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OUE Commercial Real Estate Investment Trust

SGX:TS0U
Snowflake Description

Undervalued with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TS0U
SGX
SGD1B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

OUE C-REIT is a Singapore real estate investment trust listed on the Main Board of Singapore Exchange Securities Trading Limited. The last earnings update was 15 days ago. More info.


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TS0U Share Price and Events
7 Day Returns
-1%
SGX:TS0U
-1.4%
SG REITs
0.3%
SG Market
1 Year Returns
-30.1%
SGX:TS0U
1.8%
SG REITs
-6.7%
SG Market
TS0U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
OUE Commercial Real Estate Investment Trust (TS0U) -1% 0% 3.1% -30.1% -23.1% -37.1%
SG REITs -1.4% 0.7% 4.8% 1.8% 13.3% 10.5%
SG Market 0.3% 3.1% 3.7% -6.7% 8% -3.3%
1 Year Return vs Industry and Market
  • TS0U underperformed the REITs industry which returned 1.8% over the past year.
  • TS0U underperformed the Market in Singapore which returned -6.7% over the past year.
Price Volatility
TS0U
Industry
5yr Volatility vs Market

Value

 Is OUE Commercial Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of OUE Commercial Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for OUE Commercial Real Estate Investment Trust.

SGX:TS0U 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 8.6%
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:TS0U
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 17%) (120.3%))
1.05
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.05 * 5.96%)
8.56%

Discounted Cash Flow Calculation for SGX:TS0U using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for OUE Commercial Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:TS0U DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 8.56%)
2019 188.80 Analyst x1 173.92
2020 167.40 Analyst x1 142.04
2021 171.40 Analyst x1 133.97
2022 175.42 Est @ 2.34% 126.30
2023 179.51 Est @ 2.33% 119.06
2024 183.68 Est @ 2.32% 112.22
2025 187.94 Est @ 2.32% 105.77
2026 192.29 Est @ 2.31% 99.68
2027 196.73 Est @ 2.31% 93.95
2028 201.27 Est @ 2.31% 88.54
Present value of next 10 years cash flows SGD1,195.46
SGX:TS0U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD201.27 × (1 + 2.3%) ÷ (8.56% – 2.3%)
SGD3,291.41
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD3,291.41 ÷ (1 + 8.56%)10
SGD1,447.88
SGX:TS0U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD1,195.46 + SGD1,447.88
SGD2,643.34
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,643.34 / 2,861.59
SGD0.92
SGX:TS0U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.92
Current discount Discount to share price of SGD0.50
= -1 x (SGD0.50 - SGD0.92) / SGD0.92
45.9%

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

Current Discount
Amount off the current price OUE Commercial Real Estate Investment Trust is available for.
Intrinsic value
46%
Share price is SGD0.5 vs Future cash flow value of SGD0.92373
Current Discount Checks
For OUE Commercial Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • OUE Commercial Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • OUE Commercial Real Estate Investment Trust's share price is below the future cash flow value, and 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 OUE Commercial Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are OUE Commercial Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:TS0U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.06
SGX:TS0U Share Price ** SGX (2019-04-18) in SGD SGD0.5
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.16x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.18x

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

** Primary Listing of OUE Commercial Real Estate Investment Trust.

SGX:TS0U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:TS0U Share Price ÷ EPS (both in SGD)

= 0.5 ÷ 0.06

8.73x

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

  • OUE Commercial Real Estate Investment Trust is good value based on earnings compared to the SG REITs industry average.
  • OUE Commercial Real Estate Investment Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does OUE Commercial Real Estate Investment Trust's expected growth come at a high price?
Raw Data
SGX:TS0U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.73x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-9.1%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 1.6x

*Line of best fit is calculated by linear regression .

SGX:TS0U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.73x ÷ -9.1%

-0.96x

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

  • OUE Commercial Real Estate Investment Trust 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 OUE Commercial Real Estate Investment Trust's assets?
Raw Data
SGX:TS0U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD0.71
SGX:TS0U Share Price * SGX (2019-04-18) in SGD SGD0.5
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:TS0U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:TS0U Share Price ÷ Book Value per Share (both in SGD)

= 0.5 ÷ 0.71

0.7x

* Primary Listing of OUE Commercial Real Estate Investment Trust.

