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Viva Industrial Trust

SGX:T8B
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
T8B
SGX
SGD883M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

Viva Industrial Trust (“VIT”) is a Singapore-focused business park and industrial property trust listed on the Mainboard of the Singapore Exchange, which comprises Viva Industrial Real Estate Investment Trust (“VI-REIT”) and Viva Industrial Business Trust (“VI-BT”). The last earnings update was 64 days ago. More info.


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T8B Share Price and Events
Price Volatility
T8B
Industry
5yr Volatility vs Market

Value

 Is Viva Industrial 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 Viva Industrial 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 Viva Industrial Trust.

SGX:T8B Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.6%

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:T8B
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.6%
Equity Risk Premium S&P Global 7.4%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.33
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.334 (1 + (1- 17%) (60.8%))
0.502
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.56% + (0.8 * 7.44%)
8.51%

Discounted Cash Flow Calculation for SGX:T8B using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Viva Industrial Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:T8B DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (SGD, Millions) 46.06 53.25 61.56 71.16 82.27
Source Est @ 15.6% Est @ 15.6% Est @ 15.6% Est @ 15.6% Est @ 15.6%
Present Value
Discounted (@ 8.51%)
42.45 45.22 48.18 51.33 54.68
Present value of next 5 years cash flows SGD241.86
SGX:T8B DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= SGD82.27 × (1 + 2.56%) ÷ (8.51% – 2.56%)
SGD1,417.58
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= SGD1,417.58 ÷ (1 + 8.51%)5
SGD942.24
SGX:T8B Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= SGD241.86 + SGD942.24
SGD1,184.10
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD1,184.10 / 975.76
SGD1.21
SGX:T8B Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD1.21
Current discount Discount to share price of SGD0.91
= -1 x (SGD0.91 - SGD1.21) / SGD1.21
25.4%

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

Current Discount
Amount off the current price Viva Industrial Trust is available for.
Intrinsic value
25%
Share price is SGD0.91 vs Future cash flow value of SGD1.21
Current Discount Checks
For Viva Industrial Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Viva Industrial Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Viva Industrial 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 Viva Industrial Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Viva Industrial Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:T8B PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in SGD SGD0.05
SGX:T8B Share Price ** SGX (2018-10-03) in SGD SGD0.91
Singapore REITs Industry PE Ratio Median Figure of 36 Publicly-Listed REITs Companies 13.77x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 11.71x

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

** Primary Listing of Viva Industrial Trust.

SGX:T8B PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:T8B Share Price ÷ EPS (both in SGD)

= 0.91 ÷ 0.05

19.97x

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

  • Viva Industrial Trust is overvalued based on earnings compared to the SG REITs industry average.
  • Viva Industrial Trust is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Viva Industrial Trust's expected growth come at a high price?
Raw Data
SGX:T8B PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
9.6%per year
Singapore REITs Industry PEG Ratio Median Figure of 32 Publicly-Listed REITs Companies 1.75x
Singapore Market PEG Ratio Median Figure of 128 Publicly-Listed Companies 1.08x

*Line of best fit is calculated by linear regression .

SGX:T8B PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.97x ÷ 9.6%

2.08x

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

  • Viva Industrial Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Viva Industrial Trust's assets?
Raw Data
SGX:T8B PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in SGD SGD0.76
SGX:T8B Share Price * SGX (2018-10-03) in SGD SGD0.91
Singapore REITs Industry PB Ratio Median Figure of 38 Publicly-Listed REITs Companies 0.91x
Singapore Market PB Ratio Median Figure of 430 Publicly-Listed Companies 0.74x
SGX:T8B PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:T8B Share Price ÷ Book Value per Share (both in SGD)

= 0.91 ÷ 0.76

1.19x

* Primary Listing of Viva Industrial Trust.

