
2017-12-31 -0.03
2017-09-30 0.00
2017-06-30 0.00
2017-03-31 0.00
2016-12-31 0.00
2016-09-30 0.06
2016-06-30 0.06

*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 Soilbuild Businessce REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Soilbuild Businessce 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.
Soilbuild Businessce REIT 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.

Past Performance

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

SGX:SV3U 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 87.00 48.65 1.34
2018-12-31 83.77 51.47 1.21
2018-09-30 78.73 -31.26 0.87
2018-06-30 79.46 -30.13 1.04
2018-03-31 82.28 -28.26 1.13
2017-12-31 84.82 -28.29 1.27
2017-09-30 85.76 2.24 1.26
2017-06-30 84.95 1.86 1.26
2017-03-31 82.97 0.91 1.24
2016-12-31 81.13 -0.58 1.24
2016-09-30 79.88 53.39 1.13
2016-06-30 80.85 53.81 1.05
2016-03-31 80.87 53.00 1.17
2015-12-31 79.34 51.66 1.36
2015-09-30 76.59 46.67 1.34
2015-06-30 72.80 44.26 1.46
2015-03-31 69.92 42.92 1.32
2014-12-31 68.15 42.43 1.06
2014-03-31 25.39 45.72 0.40
2013-12-31 25.43 42.95 0.38
2013-03-31 58.16 23.40 0.87
2012-12-31 53.15 20.17 0.87

*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.
  • Soilbuild Businessce REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Soilbuild Businessce REIT used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • Soilbuild Businessce REIT's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Soilbuild Businessce 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.
Soilbuild Businessce REIT 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.

Health

 How is Soilbuild Businessce 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 Soilbuild Businessce REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Soilbuild Businessce REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Soilbuild Businessce REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Soilbuild Businessce 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 0.1x 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 Soilbuild Businessce REIT Company Filings, last reported 3 weeks ago.

SGX:SV3U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 728.29 518.43 18.92
2018-12-31 732.24 465.68 15.24
2018-09-30 732.41 421.95 75.28
2018-06-30 668.43 421.85 12.05
2018-03-31 669.66 475.12 74.95
2017-12-31 668.64 474.46 11.74
2017-09-30 749.51 474.62 10.52
2017-06-30 750.64 474.34 10.75
2017-03-31 751.31 473.52 24.33
2016-12-31 751.70 472.71 25.72
2016-09-30 801.47 461.23 22.08
2016-06-30 742.36 431.64 23.33
2016-03-31 743.44 428.68 16.16
2015-12-31 745.97 398.50 17.24
2015-09-30 742.09 397.95 18.44
2015-06-30 735.19 399.83 14.22
2015-03-31 652.85 390.32 14.46
2014-12-31 650.78 368.99 20.95
2014-03-31 650.21 277.08 20.73
2013-12-31 646.93 276.94 20.18
2013-03-31 639.23 274.66 1.00
2012-12-31 639.23 274.66 1.00
  • Soilbuild Businessce REIT's level of debt (71.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (42.7% vs 71.2% today).
  • Debt is not well covered by operating cash flow (9.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.2x coverage).
X
Financial health checks
We assess Soilbuild Businessce 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. Soilbuild Businessce REIT has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Soilbuild Businessce 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
8.45%
Current annual income from Soilbuild Businessce REIT dividends. Estimated to be 7.97% next year.
If you bought SGD2,000 of Soilbuild Businessce REIT shares you are expected to receive SGD169 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?
  • Soilbuild Businessce REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Soilbuild Businessce REIT's dividend is above the markets top 25% of dividend payers in Singapore (5.46%).
Upcoming dividend payment

Purchase Soilbuild Businessce REIT before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:SV3U Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
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:SV3U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.05 3.00
2019-12-31 0.05 2.00
SGX:SV3U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-21 0.053 8.674
2018-01-17 0.057 9.071
2017-03-27 0.061 8.840
2017-01-23 0.061 9.472
2016-03-28 0.065 9.521
2016-01-21 0.065 9.033
2015-04-24 0.062 7.674
2015-01-21 0.062 7.676
2014-04-29 0.062 7.899
2014-01-23 0.060 7.878
2013-11-06 0.030 4.002

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

  • Whilst dividend payments have been stable, Soilbuild Businessce REIT has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Soilbuild Businessce REIT only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Soilbuild Businessce REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x 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 Soilbuild Businessce REIT'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 Soilbuild Businessce REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Soilbuild Businessce REIT has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of Soilbuild Businessce 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
Roy Teo
AGE 41
TENURE AS CEO 4.3 years
CEO Bio