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

  • OUE Commercial Real Estate Investment Trust is good value based on assets compared to the SG REITs industry average.
X
Value checks
We assess OUE Commercial Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. OUE Commercial Real Estate Investment Trust has a total score of 5/6, 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 OUE Commercial Real Estate Investment Trust 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
-9.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is OUE Commercial Real Estate Investment Trust expected to grow at an attractive rate?
  • OUE Commercial Real Estate Investment Trust'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
  • OUE Commercial Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • OUE Commercial Real Estate Investment Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:TS0U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:TS0U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -9.1%
SGX:TS0U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 10.7%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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:TS0U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months 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:TS0U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 249 142 85 2
2020-12-31 234 150 81 3
2019-12-31 223 158 76 3
SGX:TS0U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 176 133 114
2018-09-30 172 117 132
2018-06-30 174 126 134
2018-03-31 176 124 135
2017-12-31 176 122 131
2017-09-30 177 115 65
2017-06-30 178 120 62
2017-03-31 180 125 58
2016-12-31 178 132 56
2016-09-30 173 124 80
2016-06-30 150 116 78
2016-03-31 124 99 77

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • OUE Commercial Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • OUE Commercial Real Estate Investment Trust's revenue is expected to grow by 10.7% 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:TS0U 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 3 Analyst Estimates (S&P Global) See Below

All data from OUE Commercial Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:TS0U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.03 0.03 0.03 2.00
2020-12-31 0.03 0.03 0.03 2.00
2019-12-31 0.03 0.03 0.02 2.00
SGX:TS0U Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.06
2018-09-30 0.08
2018-06-30 0.09
2018-03-31 0.09
2017-12-31 0.08
2017-09-30 0.05
2017-06-30 0.05
2017-03-31 0.04
2016-12-31 0.04
2016-09-30 0.06
2016-06-30 0.06
2016-03-31 0.07

*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.
  • OUE Commercial Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess OUE Commercial Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
OUE Commercial Real Estate Investment Trust has a total score of 1/6, 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 OUE Commercial Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare OUE Commercial Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • OUE Commercial Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years.
  • OUE Commercial Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • OUE Commercial Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.
Earnings and Revenue History
OUE Commercial Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from OUE Commercial Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:TS0U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 176.40 113.74 0.60
2018-09-30 172.35 131.65 0.57
2018-06-30 174.42 133.65 0.57
2018-03-31 175.58 134.69 0.56
2017-12-31 176.30 131.00 0.56
2017-09-30 177.33 65.36 0.55
2017-06-30 178.24 61.82 0.55
2017-03-31 179.71 57.52 0.55
2016-12-31 177.81 56.50 0.55
2016-09-30 173.13 79.69 0.55
2016-06-30 149.55 78.09 0.50
2016-03-31 123.54 77.21 0.45
2015-12-31 101.04 77.92 0.39
2015-09-30 65.95 -5.55 0.27
2015-06-30 64.84 -5.60 0.26
2015-03-31 63.83 -6.28 0.26
2014-12-31 57.24 234.41 0.24
2013-09-30 69.33 22.95 0.32
2012-12-31 65.45 17.35 0.31

*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.
  • OUE Commercial Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • OUE Commercial Real Estate Investment Trust used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • OUE Commercial Real Estate Investment Trust has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess OUE Commercial Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
OUE Commercial Real Estate Investment Trust has a total score of 2/6, 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 OUE Commercial Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up OUE Commercial Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • OUE Commercial Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • OUE Commercial Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of OUE Commercial Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x 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 OUE Commercial Real Estate Investment Trust Company Filings, last reported 3 months ago.

