OUE Commercial Real Estate Investment Trust
Market Cap
S$3.0b
Last Updated
2020/01/26 13:12 UTC
Data Sources
Company Financials +
Executive Summary
OUE C-REIT is a real estate investment trust listed on the Main Board of Singapore Exchange Securities Trading Limited since 27 January 2014.In September 2019, OUE C-REIT completed the merger with OUE Hospitality Trust to become one of the largest diversified REITs with total assets of S$6.8 billion.
Snowflake Analysis
Undervalued with high growth potential.
Share Price & News
How has OUE Commercial Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: TS0U has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
0%
TS0U
-0.3%
SG REITs
-1.4%
SG Market
1 Year Return
14.3%
TS0U
15.3%
SG REITs
0.7%
SG Market
Return vs Industry: TS0U underperformed the SG REITs industry which returned 17% over the past year.
Return vs Market: TS0U exceeded the SG Market which returned 2.1% over the past year.
Shareholder returns
| TS0U | Industry | Market | |
|---|---|---|---|
| 7 Day | 0% | -0.3% | -1.4% |
| 30 Day | -0.9% | 3.6% | 0.5% |
| 90 Day | 1.8% | 1.8% | 1.9% |
| 1 Year | 22.4%14.3% | 22.4%15.3% | 4.8%0.7% |
| 3 Year | 12.1%-19.4% | 52.1%26.0% | 13.7%1.6% |
| 5 Year | 19.2%-30.4% | 59.3%15.9% | 11.5%-7.2% |
Price Volatility Vs. Market
How volatile is OUE Commercial Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
Valuation
Is OUE Commercial Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
41.7%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: TS0U (SGD0.56) is trading below our estimate of fair value (SGD0.96)
Significantly Below Fair Value: TS0U is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: TS0U is good value based on its PE Ratio (13.6x) compared to the REITs industry average (15.3x).
PE vs Market: TS0U is poor value based on its PE Ratio (13.6x) compared to the SG market (13.5x).
Price to Earnings Growth Ratio
PEG Ratio: TS0U is good value based on its PEG Ratio (0.5x)
Price to Book Ratio
PB vs Industry: TS0U is good value based on its PB Ratio (0.9x) compared to the SG REITs industry average (1x).
Next Steps
Future Growth
How is OUE Commercial Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
26.3%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TS0U's forecast earnings growth (26.3% per year) is above the savings rate (1.8%).
Earnings vs Market: TS0U's earnings (26.3% per year) are forecast to grow faster than the SG market (6.6% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: TS0U's revenue (20.9% per year) is forecast to grow faster than the SG market (5.6% per year).
High Growth Revenue: TS0U's revenue (20.9% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: TS0U's Return on Equity is forecast to be low in 3 years time (4.9%).
Next Steps
Past Performance
How has OUE Commercial Real Estate Investment Trust performed over the past 5 years?
17.8%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TS0U has a large one-off gain of SGD54.6M impacting its September 30 2019 financial results.
Growing Profit Margin: TS0U's current net profit margins (56%) are lower than last year (76.4%).
Past Earnings Growth Analysis
Earnings Trend: TS0U's earnings have grown by 17.8% per year over the past 5 years.
Accelerating Growth: TS0U's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: TS0U had negative earnings growth (-7%) over the past year, making it difficult to compare to the REITs industry average (7.1%).
Return on Equity
High ROE: TS0U's Return on Equity (3.6%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is OUE Commercial Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Balance Sheet
Inventory Level: TS0U has a high level of physical assets or inventory.
Debt Coverage by Assets: TS0U's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: TS0U's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if TS0U has a sufficient allowance for bad loans.
Low Risk Liabilities: TS0U reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if TS0U has an acceptable proportion of non-loan assets held.
Low Risk Deposits: TS0U has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if TS0U has an appropriate level of bad loans.
Next Steps
Dividend
What is OUE Commercial Real Estate Investment Trust's current dividend yield, its reliability and sustainability?
4.64%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: TS0U's dividend (4.64%) is higher than the bottom 25% of dividend payers in the SG market (2.5%).
High Dividend: TS0U's dividend (4.64%) is low compared to the top 25% of dividend payers in the SG market (5.41%).
Stability and Growth of Payments
Stable Dividend: TS0U has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: TS0U has only been paying a dividend for 5 years, and since then payments have fallen.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (53.3%), TS0U's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: TS0U's dividends in 3 years are not forecast to be well covered by earnings (114.1% payout ratio).
