OTCPK:ACDS.F

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Ascendas Real Estate Investment Trust

Executive Summary

Ascendas Real Estate Investment Trust (Ascendas Reit) is Singapore’s first and largest listed business space and industrial real estate investment trust.


Snowflake Analysis

Second-rate dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Ascendas Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ACDS.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

10.0%

ACDS.F

3.3%

US REITs

1.7%

US Market


1 Year Return

n/a

ACDS.F

-8.6%

US REITs

8.5%

US Market

Return vs Industry: Insufficient data to determine how ACDS.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how ACDS.F performed against the US Market.


Shareholder returns

ACDS.FIndustryMarket
7 Day10.0%3.3%1.7%
30 Day17.3%7.8%9.5%
90 Day-4.6%-14.4%0.1%
1 Yearn/a-4.8%-8.6%11.0%8.5%
3 Year22.3%22.3%13.6%-0.4%32.2%23.5%
5 Year29.2%29.2%44.4%14.7%58.6%40.8%

Price Volatility Vs. Market

How volatile is Ascendas Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Ascendas Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

16.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ACDS.F ($2.3) is trading below our estimate of fair value ($2.75)

Significantly Below Fair Value: ACDS.F is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: ACDS.F is good value based on its PE Ratio (20.5x) compared to the REITs industry average (27.7x).

PE vs Market: ACDS.F is poor value based on its PE Ratio (20.5x) compared to the US market (15.7x).


Price to Earnings Growth Ratio

PEG Ratio: ACDS.F is poor value based on its PEG Ratio (4.7x)


Price to Book Ratio

PB vs Industry: ACDS.F is overvalued based on its PB Ratio (1.4x) compared to the US REITs industry average (1.3x).


Next Steps

Future Growth

How is Ascendas Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 17 analysts?

4.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ACDS.F's forecast earnings growth (4.3% per year) is above the savings rate (2.2%).

Earnings vs Market: ACDS.F's earnings (4.3% per year) are forecast to grow slower than the US market (22% per year).

High Growth Earnings: ACDS.F's earnings are forecast to grow, but not significantly.

Revenue vs Market: ACDS.F's revenue (4.2% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: ACDS.F's revenue (4.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ACDS.F's Return on Equity is forecast to be low in 3 years time (7.4%).


Next Steps

Past Performance

How has Ascendas Real Estate Investment Trust performed over the past 5 years?

6.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ACDS.F has high quality earnings.

Growing Profit Margin: ACDS.F's current net profit margins (53.9%) are lower than last year (55.1%).


Past Earnings Growth Analysis

Earnings Trend: ACDS.F's earnings have grown by 6.2% per year over the past 5 years.

Accelerating Growth: ACDS.F's earnings growth over the past year (4%) is below its 5-year average (6.2% per year).

Earnings vs Industry: ACDS.F earnings growth over the past year (4%) underperformed the REITs industry 5.3%.


Return on Equity

High ROE: ACDS.F's Return on Equity (6.4%) is considered low.


Next Steps

Financial Health

How is Ascendas Real Estate Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: ACDS.F's short term assets (SGD251.3M) do not cover its short term liabilities (SGD979.0M).

Long Term Liabilities: ACDS.F's short term assets (SGD251.3M) do not cover its long term liabilities (SGD4.8B).


Debt to Equity History and Analysis

Debt Level: ACDS.F's debt to equity ratio (56.9%) is considered high.

Reducing Debt: ACDS.F's debt to equity ratio has increased from 55.7% to 56.9% over the past 5 years.

Debt Coverage: ACDS.F's debt is not well covered by operating cash flow (17%).

Interest Coverage: ACDS.F's interest payments on its debt are well covered by EBIT (4.3x coverage).


Balance Sheet


Next Steps

Dividend

What is Ascendas Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

3.55%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ACDS.F's dividend (3.55%) is higher than the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: ACDS.F's dividend (3.55%) is low compared to the top 25% of dividend payers in the US market (4.55%).


Stability and Growth of Payments

Stable Dividend: ACDS.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: ACDS.F's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (87.6%), ACDS.F's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ACDS.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.03% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure


CEO

William Tay (49yo)

2.33yrs

Tenure

Mr. Wee Leong Tay, also known as William has been Executive Director and CEO oof Ascendas Funds Management (S) Limited (AFM), the Manager of, Ascendas Real Estate Investment Trust since 1 February 2018. He ...


