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Keppel REIT

OTCPK:KREV.F
Snowflake Description

Mediocre balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KREV.F
OTCPK
SGD4B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Keppel REIT was listed by way of an introduction on 28 April 2006. The last earnings update was 35 days ago. More info.


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KREV.F Share Price and Events
7 Day Returns
0%
OTCPK:KREV.F
1.2%
US REITs
1.6%
US Market
1 Year Returns
7.1%
OTCPK:KREV.F
15.2%
US REITs
2.6%
US Market
KREV.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Keppel REIT (KREV.F) 0% -3.2% 3.4% 7.1% 24.7% -13.3%
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • KREV.F underperformed the REITs industry which returned 15.2% over the past year.
  • KREV.F outperformed the Market in United States of America which returned 2.6% over the past year.
Price Volatility
KREV.F
Industry
5yr Volatility vs Market

Value

 Is Keppel REIT 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 Keppel REIT 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 Keppel REIT.

OTCPK:KREV.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:KREV.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 17%) (52.83%))
0.842
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.842 * 5.96%)
7.75%

Discounted Cash Flow Calculation for OTCPK:KREV.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Keppel REIT 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.

Keppel REIT is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:KREV.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.75%)
2019 116.00 Analyst x1 107.66
2020 120.45 Est @ 3.83% 103.75
2021 124.67 Est @ 3.5% 99.66
2022 128.74 Est @ 3.27% 95.52
2023 132.75 Est @ 3.11% 91.41
2024 136.72 Est @ 3% 87.38
2025 140.71 Est @ 2.92% 83.46
2026 144.73 Est @ 2.86% 79.67
2027 148.82 Est @ 2.82% 76.03
2028 152.97 Est @ 2.79% 72.53
Present value of next 10 years cash flows SGD897.07
OTCPK:KREV.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD152.97 × (1 + 2.73%) ÷ (7.75% – 2.73%)
SGD3,131.95
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD3,131.95 ÷ (1 + 7.75%)10
SGD1,485.05
OTCPK:KREV.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD897.07 + SGD1,485.05
SGD2,382.11
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,382.11 / 3,405.75
SGD0.72
OTCPK:KREV.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:KREV.F represents 0.75207x of SGX:K71U
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.75207x
Value per Share
(Listing Adjusted, USD)
= Value per Share (SGD) x Listing Adjustment Factor
= SGD 0.72 x 0.75207
$0.54
Value per share (USD) From above. $0.54
Current discount Discount to share price of $0.91
= -1 x ($0.91 - $0.54) / $0.54
-67%

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

  • The current share price of Keppel REIT is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Keppel REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Keppel REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:KREV.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.04
SGX:K71U Share Price ** SGX (2019-04-29) in SGD SGD1.21
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

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

** Primary Listing of Keppel REIT.

OTCPK:KREV.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:K71U Share Price ÷ EPS (both in SGD)

= 1.21 ÷ 0.04

29.05x

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

  • Keppel REIT is good value based on earnings compared to the US REITs industry average.
  • Keppel REIT is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Keppel REIT's expected growth come at a high price?
Raw Data
OTCPK:KREV.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 29.05x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
8.8%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

OTCPK:KREV.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 29.05x ÷ 8.8%

3.32x

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

  • Keppel REIT is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Keppel REIT's assets?
Raw Data
OTCPK:KREV.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD1.43
SGX:K71U Share Price * SGX (2019-04-29) in SGD SGD1.21
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
OTCPK:KREV.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:K71U Share Price ÷ Book Value per Share (both in SGD)

= 1.21 ÷ 1.43

0.85x

* Primary Listing of Keppel REIT.