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

  • Viva Industrial Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess Viva Industrial 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. Viva Industrial Trust 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 Viva Industrial Trust expected to perform in the next 1 to 3 years based on estimates from 2 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
9.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Viva Industrial Trust expected to grow at an attractive rate?
  • Viva Industrial Trust's earnings growth is expected to exceed the low risk savings rate of 2.6%.
Growth vs Market Checks
  • Viva Industrial Trust's earnings growth is expected to exceed the Singapore market average.
  • Viva Industrial Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:T8B Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:T8B Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 9.6%
SGX:T8B Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 8%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average 1.5%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 5.6%

*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:T8B Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:T8B Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 150 98 67 1
2019-12-31 131 86 61 2
2018-12-31 123 87 64 2
SGX:T8B Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-06-30 124 87 44
2018-03-31 128 90 40
2017-12-31 126 91 39
2017-09-30 124 80 59
2017-06-30 121 86 56
2017-03-31 113 79 50
2016-12-31 108 77 43
2016-09-30 102 88 51
2016-06-30 96 83 49
2016-03-31 91 75 92
2015-12-31 88 72 100
2015-09-30 84 63 98

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Viva Industrial Trust's earnings are expected to grow by 9.6% yearly, however this is not considered high growth (20% yearly).
  • Viva Industrial Trust's revenue is expected to grow by 8% 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:T8B Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Viva Industrial Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:T8B Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.07 0.07 0.07 1.00
2019-12-31 0.06 0.06 0.06 1.00
2018-12-31 0.07 0.07 0.07 1.00
SGX:T8B Past Financials Data
Date (Data in SGD Millions) EPS *
2018-06-30 0.05
2018-03-31 0.04
2017-12-31 0.04
2017-09-30 0.06
2017-06-30 0.06
2017-03-31 0.06
2016-12-31 0.05
2016-09-30 0.06
2016-06-30 0.06
2016-03-31 0.12
2015-12-31 0.15
2015-09-30 0.15

*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.
  • Viva Industrial Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Viva Industrial 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.
Viva Industrial Trust has a total score of 3/6, 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 Viva Industrial 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 Viva Industrial 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.
  • Viva Industrial Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Viva Industrial Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Viva Industrial Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.
Earnings and Revenue History
Viva Industrial 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 Viva Industrial Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:T8B Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 124.12 44.12 1.63
2018-03-31 127.55 40.00 1.72
2017-12-31 126.38 38.60 1.66
2017-09-30 124.20 58.76 1.65
2017-06-30 121.17 55.86 1.38
2017-03-31 112.79 50.29 1.26
2016-12-31 107.84 42.80 1.26
2016-09-30 102.10 51.04 1.15
2016-06-30 96.01 48.85 1.18
2016-03-31 91.17 92.37 1.19
2015-12-31 87.53 100.14 1.03
2015-09-30 84.23 98.25 0.92
2015-06-30 80.86 96.14 0.85
2015-03-31 77.39 49.01 0.90
2014-12-31 74.19 45.80 0.91
2013-12-31 68.92 4.82 1.54

*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.
  • Viva Industrial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Viva Industrial Trust used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • Viva Industrial Trust has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Viva Industrial 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.
Viva Industrial 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.

Health

 How is Viva Industrial 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 Viva Industrial Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Viva Industrial Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Viva Industrial Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Viva Industrial 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 0.1x 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 Viva Industrial Trust Company Filings, last reported 3 months ago.

SGX:T8B Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 743.53 536.91 11.80
2018-03-31 741.09 532.12 11.31
2017-12-31 746.57 523.13 9.47
2017-09-30 766.09 526.63 16.96
2017-06-30 766.52 519.19 11.72
2017-03-31 765.78 518.73 10.89
2016-12-31 738.95 463.29 30.46
2016-09-30 699.36 486.51 14.26
2016-06-30 700.31 485.69 13.34
2016-03-31 701.90 438.96 25.44
2015-12-31 701.62 459.22 51.20
2015-09-30 585.34 380.58 9.37
2015-06-30 585.66 381.07 7.73
2015-03-31 480.53 380.54 10.65
2014-12-31 471.49 386.35 4.96
2013-12-31 448.56 295.98 11.68
  • Viva Industrial Trust's level of debt (72.2%) compared to net worth is high (greater than 40%).
  • Unable to establish if Viva Industrial Trust's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (16.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).
X
Financial health checks
We assess Viva Industrial 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. Viva Industrial Trust has a total score of 1/6, 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 Viva Industrial 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
8.26%
Current annual income from Viva Industrial Trust dividends. Estimated to be 7.65% next year.
If you bought SGD2,000 of Viva Industrial Trust shares you are expected to receive SGD165 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?
  • Viva Industrial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.63%).
  • Viva Industrial Trust's dividend is above the markets top 25% of dividend payers in Singapore (6.47%).
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:T8B 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 2 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 6.3%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 284 Stocks 4.2%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.5%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 6.5%

Industry and Market average data is calculated daily.