Leadership Team

NamePositionTenureCompensationOwnership
Wee Leong Tay
CEO & Executive Non-Independent Director of Ascendas Funds Management (S) Limited (AFM)2.33yrsno data0.0021% SGD168.8k
Lee Sze Koo
Chief Financial Officer of Ascendas Funds Management (S) Limitedno datano datano data
Lawden Tan
Head of Investment & Business Development - Ascendas Funds Management (S) Limitedno datano datano data
Kit Peng Yeow
Head of Capital Markets & Investor Relations of Ascendas Funds Management (S) Limited1.42yrsno datano data
Sasidharan Nair
Head of Property Services - Ascendas Funds Management (S) Limitedno datano datano data
Serena Teo
Head of Singapore Portfolio & Asset Management of Ascendas Funds Management (S) Limited (AFM)1.75yrsno datano data
Mary Judith De Souza
Company Secretary of Ascendas Funds Management (S) Limitedno datano datano data
Wei Seng Hon
Company Secretary of Ascendas Funds Management (S) Limitedno datano datano data

1.8yrs

Average Tenure

49yo

Average Age

Experienced Management: ACDS.F's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Wee Leong Tay
CEO & Executive Non-Independent Director of Ascendas Funds Management (S) Limited (AFM)2.33yrsno data0.0021% SGD168.8k
Hock Huat Ee
Non-Executive Independent Director of Ascendas Funds Management (S) Limited (AFM)1.67yrsS$71.50k0.00064% SGD52.5k
Hock San Lim
Independent Chairman of the Board of Ascendas Funds Management (S) Limited (AFM)2.67yrsS$105.00kno data
Pengee Chan
Lead Independent Director of Ascendas Funds Management (S) Limited (AFM)no dataS$87.50kno data
Yew Meng Wong
Non-Executive Independent Director of Ascendas Funds Management (S) Limited (AFM)4.58yrsS$61.50kno data
Manohar Ramesh Khiatani
Non-Executive Non-Independent Director of Ascendas Funds Management (S) Limited (AFM)7yrsS$78.84kno data
Chiet Ping Chong
Non-Executive Independent Director of Ascendas Funds Management (S) Limited (AFM)4.58yrsS$70.00kno data
Sau Hoong Lim
Non-Executive Independent Director of Ascendas Funds Management (S) Limited (AFM)4.58yrsS$51.50kno data
Cho Pin Lim
Non-Executive Non-Independent Director of Ascendas Funds Management (S) Limited0.67yrS$17.14k0.00035% SGD28.7k

3.6yrs

Average Tenure

59yo

Average Age

Experienced Board: ACDS.F's board of directors are considered experienced (3.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 16.3%.


Top Shareholders

Company Information

Ascendas Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Ascendas Real Estate Investment Trust
  • Ticker: ACDS.F
  • Exchange: OTCPK
  • Founded: 2002
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Market Cap: S$11.542b
  • Listing Market Cap: S$8.196b
  • Shares outstanding: 3.62b
  • Website: https://www.ascendas-reit.com

Location

  • Ascendas Real Estate Investment Trust
  • 1 Fusionopolis Place
  • No. 10-10 Galaxis
  • Singapore
  • 138522
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ACDS.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDNov 2002
A17USGX (Singapore Exchange)YesTrust UnitsSGSGDNov 2002
S3ZDB (Deutsche Boerse AG)YesTrust UnitsDEEURNov 2002

Biography

Ascendas Real Estate Investment Trust (Ascendas Reit) is Singapore’s first and largest listed business space and industrial real estate investment trust. It was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in November 2002. As at 31 December 2019, investment properties under management stands at S$12.8 billion, comprising 200 properties across the developed markets of Singapore, Australia, the United Kingdom and the United States. Ascendas Reit’s portfolio includes business and science parks, suburban office properties, high-specifications industrial properties, light industrial properties, logistics and distribution centres, and integrated developments, amenities and retail properties. These properties house a tenant base of around 1,490 international and local companies from a wide range of industries and activities, including research and development, life sciences, information technology, engineering, light manufacturing, logistics service providers, electronics, telecommunications, manufacturing services and back-room office support in service industries. Major tenants include Singtel, DSO National Laboratories, Citibank, DBS, Wesfarmers, CareFusion, Ceva Logistics, JPMorgan and A*STAR Research Entities. Ascendas Reit is listed in several indices. These include the FTSE Straits Times Index, the Morgan Stanley Capital International, Inc (MSCI) Index, the European Public Real Estate Association/National Association of Real Estate Investment Trusts (EPRA/NAREIT) Global Real Estate Index and Global Property Research (GPR) Asia 250. Ascendas Reit has an issuer rating of ‘A3’ by Moody’s Investors Service. Ascendas Reit is managed by Ascendas Funds Management (S) Limited, a wholly owned subsidiary of Singapore-listed CapitaLand Limited, one of Asia’s largest diversified real estate groups. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/03 03:06
End of Day Share Price2020/06/02 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.