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

  • Keppel REIT is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Keppel REIT'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. Keppel REIT has a total score of 2/6, 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 Keppel REIT expected to perform in the next 1 to 3 years based on estimates from 14 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
8.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Keppel REIT expected to grow at an attractive rate?
  • Keppel REIT's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Keppel REIT's earnings growth is positive but not above the United States of America market average.
  • Keppel REIT's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:KREV.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:KREV.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 8.8%
OTCPK:KREV.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 1.4%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
OTCPK:KREV.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:KREV.F Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31
2021-12-31 183 135 170 10
2020-12-31 174 127 156 13
2019-12-31 164 103 140 14
OTCPK:KREV.F Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 268 117 142
2018-12-31 270 117 146
2018-09-30 280 128 166
2018-06-30 287 124 182
2018-03-31 277 116 168
2017-12-31 280 120 173
2017-09-30 276 115 162
2017-06-30 279 112 163
2017-03-31 280 108 232
2016-12-31 276 108 250
2016-09-30 273 112 403
2016-06-30 265 113 416

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Keppel REIT's earnings are expected to grow by 8.8% yearly, however this is not considered high growth (20% yearly).
  • Keppel REIT's revenue is expected to grow by 1.4% 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
OTCPK:KREV.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from Keppel REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:KREV.F Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.05 0.06 0.04 8.00
2020-12-31 0.05 0.06 0.04 9.00
2019-12-31 0.04 0.05 0.04 8.00
OTCPK:KREV.F Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.04
2018-12-31 0.04
2018-09-30 0.05
2018-06-30 0.05
2018-03-31 0.05
2017-12-31 0.05
2017-09-30 0.05
2017-06-30 0.05
2017-03-31 0.07
2016-12-31 0.08
2016-09-30 0.12
2016-06-30 0.13

*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.
  • Keppel REIT is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Keppel REIT'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
Keppel REIT 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 Keppel REIT 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 Keppel REIT'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.
  • Keppel REIT's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Keppel REIT's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Keppel REIT's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Keppel REIT'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 Keppel REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:KREV.F Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 268.02 141.75 56.07
2018-12-31 269.75 146.16 55.85
2018-09-30 279.76 166.21 56.45
2018-06-30 287.10 181.71 56.51
2018-03-31 277.14 168.28 56.66
2017-12-31 280.27 172.61 57.91
2017-09-30 276.15 162.15 57.98
2017-06-30 279.20 163.47 59.35
2017-03-31 280.06 232.29 58.51
2016-12-31 275.50 250.19 58.88
2016-09-30 272.66 403.40 57.16
2016-06-30 265.18 416.31 56.77
2016-03-31 263.15 357.00 57.35
2015-12-31 263.21 337.50 57.41
2015-09-30 260.97 280.83 54.32
2015-06-30 262.37 368.04 55.11
2015-03-31 257.90 368.42 54.73
2014-12-31 254.69 371.75 53.41
2014-09-30 256.05 643.77 51.93
2014-06-30 250.71 542.54 49.89
2014-03-31 246.24 541.36 51.07
2013-12-31 238.28 534.68 51.26
2013-09-30 227.15 349.73 45.78
2013-06-30 219.41 343.56 45.46
2013-03-31 211.51 334.33 45.04
2012-12-31 203.69 329.68 44.84
2012-09-30 185.44 348.28 30.71
2012-06-30 162.07 333.88 30.62

*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.
  • Keppel REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Keppel REIT used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Keppel REIT has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Keppel REIT'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.
Keppel REIT has a total score of 1/6, 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 Keppel REIT'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 Keppel REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Keppel REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Keppel REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Keppel REIT'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 0.1x 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 Keppel REIT Company Filings, last reported 1 month ago.

