IREIT Global
Market Cap
S$522.5m
Last Updated
2020/01/18 12:52 UTC
Data Sources
Company Financials
Executive Summary
IREIT Global (SGX-UD1U) which was listed on 13 August 2014, is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.
Rewards
Risk Analysis
Snowflake Analysis
Good value with acceptable track record.
Share Price & News
How has IREIT Global's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: UD1U has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
0.6%
UD1U
2.0%
SG REITs
0.8%
SG Market
1 Year Return
10.1%
UD1U
17.4%
SG REITs
2.2%
SG Market
Return vs Industry: UD1U underperformed the SG REITs industry which returned 16.1% over the past year.
Return vs Market: UD1U exceeded the SG Market which returned 2.1% over the past year.
Shareholder returns
| UD1U | Industry | Market | |
|---|---|---|---|
| 7 Day | 0.6% | 2.0% | 0.8% |
| 30 Day | 3.1% | 5.1% | 2.5% |
| 90 Day | 5.1% | 2.0% | 5.3% |
| 1 Year | 18.8%10.1% | 24.6%17.4% | 6.4%2.2% |
| 3 Year | 41.4%12.3% | 53.2%26.3% | 17.4%4.8% |
| 5 Year | 57.3%-6.8% | 57.3%13.6% | 12.9%-6.1% |
Price Volatility Vs. Market
How volatile is IREIT Global's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
IREIT Global (SGX:UD1U) Insiders Have Been Selling8 months ago | Simply Wall St
Do Insiders Own Lots Of Shares In IREIT Global (SGX:UD1U)?9 months ago | Simply Wall St
Do IREIT Global's (SGX:UD1U) Earnings Warrant Your Attention?Valuation
Is IREIT Global undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: UD1U (SGD0.81) is trading below our estimate of fair value (SGD2.13)
Significantly Below Fair Value: UD1U is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: UD1U is good value based on its PE Ratio (7x) compared to the REITs industry average (15.3x).
PE vs Market: UD1U is good value based on its PE Ratio (7x) compared to the SG market (13.5x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate UD1U's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: UD1U is overvalued based on its PB Ratio (1.1x) compared to the SG REITs industry average (1x).
Next Steps
Future Growth
How is IREIT Global forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
0.5%
Forecasted Real Estate industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as IREIT Global has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
Next Steps
- Examine whether IREIT Global is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
- IREIT Global competitive advantages and company strategy can generally be found in its financial reports archived here.
- Explore growth companies in the Real Estate industry.
Past Performance
How has IREIT Global performed over the past 5 years?
34.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: UD1U has a large one-off gain of €47.7M impacting its September 30 2019 financial results.
Growing Profit Margin: UD1U's current net profit margins are higher than last year .
Past Earnings Growth Analysis
Earnings Trend: UD1U's earnings have grown significantly by 34.9% per year over the past 5 years.
Accelerating Growth: UD1U's earnings growth over the past year (20%) is below its 5-year average (34.9% per year).
Earnings vs Industry: UD1U earnings growth over the past year (20%) exceeded the REITs industry 7.1%.
Return on Equity
High ROE: UD1U's Return on Equity (15.7%) is considered low.
Return on Assets
Return on Capital Employed
Next Steps
Financial Health
How is IREIT Global'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: UD1U has a high level of physical assets or inventory.
Debt Coverage by Assets: UD1U's debt is not covered by short term assets (assets are 0.1x debt).
Financial Institutions Analysis
Asset Level: UD1U's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if UD1U has a sufficient allowance for bad loans.
Low Risk Liabilities: UD1U reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if UD1U has an acceptable proportion of non-loan assets held.
Low Risk Deposits: UD1U has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if UD1U has an appropriate level of bad loans.
Next Steps
Dividend
What is IREIT Global's current dividend yield, its reliability and sustainability?
6.45%
Current Dividend Yield
Dividend Yield vs Market
Current dividend yield vs market & industry
Notable Dividend: UD1U's dividend (6.55%) is higher than the bottom 25% of dividend payers in the SG market (2.5%).