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

SGX:T8B Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.08 1.00
2019-12-31 0.07 2.00
2018-12-31 0.07 2.00
SGX:T8B Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2018-01-25 0.075 8.419
2017-04-11 0.070 7.687
2017-01-26 0.070 8.917
2016-04-11 0.070 9.396
2016-01-25 0.070 9.923
2015-04-07 0.068 9.003
2015-01-26 0.068 8.474
2014-07-31 0.069 8.564
2014-05-14 0.069 8.653
2014-02-25 0.011 1.388

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

  • Whilst dividend payments have been stable, Viva Industrial Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Viva Industrial Trust only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Viva Industrial Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.9x coverage).
X
Income/ dividend checks
We assess Viva Industrial Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.5%) - 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 Viva Industrial Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Viva Industrial 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.

Management

 What is the CEO of Viva Industrial 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
Wilson Ang, image provided by Google.
Wilson Ang
AGE 53
TENURE AS CEO 5.8 years
CEO Bio

Mr. Poh Seong Ang, also known as Wilson, serves as Chief Executive Officer of Viva Industrial Trust Management Pte. Ltd., manager of Viva Industrial Trust and has been its Executive Director since February 21, 2012. Mr. Ang is responsible for strategic planning, overall management and operations of VIT. Mr. Ang has extensive experience in REIT management, industrial property investment and consultancy services. He serves as Chief Executive Officer and Executive Director at Viva Industrial Trust Management Pte. Ltd. Mr. Ang was the Consultant of Asia Industrial Services with Colliers International prior to co-founding Viva Industrial Trust Management as Chief Executive Officer to spearhead the setting up of VIVA Industrial REIT. In his previous role, he focused on Industrial Investment Markets in Singapore and Asia, advising building owners, investors including REITs, private and institution funds on their real estate portfolio as well as servicing their real estate portfolio requirements across Asia. He served as the Managing Director (Investment) of CITM post listing of CIT in July 2006 where he was responsible for formulating investment strategies and growing the portfolio with a view to enhance the CIT's portfolio. From 2007 to 2009, Mr. Ang served as Chief Executive Officer of CITM, where he was responsible for strategic planning, management and operation of the REIT, as well as managing and overseeing the management team of the REIT manager to ensure that the investment, asset management, financial and operational strategies and objectives of it are effectively implemented and in accordance with its stated investment and operational strategies. Mr. Ang co-founded Cambridge Industrial Trust Management Limited ("CITM") in 2005, the REIT manager of Cambridge Industrial Trust ("CIT") where he was responsible for structuring and amalgamating a portfolio of industrial properties for the listing of CIT on the SGX-ST, negotiating with owners on terms and legal documentation, as well as working with all consultants on due diligence and overseeing the business evelopment and growth of the company's strategic business. He served as the Chief Executive Officer of Cambridge Industrial Trust Management Pte. Ltd., a Manager of Cambridge Industrial Trust. until December 2008 and has driven its overall strategic planning, management and operation. Mr. Ang was part of the team that initiated and launched the initial public offering (IPO) of CIT in July 2006. He worked closely with the Board Members to formulate the overall business, investment and operational strategies for CIT. He managed and oversaw the Management team of Cambridge Industrial Trust Management. He served as Head of Industrial Department of Colliers International (S) Pte Ltd. until April 2005 and was In Charge of the growth and profitability of its Industrial Department, industrial investment sales especially to REITs, conducting development feasibility studies and design appraisal and managing major development projects. Mr. Ang served as Senior Marketing Executive of Knight Frank Pte Ltd. for two years. He served as Executive Director of Cambridge Industrial Trust Management Pte. Ltd., from September 18, 2005 to August 7, 2008. He served as an Executive Director of Colliers International (S) Pte Ltd. until April 2005. Mr. Ang holds a Bachelor of Science (Honours) degree in Estate Management from the National University of Singapore in 1990.