OTCPK:KREV.F Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 5,294.26 2,177.06 105.40
2018-12-31 5,335.60 2,297.42 258.92
2018-09-30 4,910.46 2,556.21 159.96
2018-06-30 4,957.56 2,518.82 144.07
2018-03-31 4,953.85 2,514.13 149.23
2017-12-31 4,915.26 2,539.95 198.18
2017-09-30 4,917.23 2,542.73 197.46
2017-06-30 4,875.05 2,488.18 278.88
2017-03-31 4,917.25 2,482.99 264.67
2016-12-31 4,898.56 2,482.26 278.68
2016-09-30 4,823.80 2,491.56 259.09
2016-06-30 4,818.11 2,478.16 257.85
2016-03-31 4,803.40 2,475.26 263.79
2015-12-31 4,777.85 2,489.57 144.60
2015-09-30 4,445.66 2,674.85 191.87
2015-06-30 4,449.86 2,677.26 197.09
2015-03-31 4,472.45 2,666.09 203.21
2014-12-31 4,459.47 2,665.36 199.69
2014-09-30 4,214.91 2,545.76 591.37
2014-06-30 3,911.93 2,768.58 126.69
2014-03-31 3,891.62 2,710.51 77.52
2013-12-31 3,898.97 2,682.86 90.61
2013-09-30 3,526.48 2,670.64 55.63
2013-06-30 3,461.82 2,587.45 82.17
2013-03-31 3,519.61 2,541.09 96.80
2012-12-31 3,465.97 2,422.69 101.93
2012-09-30 3,276.86 2,452.24 104.61
2012-06-30 3,330.00 2,431.05 148.54
  • Keppel REIT's level of debt (41.1%) 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 (69.7% vs 41.1% today).
  • Debt is not well covered by operating cash flow (5.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.4x coverage).
X
Financial health checks
We assess Keppel REIT'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. Keppel REIT has a total score of 3/6, 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 Keppel REIT'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
4.6%
Current annual income from Keppel REIT dividends. Estimated to be 4.79% next year.
If you bought $2,000 of Keppel REIT shares you are expected to receive $92 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?
  • Keppel REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Keppel REIT's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
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
OTCPK:KREV.F 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 14 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

OTCPK:KREV.F Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.06 1.00
2021-12-31 0.06 15.00
2020-12-31 0.06 18.00
2019-12-31 0.06 18.00
OTCPK:KREV.F Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-21 0.056 4.505
2018-03-29 0.057 4.893
2018-01-23 0.057 4.699
2017-10-26 0.056 4.535
2017-07-18 0.057 4.867
2017-04-19 0.058 5.228
2017-03-30 0.064 6.036
2017-01-24 0.064 6.242
2016-03-24 0.068 6.452
2016-01-18 0.068 7.299
2015-02-16 0.060 5.704
2015-01-19 0.060 4.901
2014-10-16 0.074 6.100
2014-04-14 0.079 6.337
2014-03-24 0.079 6.873
2014-01-20 0.079 6.876
2013-10-14 0.079 6.672
2013-07-15 0.079 6.367
2013-04-15 0.079 5.542
2013-03-25 0.079 5.751
2013-01-21 0.079 5.841
2012-10-15 0.078 6.279
2012-03-29 0.062 5.819
2012-01-17 0.062 6.741
2011-10-17 0.074 8.355
2011-07-18 0.074 6.501
2011-03-29 0.068 5.162
2011-01-20 0.068 5.048
2010-07-19 0.057 4.364
2010-01-20 0.053 4.792

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

  • Keppel REIT has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Keppel REIT only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Keppel REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.8x coverage).
X
Income/ dividend checks
We assess Keppel REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Keppel REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Keppel REIT 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 Keppel REIT'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
Paul Tham
AGE 36
TENURE AS CEO 0.3 years
CEO Bio

Mr. Tham Wei Hsing, also known as Paul, has been Chief Executive Officer of Keppel REIT Management at Keppel Corp. Ltd. He is Chief Executive Officer of Keppel REIT Management Limited, Manager of Keppel REIT since January 1, 2019. He served as the Deputy Chief Executive Officer of Keppel REIT Management Limited from February 1, 2018 to January 1, 2019. Mr. Tham served as the Chief Financial Officer of Keppel Capital International Pte Ltd. Mr. Tham was the Chief Financial Officer of Keppel Capital, the asset management arm of Keppel Corporation Limited, overseeing finance, compliance, legal, and investor relations. Prior to that, Mr Tham was part of Keppel Corporation's Group Strategy & Development team, where he played a key role in the formation of Keppel Capital. Before Keppel, Mr Tham served as a management consultant for Bain & Company working with leading global companies in Asia Pacific across a range of topics including financial performance management and growth strategy. Mr Tham started his career as a structural engineer in New York and has experience with building developments and infrastructure. He has a Bachelor of Science degree in Civil & Environmental Engineering from Cornell University and a Masters in Business Administration from Singapore Management University.