High Dividend: UD1U's dividend (6.55%) is in the top 25% of dividend payers in the SG market (5.41%)
Stability and Growth of Payments
Stable Dividend: UD1U has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: UD1U's dividend payments have increased, but the company has only paid a dividend for 5 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (80.9%), UD1U's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
Next Steps
Management
What is the CEO of IREIT Global's salary, the management and board of directors tenure and is there insider trading?
5.5yrs
Average board tenure
CEO
Aymeric Thibord (44yo)
3.1yrs
Tenure
Mr. Aymeric Thibord is the Chief Executive Officer of IREIT Global Group Pte Ltd., Manager of IREIT Global. Most recently, he served as a Senior Director at US financial institution TIAA-CREF. He joined it ...
Board Age and Tenure
5.5yrs
Average Tenure
60yo
Average Age
Experienced Board: UD1U's board of directors are considered experienced (5.5 years average tenure).
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 | 3,000,000 |
| Max Price | S$0.76 |
| Entity | Company |
| Shares | 50,400,000 |
| Max Price | S$0.76 |
| Entity | Individual |
| Shares | 230,000 |
| Max Price | S$0.76 |
| Entity | Individual |
| Shares | 3,000,000 |
| Max Price | S$0.76 |
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Management Team
Boon Poh Choo (48yo)
Chief Financial Officer of IREIT Global Group Pte Ltd
Wei Lee
Secretary of IREIT Global Group Pte Ltd
Adeline Wang
Secretary of IREIT Global Group Pte Ltd
Aymeric Thibord (44yo)
Chief Executive Officer of IREIT Global Group Pte Ltd
- Tenure: 3.1yrs
KEVIN TAN
Head of Investor Relations
Board Members
John Lim (79yo)
Chairman of the Board of IREIT Global Group Pte Ltd
- Compensation: €95.00k
Kelvin Tan (54yo)
Independent Non-Executive Director of IREIT Global Group Pte Ltd
- Tenure: 5.5yrs
- Compensation: €80.00k
Jinquan Tong (64yo)
Non-Executive Director of IREIT Global Group Pte Ltd
- Tenure: 5.5yrs
- Compensation: €50.00k
De Geis De Guyon Bruno Alfred Mari de Pampelonne (60yo)
Non-Executive Director of IREIT Global Group Pte Ltd
- Tenure: 3.2yrs
Nir Ellenbogen (58yo)
Independent Non-Executive Director of IREIT Global Group Pte Ltd
- Tenure: 6.1yrs
- Compensation: €65.00k
Frank Khoo
Non-Executive Director of IREIT Global Group Pte Ltd
- Tenure: 1yrs
Company Information
IREIT Global's company bio, employee growth, exchange listings and data sources
Key Information
- Name: IREIT Global
- Ticker: UD1U
- Exchange: SGX
- Founded:
- Industry: Office REITs
- Sector: Real Estate
- Market Cap: S$522.523m
- Shares outstanding: 637.22m
- Website: https://www.ireitglobal.com
Location
- IREIT Global
- 8 Marina View
- #15-07A Asia Square Tower 1
- Singapore
- 18960
- Singapore
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| UD1U | SGX (Singapore Exchange) | Yes | Units | SG | SGD | Aug 2014 |
Biography
IREIT Global (SGX-UD1U) which was listed on 13 August 2014, is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets. IREIT Global’s current portfolio comprises five freehold properties strategically located in the German cities of Berlin, Bonn, Darmstadt, Münster and Munich with a total net lettable area of approximately 200,900 sqm and 3,400 car park spaces. IREIT Global is managed by IREIT Global Group Pte. Ltd. (the Manager), which is jointly owned by Tikehau Capital and City Developments Limited (CDL). Tikehau Capital is an asset management and investment group listed in France, while CDL is a leading real estate operating company listed in Singapore.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/01/18 12:52 |
| End of Day Share Price | 2020/01/17 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.