Next Steps
Management
What is the CEO of OUE Commercial Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?
0.8yrs
Average management tenure
CEO
Shu Lin Tan (46yo)
0yrs
Tenure
Ms. Shu Lin Tan, CFA serves as the Chief Executive Officer of OUE Commercial REIT Management Pte. Ltd., the Manager of OUE Commercial Real Estate Investment Trust and has been its Executive Director since ...
Management Age and Tenure
0.8yrs
Average Tenure
46.5yo
Average Age
Experienced Management: TS0U's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.
Board Age and Tenure
2.3yrs
Average Tenure
57yo
Average Age
Experienced Board: TS0U's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.
Insider Trading
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
| Entity | Company |
| Shares | 52,300 |
| Max Price | S$0.49 |
| Entity | Company |
| Shares | 203,000 |
| Max Price | S$0.50 |
| Entity | Company |
| Shares | 120,000 |
| Max Price | S$0.50 |
| Entity | Company |
| Shares | 80,000 |
| Max Price | S$0.51 |
Ownership Breakdown
Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 91.2%.
Management Team
Shu Lin Tan (46yo)
CEO & Executive Director of OUE Commercial REIT Management Pte. Ltd.
Elaine Cheong
Head of Investor Relations - OUE Commercial REIT Management Pte. Ltd.
Lionel Chua (47yo)
Chief Financial Officer at OUE Commercial REIT Management Pte. Ltd.
- Tenure: 0.3yrs
Natalie Wong (42yo)
Head of Treasury & Corporate Finance
Rodney Yeo (47yo)
Head of Asset & Investment Management at OUE Commercial REIT Management Pte. Ltd.
Celine Kam
Executive Secretary of OUE Commercial REIT Management Pte. Ltd.
- Tenure: 7.2yrs
Lisa Mak
Senior Accounts Executive of OUE Commercial REIT Management PTE Ltd
Thia Jackie
Company Secretary of OUE Commercial REIT Management Pte. Ltd.
- Tenure: 0.8yrs
Board Members
Christopher James Williams (60yo)
Deputy Chairman of OUE Commercial REIT Management Pte. Ltd.
Chee Ming Liu (68yo)
Independent Non-Executive Director of OUE Commercial REIT Management Pte. Ltd
Shu Lin Tan (46yo)
CEO & Executive Director of OUE Commercial REIT Management Pte. Ltd.
Yi Shyan Lee (57yo)
Chairman of OUE Commercial REIT Management Pte. Ltd.
- Tenure: 0.3yrs
Lian Huat Loh (55yo)
Lead Independent Director of OUE Commercial REIT Management Pte. Ltd.
- Tenure: 2.3yrs
Usha Ranee Chandradas
Independent Non-Executive Director of OUE Commercial REIT Management Pte. Ltd.
- Tenure: 2.2yrs
Kian Ong
Independent Non-Executive Director of OUE Commercial REIT Management Pte. Ltd.
Company Information
OUE Commercial Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: OUE Commercial Real Estate Investment Trust
- Ticker: TS0U
- Exchange: SGX
- Founded: 2013
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: S$3.016b
- Shares outstanding: 5.39b
- Website: https://www.ouect.com
Number of Employees
Location
- OUE Commercial Real Estate Investment Trust
- 50 Collyer Quay
- No. 04-08, OUE Bayfront
- Singapore
- 49321
- Singapore
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| TS0U | SGX (Singapore Exchange) | Yes | UNITS | SG | SGD | Jan 2014 |
Biography
OUE C-REIT is a real estate investment trust listed on the Main Board of Singapore Exchange Securities Trading Limited since 27 January 2014.In September 2019, OUE C-REIT completed the merger with OUE Hospitality Trust to become one of the largest diversified REITs with total assets of S$6.8 billion. With seven properties across the commercial and hospitality segments in Singapore and Shanghai, OUE C-REIT’s property portfolio comprises approximately 2.2 million sq ft of prime office and retail space, and 1,640 upscale hotel rooms. OUE C-REIT invests in income-producing real estate used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs, and/or hospitality and/or hospitality-related purposes, as well as real estate-related assets. OUE C-REIT is managed by OUE Commercial REIT Management Pte. Ltd., which is a wholly-owned subsidiary of OUE Limited.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/01/26 13:12 |
| End of Day Share Price | 2020/01/24 00:00 |
| Earnings | 2019/09/30 |
| Annual Earnings | 2018/12/31 |
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.