SGX:TS0U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,640.73 1,721.28 37.19
2018-09-30 1,970.98 1,390.13 32.64
2018-06-30 2,015.40 1,367.43 34.36
2018-03-31 1,999.66 1,375.20 30.94
2017-12-31 2,004.08 1,273.53 40.31
2017-09-30 2,077.93 1,224.66 48.96
2017-06-30 2,079.07 1,202.91 33.99
2017-03-31 2,085.31 1,190.93 33.59
2016-12-31 1,968.88 1,311.54 29.28
2016-09-30 1,914.85 1,337.61 26.03
2016-06-30 1,936.59 1,316.02 25.44
2016-03-31 1,944.79 1,318.81 27.67
2015-12-31 1,995.25 1,304.10 25.94
2015-09-30 1,169.74 640.78 241.58
2015-06-30 962.97 629.42 23.73
2015-03-31 964.25 648.74 33.74
2014-12-31 957.79 633.87 31.07
2013-09-30 902.98 681.42 39.66
2012-12-31 885.53 681.45 36.37
  • OUE Commercial Real Estate Investment Trust's level of debt (65.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (73.5% vs 65.2% today).
  • Debt is not well covered by operating cash flow (7.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess OUE Commercial Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. OUE Commercial Real Estate Investment 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 OUE Commercial Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.2%
Current annual income from OUE Commercial Real Estate Investment Trust dividends. Estimated to be 6.93% next year.
If you bought SGD2,000 of OUE Commercial Real Estate Investment Trust shares you are expected to receive SGD104 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?
  • OUE Commercial Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • OUE Commercial Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Singapore (5.43%).
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:TS0U 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 5.4%

Industry and Market average data is calculated daily.

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

SGX:TS0U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.03 2.00
2020-12-31 0.03 3.00
2019-12-31 0.03 3.00
SGX:TS0U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-30 0.026 5.154
2018-11-08 0.044 9.322
2018-08-02 0.044 7.609
2018-04-02 0.046 6.530
2018-01-31 0.046 6.421
2017-01-26 0.052 7.285
2016-08-02 0.051 7.314
2016-01-26 0.044 6.670
2015-08-12 0.048 7.397
2015-01-26 0.057 7.215
2014-10-31 0.049 6.044
2014-07-30 0.049 6.079

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

  • OUE Commercial Real Estate Investment Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • OUE Commercial Real Estate Investment Trust has only been paying a dividend for 5 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of OUE Commercial Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.8x coverage).
X
Income/ dividend checks
We assess OUE Commercial Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can OUE Commercial Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. OUE Commercial Real Estate Investment Trust 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 OUE Commercial Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Shu Lin Tan
AGE 45
CEO Bio

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 October 31, 2013. Ms. Tan has experience in corporate finance, investments, mergers and acquisitions, financial management and investors' relations. Prior to joining the Manager, she served at Ascendas Funds Management Pte Ltd from 2008 to 2013. She served as Head of Singapore Portfolio and Head of Capital Markets and Transactions, where she had overall strategic direction, operational and capital structure responsibilities for A-REIT's portfolio. She led and managed a team of portfolio managers and assets managers to achieve A-REIT’s operational and organization goals and objectives. From 2007 to 2008, Ms. Tan was with the wealth management segment of UBS as Director, Real Estate Investment Management. From 2005 to 2007, she was with Ascendas Funds Management Pte Ltd and from 2001 to 2005, she was with Ascendas Pte Ltd where she held various positions within its Real Estate Fund Management and Real Estate Development and Investment departments. Ms. Tan’s responsibilities and duties included, among others, sourcing, evaluating and structuring potential acquisition and development opportunities, as well as exploring and evaluating property fund management opportunities. From 1998 to 2001, she was with PrimePartners Asset Management Pte Ltd, where her responsibilities included analysing, evaluating and executing potential private equity investment opportunities. Between 1995 and 1998, Ms. Tan was with various banks where her responsibilities included advising companies on capital market transactions and other fund-raising exercises, including capital and equity restructuring and initial public offerings. She serves as Director of OUE CT Treasury Pte. Ltd. She is also a Chartered Financial Analyst and holds a Bachelor of Arts (First Class Honours) in Economics from the University of Portsmouth, United Kingdom.