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

Average tenure and age of the Viva Industrial Trust management team in years:

2.6
Average Tenure
53
Average Age
  • The tenure for the Viva Industrial Trust management team is about average.
Management Team

Wilson Ang

TITLE
CEO & Executive Director of Viva Industrial Trust Management Pte. Ltd.
AGE
53
TENURE
5.8 yrs

Lawrence Chan

TITLE
Chief Financial Officer of Viva Industrial Trust Management Pte. Ltd.
AGE
43
TENURE
2.6 yrs

Vincent Lim

TITLE
Head of Compliance & Risk Management of Viva Industrial Trust Management Pte. Ltd.
TENURE
1.9 yrs

Kendrick Kwek

TITLE
Head of Asset Management of Viva Industrial Trust Management Pte. Ltd.
AGE
53

Siew Ang

TITLE
Company Secretary of Viva Industrial Trust Management Pte. Ltd.
Board of Directors Tenure

Average tenure and age of the Viva Industrial Trust board of directors in years:

5
Average Tenure
64
Average Age
  • The tenure for the Viva Industrial Trust board of directors is about average.
Board of Directors

Horn Kee Leong

TITLE
Chairman of Viva Industrial Trust Management Pte. Ltd.
COMPENSATION
SGD90K
AGE
66
TENURE
5 yrs

Wilson Ang

TITLE
CEO & Executive Director of Viva Industrial Trust Management Pte. Ltd.
AGE
53
TENURE
6.7 yrs

Chow-Siong Choong

TITLE
Independent Non-Executive Director of Viva Industrial Trust Management Pte. Ltd.
COMPENSATION
SGD75K
AGE
65
TENURE
5 yrs

Ronald Lim

TITLE
Independent Non-Executive Director of Viva Industrial Trust Management Pte. Ltd.
COMPENSATION
SGD75K
AGE
71
TENURE
5 yrs

Richard Teo

TITLE
Independent Non-Executive Director of Viva Industrial Trust Management Pte. Ltd.
COMPENSATION
SGD75K
AGE
63
TENURE
5 yrs

Micheal Tan

TITLE
Non-Executive Director of Viva Industrial Trust Management Pte. Ltd.
COMPENSATION
SGD65K
AGE
48
TENURE
5.6 yrs

Kim Seng Tan

TITLE
Non-Executive Director of Viva Industrial Trust Management Pte. Ltd.
COMPENSATION
SGD65K
AGE
69
TENURE
3.5 yrs

Jinquan Tong

TITLE
Non-Executive Director of Viva Industrial Trust Management Pte. Ltd.
AGE
63
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Start End Shares Value (USD)
04. Oct 18 Sell Viva Real Estate Asset Management Pte Ltd Company 02. Oct 18 02. Oct 18 -1,265,131 $-783,453.88
04. Oct 18 Buy Ho Lee Group Trust Company 02. Oct 18 02. Oct 18 4,534,822 $2,808,265.62
03. Oct 18 Sell Viva Industrial Trust Management Pte. Ltd. Company 02. Oct 18 02. Oct 18 -13,069,691 $-8,093,628.34
14. Dec 17 Sell China Enterprises Limited Company 14. Dec 17 14. Dec 17 -36,629,800 $-25,621,336.32
X
Management checks
We assess Viva Industrial 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. Viva Industrial 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.

News

External News
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Simply Wall St News

Investing In Viva Industrial Trust (SGX:T8B): What You Need To Know

Viva Industrial Trust is a S$873.30m. … real estate investment trust (REIT) based in Singapore, Singapore. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

Location, Location, Location: Viva Industrial Trust (SGX:T8B)’s Competitive Position

operates in the real estate industry … A real estate investment trust (REIT) is a collective vehicle for investing in real estate that originated in the US and has since been taken on board globally … Real estate analysts are forecasting for the entire industry,

Simply Wall St -

Is Viva Industrial Trust's (SGX:T8B) Growth Strong Enough To Justify Its June Share Price?