CEO Compensation
  • Insufficient data for Paul to compare compensation growth.
  • Insufficient data for Paul to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Keppel REIT management team in years:

1
Average Tenure
38
Average Age
  • The average tenure for the Keppel REIT management team is less than 2 years, this suggests a new team.
Management Team

Paul Tham

TITLE
Chief Executive Officer of Keppel REIT Management Limited
AGE
36
TENURE
0.3 yrs

Leng Kang

TITLE
Chief Financial Officer of Keppel REIT Management Limited
AGE
42
TENURE
1 yrs

Shirley Ng

TITLE
Head of Investment of Keppel REIT Management Limited
AGE
37
TENURE
0.9 yrs

Grace Chia

TITLE
Head Investor Relations
AGE
38
TENURE
2.3 yrs

Ronald Tan

TITLE
Assistant Vice President

Wah San Toh

TITLE
Head of Asset Management of Keppel REIT Management Limited
AGE
59

Kelvin Chua

TITLE
Joint Company Secretary of Keppel REIT Management Limited

Marc Tan

TITLE
Joint Company Secretary of Keppel REIT Management Limited
Board of Directors Tenure

Average tenure and age of the Keppel REIT board of directors in years:

2.4
Average Tenure
63
Average Age
  • The average tenure for the Keppel REIT board of directors is less than 3 years, this suggests a new board.
Board of Directors

Penny Goh

TITLE
Chairman of Keppel REIT Management Limited
COMPENSATION
SGD130K
AGE
65
TENURE
2.1 yrs

Chiang Lee

TITLE
Independent Director of Keppel REIT Management Limited
COMPENSATION
SGD103K
AGE
68
TENURE
7.1 yrs

Bak Liang Lor

TITLE
Independent Director of Keppel REIT Management Limited
COMPENSATION
SGD98K
AGE
61
TENURE
7.1 yrs

Christina Tan

TITLE
Non-Executive Director of Keppel REIT Management Limited
COMPENSATION
SGD75K
AGE
52
TENURE
2.7 yrs

Swee Yiow Tan

TITLE
Non-Executive Director of Keppel REIT Management Limited
AGE
58
TENURE
2.2 yrs

Alan Nisbet

TITLE
Independent Non-Executive Director of Keppel REIT Management Limited
COMPENSATION
SGD15K
AGE
67
TENURE
1.6 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 ($) Value ($)
X
Management checks
We assess Keppel REIT'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. Keppel REIT 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

Company Info

Description

Keppel REIT was listed by way of an introduction on 28 April 2006. It is one of Asia’s leading REITs with a young and large portfolio of premium Grade A commercial assets in Singapore and Australia’s prime business and financial districts. Keppel REIT’s objective is to generate stable income and long-term growth for Unitholders by owning and investing in a portfolio of quality income-producing commercial real estate and real estate-related assets in Singapore and pan-Asia. The REIT has assets under management of over $8 billion in Singapore as well as key Australian cities of Sydney, Melbourne, Brisbane and Perth. Keppel REIT is sponsored by Keppel Land Limited, one of Asia's leading property companies. It is managed by Keppel REIT Management Limited, a wholly-owned subsidiary of Keppel Capital Holdings Pte. Ltd. (Keppel Capital). Keppel Capital is a premier asset manager in Asia with a diversified portfolio in real estate, infrastructure and data centre properties in key global markets.

Details
Name: Keppel REIT
KREV.F
Exchange: OTCPK
Founded: 2006
SGD2,992,376,748
3,405,745,156
Website: http://www.keppelreit.com
Address: Keppel REIT
1 HarbourFront Avenue,
#18-01 Keppel Bay Tower,
Singapore,
098632,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX K71U Units Singapore Exchange SG SGD 28. Apr 2006
OTCPK KREV.F Units Pink Sheets LLC US USD 28. Apr 2006
Number of employees
Current staff
Staff numbers
0
Keppel REIT employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 05:59
End of day share price update: 2019/04/29 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/04/17
Last earnings reported: 2019/03/31
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.