SGX:UD1U

Stock Analysis Report

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.

Snowflake

Fundamentals

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


Market Performance


7 Day Return

0.6%

UD1U

-0.2%

SG REITs

-0.002%

SG Market


1 Year Return

4.7%

UD1U

18.0%

SG REITs

0.7%

SG Market

Return vs Industry: UD1U underperformed the SG REITs industry which returned 18% over the past year.

Return vs Market: UD1U exceeded the SG Market which returned 0.7% over the past year.


Shareholder returns

UD1UIndustryMarket
7 Day0.6%-0.2%-0.002%
30 Day2.6%0.6%-1.4%
90 Day0%0.7%-7.3%
1 Year13.0%4.7%25.2%18.0%4.7%0.7%
3 Year34.5%6.8%44.3%19.1%15.1%2.8%
5 Year48.0%-12.4%60.5%15.7%10.1%-8.2%

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

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

Undervalued: UD1U (SGD0.78) is trading below our estimate of fair value (SGD2.07)

Significantly Undervalued: 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 (6.3x) compared to the REITs industry average (15.7x).

PE vs Market: UD1U is good value based on its PE Ratio (6.3x) compared to the SG market (13.5x).


Price to Earnings Growth Ratio

Low 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 (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?

-16.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: UD1U's earnings are forecast to decline over the next 3 years (-16.4% per year).

Earnings vs Market: UD1U's earnings are forecast to decline over the next 3 years (-16.4% per year).

High Growth Earnings: UD1U's earnings are forecast to decline over the next 3 years.

Revenue vs Market: Insufficient data to determine if UD1U's revenue is forecast to grow faster than the SG market.

High Growth Revenue: Insufficient data to determine if UD1U's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if UD1U's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has IREIT Global performed over the past 5 years?

37.5%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: UD1U's earnings have grown significantly by 37.5% per year over the past 5 years.

Accelerating Growth: UD1U's earnings growth over the past year (24.6%) is below its 5-year average (37.5% per year).

Earnings vs Industry: UD1U earnings growth over the past year (24.6%) exceeded the REITs industry 0.3%.


Return on Equity

High ROE: UD1U's Return on Equity (16.3%) is considered low.


Return on Assets

ROA vs Industry: UD1U has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: UD1U's Return on Capital Employed has declined over the past 3 years.


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

  • Explore more healthy companies in the Real Estate industry.

Dividend

What is IREIT Global's current dividend yield, its reliability and sustainability?

6.90%

Current Dividend Yield


Dividend Yield vs Market

company6.9%marketbottom25%2.6%markettop25%5.7%industryaverage5.3%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: UD1U's dividend (6.9%) is higher than the bottom 25% of dividend payers in the SG market (2.55%).

High Dividend: UD1U's dividend (6.9%) is in the top 25% of dividend payers in the SG market (5.71%)

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 (79.5%), 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?

5.3yrs

Average board tenure


CEO

Aymeric Thibord (44yo)

2.8yrs

Tenure

0

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

5.3yrs

Average Tenure

60yo

Average Age

Experienced Board: UD1U's board of directors are considered experienced (5.3 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

Buy€2,279,99809 May 19
City Strategic Equity Pte. Ltd.
EntityCompany
Shares3,000,000
Max Price€0.76
Buy€38,052,00206 May 19
Tikehau Capital
EntityCompany
Shares50,400,000
Max Price€0.76
Sell€174,63602 May 19
Chap Huat Lim
EntityIndividual
Shares230,000
Max Price€0.76
Sell€2,277,86402 May 19
Chap Huat Lim
EntityIndividual
Shares3,000,000
Max Price€0.76

Ownership Breakdown


Management Team

  • Boon Poh Choo (48yo)

    Chief Financial Officer of IREIT Global Group Pte Ltd

    • Tenure: 0yrs
  • Wei Lee

    Secretary of IREIT Global Group Pte Ltd

    • Tenure: 0yrs
  • Adeline Wang

    Secretary of IREIT Global Group Pte Ltd

    • Tenure: 0yrs
  • Aymeric Thibord (44yo)

    Chief Executive Officer of IREIT Global Group Pte Ltd

    • Tenure: 2.8yrs
  • KEVIN TAN

    Head of Investor Relations

    • Tenure: 0yrs

Board Members

  • John Lim (79yo)

    Chairman of the Board of IREIT Global Group Pte Ltd

    • Tenure: 0yrs
    • Compensation: €95.00k
  • Kelvin Tan (54yo)

    Independent Non-Executive Director of IREIT Global Group Pte Ltd

    • Tenure: 5.3yrs
    • Compensation: €80.00k
  • Jinquan Tong (64yo)

    Non-Executive Director of IREIT Global Group Pte Ltd

    • Tenure: 5.3yrs
    • Compensation: €50.00k
  • De Geis De Guyon Bruno Alfred Mari de Pampelonne (60yo)

    Non-Executive Director of IREIT Global Group Pte Ltd

    • Tenure: 2.9yrs
  • Nir Ellenbogen (58yo)

    Independent Non-Executive Director of IREIT Global Group Pte Ltd

    • Tenure: 5.8yrs
    • Compensation: €65.00k
  • Frank Khoo

    Non-Executive Director of IREIT Global Group Pte Ltd

    • Tenure: 0.8yrs

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$496.065m
  • Shares outstanding: 635.98m
  • Website: https://www.ireitglobal.com

Location

  • IREIT Global
  • 8 Marina View
  • #15-07A Asia Square Tower 1
  • Singapore
  • 18960
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
UD1USGX (Singapore Exchange)YesUnitsSGSGDAug 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 po ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/20 12:49
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.