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

Average tenure and age of the OUE Commercial Real Estate Investment Trust management team in years:

2.4
Average Tenure
45
Average Age
  • The tenure for the OUE Commercial Real Estate Investment Trust management team is about average.
Management Team

Shu Lin Tan

TITLE
CEO & Executive Director of OUE Commercial REIT Management Pte. Ltd.
AGE
45

Natalie Wong

TITLE
Chief Financial Officer
AGE
41
TENURE
2.4 yrs

Lisa Mak

TITLE
Senior Accounts Executive of OUE Commercial REIT Management PTE Ltd

Elaine Cheong

TITLE
Head of Investor Relations - OUE Commercial REIT Management Pte. Ltd.

Celine Kam

TITLE
Executive Secretary of OUE Commercial REIT Management Pte. Ltd.
TENURE
6.4 yrs

Thia Jackie

TITLE
Company Secretary of OUE Commercial REIT Management Pte. Ltd.
TENURE
0.1 yrs

Rodney Yeo

TITLE
Head of Asset & Investment Management at OUE Commercial REIT Management Pte. Ltd.
AGE
46
Board of Directors Tenure

Average tenure and age of the OUE Commercial Real Estate Investment Trust board of directors in years:

3.5
Average Tenure
59
Average Age
  • The tenure for the OUE Commercial Real Estate Investment Trust board of directors is about average.
Board of Directors

Christopher James Williams

TITLE
Chairman of OUE Commercial REIT Management Pte. Ltd.
AGE
59
TENURE
5.5 yrs

Shu Lin Tan

TITLE
CEO & Executive Director of OUE Commercial REIT Management Pte. Ltd.
AGE
45
TENURE
5.5 yrs

Lian Huat Loh

TITLE
Lead Independent Director of OUE Commercial REIT Management Pte. Ltd.
AGE
54
TENURE
1.6 yrs

Boh Soon Lim

TITLE
Independent Non­-Executive Director of OUE Commercial REIT Management Pte. Ltd.
AGE
62
TENURE
1.8 yrs

Jonathan Miles Foxall

TITLE
Non-Independent Non-Executive Director of OUE Commercial REIT Management Pte. Ltd.
AGE
64
TENURE
5.3 yrs

Usha Ranee Chandradas

TITLE
Independent Director of OUE Commercial REIT Management Pte. Ltd.
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
16. Oct 18 Buy Lian Huat Loh Individual 15. Oct 18 15. Oct 18 300,000 SGD0.47 SGD141,000
11. Oct 18 Buy Lian Huat Loh Individual 09. Oct 18 09. Oct 18 645,000 SGD0.50 SGD322,500
X
Management checks
We assess OUE Commercial Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. OUE Commercial Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

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

News

Simply Wall St News

Did OUE Commercial Real Estate Investment Trust (SGX:TS0U) Insiders Buy Up More Shares?

So we'll take a look at whether insiders have been buying or selling shares in OUE Commercial Real Estate Investment Trust (SGX:TS0U). … Check out our latest analysis for OUE Commercial Real Estate Investment Trust. … OUE Commercial Real Estate Investment Trust Insider Transactions Over The Last Year.

Simply Wall St -

How Much Money Does OUE Commercial Real Estate Investment Trust (SGX:TS0U) Make?

I will take you through OUE Commercial Real Estate Investment Trust’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … What is OUE Commercial Real Estate Investment Trust's cash yield. … I will be analysing OUE Commercial Real Estate Investment Trust’s FCF by looking at its FCF yield and its operating cash flow growth.

Simply Wall St -

One Metric To Rule Them All: OUE Commercial Real Estate Investment Trust (SGX:TS0U)

OUE Commercial Real Estate Investment Trust is a S$1.4b. … real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for OUE Commercial Real Estate Investment Trust

Simply Wall St -

Are Insiders Buying OUE Commercial Real Estate Investment Trust (SGX:TS0U) Stock?