Viva Industrial Trust (SGX:T8B) is considered a high-growth stock, but its last closing price of SGD0.86 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … What can we expect from Viva Industrial Trust in the future. … Analysts are predicting good growth prospects for Viva Industrial Trust over the next couple of years

Simply Wall St -

Does Viva Industrial Trust's (SGX:T8B) PE Ratio Warrant A Sell?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for T8B Price per share = SGD0.9 Earnings per share = SGD0.04 ∴ Price-Earnings Ratio = SGD0.9 ÷ SGD0.04 = 22.4x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … For example, if you accidentally compared lower growth firms with T8B, then T8B’s P/E would naturally be higher since investors would reward T8B’s higher growth with a higher price. … Alternatively, if you inadvertently compared riskier firms with T8B, T8B’s P/E would again be higher since investors would reward T8B’s lower risk with a higher price as well.

Simply Wall St -

With An ROE Of 8.02%, Has Viva Industrial Trust's (SGX:T8B) Management Done A Good Job?

View our latest analysis for Viva Industrial Trust Breaking down Return on Equity Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … Viva Industrial Trust’s cost of equity is 8.38%. … This means Viva Industrial Trust’s returns actually do not cover its own cost of equity, with a discrepancy of -0.36%.

Simply Wall St -

Have Investors Already Priced In Viva Industrial Trust's (SGX:T8B) Growth?

Viva Industrial Trust is available at a price-to-earnings ratio of 15.05x, showing us it is overvalued compared to the SG market average ratio of 14.02x , and undervalued based on its latest annual earnings update compared to the equity real estate investment trusts (reits) average of 16.42x. … SGX:T8B PE PEG Gauge Dec 26th 17 Viva Industrial Trust's price-to-earnings ratio stands at 15.05x, which is low, relative to the industry average. … Viva Industrial Trust's PE ratio of 15.05x and estimated 29.50% growth in earnings next year give it a higher PEG ratio of 1.49x.

Simply Wall St -

What Does Viva Industrial Trust's (SGX:T8B) Share Price Indicate?

Viva Industrial Trust (SGX:T8B), a equity real estate investment trusts (reits) company based in Singapore, had a relatively subdued couple of weeks in terms of changes in share price, which continued to float around the range of SGD0.94 to SGD1. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … With an optimistic outlook on the horizon, it seems like this growth has not yet been fully factored into the share price.

Simply Wall St -

Company Info

Map
Description

Viva Industrial Trust (“VIT”) is a Singapore-focused business park and industrial property trust listed on the Mainboard of the Singapore Exchange, which comprises Viva Industrial Real Estate Investment Trust (“VI-REIT”) and Viva Industrial Business Trust (“VI-BT”). VIT focuses on building a diversified portfolio of income-producing real estates which are used predominantly for business park and other industrial purposes in Singapore and elsewhere in the Asia-Pacific region, while VI-BT is presently inactive. VIT’s portfolio comprises nine properties located in Singapore, namely (i) UE BizHub EAST, (ii) Viva Business Park, (iii) Mauser Singapore, (iv) Jackson Square, (v) Jackson Design Hub, (vi) Home-Fix Building, (vii) 11 Ubi Road 1, (viii) 30 Pioneer Road, and (ix) 6 Chin Bee Avenue, with an aggregate gross floor area of 3.90 million sq ft. As of October 15, 2018, Viva Industrial Trust operates as a subsidiary of ESR-REIT.

Details
Name: Viva Industrial Trust
T8B
Exchange: SGX
Founded: 2013
SGD883,061,539
975,758,607
Website: http://www.vivaitrust.com
Address: Viva Industrial Trust
2 Changi Business Park Avenue 1,
No. 02-00 Park Avenue Changi,
Singapore,
486015,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX T8B Stapled Securities Singapore Exchange SG SGD 04. Nov 2013
Number of employees
Current staff
Staff numbers
0
Viva Industrial Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/10/16 11:43
End of day share price update: 2018/10/03 00:00
Last estimates confirmation: 2018/08/14
Last earnings filing: 2018/08/13
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


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.