Mr. Seng Wah Teo, also known as Roy, has been the Chief Executive Officer of SB REIT Management Pte Ltd, the manager of Soilbuild Business Space REIT since January 21, 2016. Mr. Teo served as Acting Chief Executive Officer at Sb Reit Management Pte. Ltd since October 30, 2015 until January 21, 2016 and also served as its Chief Operating Officer since 2012 until November 12, 2015. Mr. Teo has more than 14 years of experience in the real estate industry and various related sectors. Mr. Teo served as first a Co-head of Business Development and Investment and then the Head of Logistics Portfolio at Ascendas Funds Management (S) Limited, where he was responsible for the day-day operations and strategic review of the logistics portfolio worth S$1.3 billion from March 2005 to September 2012. Mr. Teo was also tasked with managing the property managers for the entire portfolio of Ascendas Real Estate Investment Trust to achieve an efficient and effective operation model on the ground so as to maximise the income potential and minimise the operating expense of the properties from March 2000 to March 2005. Prior to this, he was with Keppel Logistics Pte Ltd. from March 2000 to March 2005 and served as an Assistant Manager of Business Development from January 2004 to March 2005, where he was responsible for the regional business development activities. Mr. Teo holds Bachelor in Applied Science from Oxford Brookes University and is a affiliated Member of the Association of Chartered Certified Accountants.

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

Average tenure of the Soilbuild Businessce REIT management team in years:

3.8
Average Tenure
  • The tenure for the Soilbuild Businessce REIT management team is about average.
Management Team

Roy Teo

TITLE
Chief Executive Officer of SB REIT Management Pte. Ltd.
AGE
41
TENURE
4.3 yrs

Hui Hua Lim

TITLE
CFO & Company Secretary of SB REIT Management Pte. Ltd.
AGE
36
TENURE
4.4 yrs

Lawrence Ang

TITLE
Senior Executive of Investor Relations - SB REIT Management Pte. Ltd.
TENURE
1.3 yrs

Lee Chen Teu

TITLE
Head of Portfolio Management - SB REIT Management Pte Ltd
TENURE
3.4 yrs

Ngiam May Ling

TITLE
Company Secretary of SB REIT Management Pte Ltd
Board of Directors Tenure

Average tenure and age of the Soilbuild Businessce REIT board of directors in years:

5.8
Average Tenure
59.5
Average Age
  • The tenure for the Soilbuild Businessce REIT board of directors is about average.
Board of Directors

Kie Cheong Chong

TITLE
Chairman of the Board of SB REIT Management Pte. Ltd
COMPENSATION
SGD75K
AGE
70
TENURE
5.8 yrs

Michael Ng

TITLE
Independent Non-Executive Director of SB REIT Management Pte. Ltd
COMPENSATION
SGD55K
AGE
55
TENURE
5.8 yrs

Victor Ng

TITLE
Independent Non-Executive Director of SB REIT Management Pte. Ltd
COMPENSATION
SGD65K
AGE
70
TENURE
3.9 yrs

Chap Huat Lim

TITLE
Non-Executive Director of SB REIT Management Pte. Ltd
COMPENSATION
SGD40K
AGE
64
TENURE
6.5 yrs

Toon Bah Ho

TITLE
Non-Executive Director of SB REIT Management Pte. Ltd
COMPENSATION
SGD40K
AGE
55
TENURE
6.1 yrs

Cheng Hwa Lim

TITLE
Non-Executive Director of SB REIT Management Pte. Ltd
COMPENSATION
SGD45K
AGE
45
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Soilbuild Businessce REIT insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
31. Jan 19 Buy Chap Huat Lim Individual 31. Jan 19 31. Jan 19 2,572,353 SGD0.59 SGD1,511,768
31. Jan 19 Sell Sb Reit Management Pte. Ltd Company 31. Jan 19 31. Jan 19 -2,572,353 SGD0.60 SGD-1,532,348
02. Nov 18 Sell Jinquan Tong Individual 01. Nov 18 01. Nov 18 -500,000 SGD0.57 SGD-282,500
28. Sep 18 Sell Jinquan Tong Individual 28. Sep 18 28. Sep 18 -1,000,000 SGD0.59 SGD-590,000
03. Sep 18 Sell Jinquan Tong Individual 31. Aug 18 31. Aug 18 -1,000,000 SGD0.63 SGD-633,600
31. Jul 18 Buy Chap Huat Lim Individual 31. Jul 18 31. Jul 18 2,063,033 SGD0.65 SGD1,335,813
31. Jul 18 Sell Sb Reit Management Pte. Ltd Company 31. Jul 18 31. Jul 18 -2,063,033 SGD0.64 SGD-1,312,087
27. Apr 18 Sell Chap Huat Lim Individual 27. Apr 18 27. Apr 18 -2,138,426 SGD0.66 SGD-1,402,165
X
Management checks
We assess Soilbuild Businessce 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. Soilbuild Businessce 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

Do Insiders Own Lots Of Shares In Soilbuild Business Space REIT (SGX:SV3U)?