So before you buy or sell OUE Commercial Real Estate Investment Trust (SGX:TS0U), you may well want to know whether insiders have been buying or selling. … See our latest analysis for OUE Commercial Real Estate Investment Trust. … OUE Commercial Real Estate Investment Trust Insider Transactions Over The Last Year.

Simply Wall St -

What You Need To Know Before Investing In OUE Commercial Real Estate Investment Trust (SGX:TS0U)

OUE Commercial Real Estate Investment Trust is a S$1.3b. … real estate investment trust (REIT) based in Singapore, Singapore. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St -

How Did OUE Commercial Real Estate Investment Trust's (SGX:TS0U) 7.4% ROE Fare Against The Industry?

OUE Commercial Real Estate Investment Trust (SGX:TS0U) performed in-line with its office reits industry on the basis of its ROE – producing a return of7.4% relative to the peer average of 6.6% over the past 12 months. … If TS0U borrows debt to invest in its business, its profits will be higher. … Check out our latest analysis for OUE Commercial Real Estate Investment Trust

Simply Wall St -

Should You Invest In OUE Commercial Real Estate Investment Trust (SGX:TS0U)?

OUE Commercial Real Estate Investment Trust is a S$1.06b. … real estate investment trust (REIT) based in Singapore, Singapore. … See our latest analysis for OUE Commercial Real Estate Investment Trust

Simply Wall St -

Should You Buy OUE Commercial Real Estate Investment Trust (SGX:TS0U) Based On These Aspects?

In the case of OUE Commercial Real Estate Investment Trust (SGX:TS0U), there's. … Below, I've touched on some key aspects you should know on a high level … If you're interested in understanding beyond my high-level commentary,

Simply Wall St -

Why OUE Commercial Real Estate Investment Trust (SGX:TS0U) Could Be A Buy

OUE Commercial Real Estate Investment Trust (SGX:TS0U), a 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 SGD0.7 to SGD0.76. … OUE Commercial Real Estate Investment Trust’s share price also seems relatively stable compared to the rest of the market, as indicated by its low beta. … If you are no longer interested in OUE Commercial Real Estate Investment Trust, you can use our free platform to see my list of over 50 other stocks with a high growth potential.

Simply Wall St -

What You Must Know About OUE Commercial Real Estate Investment Trust's (SGX:TS0U) Market Risks

TS0U's beta implies it may be a stock that investors with high-beta portfolios might find relevant if they wanted to reduce their exposure to market risk, especially during times of downturns. … TS0U, with its market capitalisation of S$1.10B, is a small-cap stock, which generally have higher beta than similar companies of larger size. … However, this is the opposite to what TS0U’s actual beta value suggests, which is lower stock volatility relative to the market.

Simply Wall St -

Company Info

Description

OUE C-REIT is a Singapore real estate investment trust listed on the Main Board of Singapore Exchange Securities Trading Limited. It was established with the principal investment strategy of investing, directly or indirectly, in a portfolio of income-producing real estate which is used primarily for commercial purposes (including real estate used primarily for office and/or retail purposes) in financial and business hubs within and outside of Singapore, as well as real estate-related assets. OUE C-REIT’s portfolio comprises OUE Bayfront, One Raffles Place and OUE Downtown Office in Singapore, as well as Lippo Plaza in Shanghai, with a total assets-under-management of approximately S$4.5 billion. OUE C-REIT is managed by OUE Commercial REIT Management Pte. Ltd., which is a wholly-owned subsidiary of OUE Limited.

Details
Name: OUE Commercial Real Estate Investment Trust
TS0U
Exchange: SGX
Founded: 2013
SGD1,430,794,529
2,861,589,059
Website: http://www.ouect.com
Address: OUE Commercial Real Estate Investment Trust
50 Collyer Quay,
No. 04-08, OUE Bayfront,
Singapore,
049321,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX TS0U UNITS Singapore Exchange SG SGD 27. Jan 2014
Number of employees
Current staff
Staff numbers
9
OUE Commercial Real Estate Investment Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/19 12:56
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/03/12
Last earnings filing: 2019/04/04
Last earnings reported: 2018/12/31
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.