Financials Suntec Real Estate Investment Trust

Equities

T82U

SG1Q52922370

Commercial REITs

Delayed Singapore S.E. Other stock markets 11:50:48 2024-05-14 pm EDT			5-day change	1st Jan Change
1.09 ^SGD	-0.91%		+0.92%	-10.57%

Apr. 30	Maybank Adjusts Suntec REIT’s Price Target to SG$1.10 From SG$1.20, Keeps at Hold	MT
Apr. 25	Suntec Real Estate Investment Trust Announces Distribution for the Period from 1 January 2024 to 31 March 2024, Payable on 30 May 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,154	4,210	4,308	3,969	3,564	3,205	-	-
Enterprise Value (EV) ¹	8,627	8,809	8,959	8,543	7,606	7,263	7,256	7,191
P/E ratio	14.1 x	-57.7 x	9.35 x	8.59 x	20.8 x	20.2 x	19 x	18.1 x
Yield	5.17%	4.97%	5.74%	6.44%	5.8%	5.78%	6.33%	6.45%
Capitalization / Revenue	14.1 x	13.3 x	12 x	9.29 x	7.7 x	6.89 x	6.71 x	6.51 x
EV / Revenue	23.5 x	27.9 x	25 x	20 x	16.4 x	15.6 x	15.2 x	14.6 x
EV / EBITDA	46.8 x	43.8 x	30.4 x	21.2 x	25.9 x	21 x	20.3 x	20.6 x
EV / FCF	38.7 x	43.7 x	38.1 x	33 x	31.6 x	20.2 x	19.8 x	19 x
FCF Yield	2.59%	2.29%	2.63%	3.03%	3.16%	4.96%	5.04%	5.26%
Price to Book	0.86 x	0.7 x	0.67 x	0.61 x	0.55 x	0.52 x	0.52 x	0.52 x
Nbr of stocks (in thousands)	2,801,016	2,825,294	2,852,999	2,875,948	2,897,274	2,913,675	-	-
Reference price ²	1.840	1.490	1.510	1.380	1.230	1.100	1.100	1.100
Announcement Date	1/21/20	1/25/21	1/25/22	1/19/23	1/23/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	366.7	315.4	358.1	427.3	462.7	464.9	477.3	492.6
EBITDA ¹	184.2	201.2	294.2	402.3	293.3	346.2	357	349
EBIT ¹	183.4	144	190.6	256.7	248.4	258.7	265.9	273.4
Operating Margin	50%	45.66%	53.22%	60.08%	53.69%	55.65%	55.71%	55.5%
Earnings before Tax (EBT) ¹	411	-115.3	515.5	513.9	204.3	179.3	193.4	204.8
Net income ¹	390.5	-71.36	476.4	476.8	185.4	158.4	171.8	183.1
Net margin	106.49%	-22.63%	133.06%	111.6%	40.06%	34.07%	36%	37.17%
EPS ²	0.1307	-0.0258	0.1614	0.1606	0.0590	0.0546	0.0578	0.0609
Free Cash Flow ¹	223.1	201.7	235.4	258.9	240.7	360.1	366	378.3
FCF margin	60.84%	63.96%	65.75%	60.59%	52.02%	77.46%	76.68%	76.79%
FCF Conversion (EBITDA)	121.13%	100.28%	80.01%	64.36%	82.06%	104.02%	102.53%	108.39%
FCF Conversion (Net income)	57.13%	-	49.41%	54.29%	129.84%	227.39%	213.02%	206.62%
Dividend per Share ²	0.0951	0.0740	0.0867	0.0888	0.0714	0.0635	0.0696	0.0710
Announcement Date	1/21/20	1/25/21	1/25/22	1/19/23	1/23/24	-	-	-

¹SGD in Million²SGD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S2	2021 S1	2021 Q3	2021 Q4	2022 S1	2022 Q3	2023 S1
Net sales ¹	165.9	166.8	-	-	203.5	132.2	224.3
EBITDA	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	-	-	171.5	171.5	-	-	72.12
Net margin	-	-	-	-	-	-	32.15%
EPS	-	-	0.0600	0.0600	-	-	-
Dividend per Share	0.0411	0.0415	0.0200	0.0228	0.0481	-	0.0348
Announcement Date	1/25/21	7/21/21	3/28/22	1/25/22	7/26/22	10/19/22	7/25/23

¹SGD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,473	4,599	4,651	4,574	4,042	4,058	4,051	3,986
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	18.85 x	22.86 x	15.81 x	11.37 x	13.78 x	11.72 x	11.35 x	11.42 x
Free Cash Flow ¹	223	202	235	259	241	360	366	378
ROE (net income / shareholders' equity)	4.17%	2.39%	7.67%	7.41%	2.87%	2.7%	2.87%	2.96%
ROA (Net income/ Total Assets)	2.48%	1.35%	4.16%	4.08%	1.62%	1.37%	1.51%	1.6%
Assets ¹	15,763	-5,290	11,461	11,699	11,420	11,579	11,416	11,475
Book Value Per Share ²	2.130	2.140	2.240	2.250	2.230	2.110	2.120	2.110
Cash Flow per Share ²	0.0800	0.0800	0.0800	0.0900	0.0900	0.0800	0.0800	0.1000
Capex ¹	6.34	10.4	8.31	14.1	11.3	18.7	11.1	11.9
Capex / Sales	1.73%	3.29%	2.32%	3.3%	2.44%	4.01%	2.32%	2.42%
Announcement Date	1/21/20	1/25/21	1/25/22	1/19/23	1/23/24	-	-	-

¹SGD in Million²SGD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Suntec Real Estate Investment Trust

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1.1 SGD

Average target price

1.168 SGD

Spread / Average Target

+6.17%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Office REITs

	1st Jan change	Capi.
SUNTEC REAL ESTATE INVESTMENT TRUST	-10.57%	2.37B
BOSTON PROPERTIES, INC.	-8.72%	9.86B
NIPPON BUILDING FUND INC.	-2.29%	6.53B
DEXUS	-8.33%	5.03B
KDX REALTY INVESTMENT CORPORATION	-2.80%	4.18B
KILROY REALTY CORPORATION	-11.47%	4.04B
EMBASSY OFFICE PARKS REIT	+6.81%	3.94B
SL GREEN REALTY CORP.	+21.25%	3.43B
INMOBILIARIA COLONIAL SOCIMI, S.A.	-9.92%	3.34B
SOCIÉTÉ FONCIÈRE LYONNAISE	+0.60%	3.11B

Office REITs