A look at the shareholders of Soilbuild Business Space REIT (SGX:SV3U) can tell us which group is most powerful. … With a market capitalization of S$643m, Soilbuild Businessce REIT is a small cap stock, so it might not be well known by many institutional investors. … See our latest analysis for Soilbuild Businessce REIT

Simply Wall St -

Is Soilbuild Business Space REIT's (SGX:SV3U) ROE Of 7.0% Impressive?

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … Our data shows Soilbuild Businessce REIT has a return on equity of 7.0% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How To Look At Soilbuild Business Space REIT (SGX:SV3U)

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? … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Soilbuild Business Space REIT (SGX:SV3U) Insiders Have Been Selling

So shareholders might well want to know whether insiders have been buying or selling shares in Soilbuild Business Space REIT (SGX:SV3U). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In total, Soilbuild Businessce REIT insiders sold more than they bought over the last year

Simply Wall St -

What Kind Of Investor Owns Most Of Soilbuild Business Space REIT (SGX:SV3U)?

The big shareholder groups in Soilbuild Business Space REIT (SGX:SV3U) have power over the company. … With a market capitalization of S$609m, Soilbuild Businessce REIT is a small cap stock, so it might not be well known by many institutional investors. … See our latest analysis for Soilbuild Businessce REIT

Simply Wall St -

Investing In Property Through Soilbuild Business Space REIT (SGX:SV3U)

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. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Is It Time To Buy Soilbuild Business Space REIT (SGX:SV3U)?

Soilbuild Business Space REIT (SGX:SV3U), a reits company based in Singapore,. … Let’s take a look at Soilbuild Businessce REIT’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change … Check out our latest analysis for Soilbuild Businessce REIT

Simply Wall St -

Is Buying Soilbuild Business Space REIT (SGX:SV3U) For Its Upcoming $0.01 Dividend A Good Choice?

Is this future income a persuasive enough catalyst for investors to think about Soilbuild Businessce REIT as an investment today? … Check out our latest analysis for Soilbuild Businessce REIT Here's how I find good dividend stocks When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is its annual yield among the top 25% of dividend-paying companies? … The reality is that it is too early to consider Soilbuild Businessce REIT as a dividend investment.

Simply Wall St -

Company Info

Description

Soilbuild Business Space REIT (“Soilbuild REIT”) is a Singapore and Australia-focused real estate investment trust (“REIT”) with a portfolio of business parks and industrial properties used by industries engaging in manufacturing, engineering, logistic, warehousing, electronics, marine, oil & gas, research and development and value-added knowledge-based activities. Major tenants of the REIT include Dyson Operations, Ubisoft Singapore, Nestle Singapore, John Wiley & Sons and Autodesk Asia. Its Singapore portfolio of properties include Solaris, a landmark development in one-north, Eightrium @ Changi Business Park, Tuas Connection, West Park BizCentral and Bukit Batok Connection. Its Australia portfolio includes an office building at 14 Mort Street in Canberra and a poultry production and processing facility known as Inghams Burton in Adelaide. Soilbuild REIT’s portfolio comprises 11 properties in Singapore and 2 properties in Australia with a total net lettable area of 4.03 million square feet and an occupancy rate of 89.5% as at 31 December 2018. Soilbuild REIT was listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) on 16 August 2013 (“Listing Date”).

Details
Name: Soilbuild Business Space REIT
SV3U
Exchange: SGX
Founded: 2012
SGD669,901,361
1,063,335,495
Website: http://www.soilbuildreit.com
Address: Soilbuild Business Space REIT
23 Defu South Street 1,
Level 3,
Singapore,
533847,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX SV3U Units Singapore Exchange SG SGD 16. Aug 2013
Number of employees
Current staff
Staff numbers
11
Soilbuild Businessce REIT employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 12:58
End of day share price update: 2019/04/22 00:00
Last estimates confirmation: 2019/04/22
Last earnings filing: 2019/04/17
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.