KEPPEL REIT |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.87 SGD | +0.58% |
|
+3.57% | -6.45% |
| Apr. 23 | Keppel REIT's Attributable Net Property Income Up 7% in Q1 | MT |
| Apr. 02 | Citi Research Adjusts Kepple REIT’s Price Target to SG$0.90 From SG$0.89, Keeps at Neutral | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 4,175 | 3,817 | 4,176 | 3,405 | 3,518 | 3,311 | - | - |
| Enterprise Value (EV) 1 | 6,171 | 6,037 | 6,713 | 6,071 | 5,715 | 5,884 | 5,915 | 5,887 |
| P/E ratio | 35.4 x | -249 x | 18.1 x | 8.46 x | 20.8 x | 19.5 x | 18.2 x | 17.6 x |
| Yield | 4.5% | 5.12% | 5.15% | 6.51% | 6.24% | 6.74% | 6.84% | 6.97% |
| Capitalization / Revenue | 25.4 x | 22.4 x | 19.3 x | 15.5 x | 15.1 x | 13.2 x | 12.6 x | 12.1 x |
| EV / Revenue | 37.6 x | 35.5 x | 31 x | 27.7 x | 24.5 x | 23.4 x | 22.4 x | 21.4 x |
| EV / EBITDA | 85.5 x | 75 x | 59.4 x | 53.2 x | 43.6 x | 38.9 x | 36.5 x | 34 x |
| EV / FCF | 66.7 x | 57.8 x | 59.1 x | 37.4 x | 33.6 x | 27.3 x | 22.1 x | 21.8 x |
| FCF Yield | 1.5% | 1.73% | 1.69% | 2.67% | 2.97% | 3.66% | 4.53% | 4.59% |
| Price to Book | 0.91 x | 0.85 x | 0.86 x | 0.66 x | 0.7 x | 0.65 x | 0.65 x | 0.66 x |
| Nbr of stocks (in thousands) | 3,366,800 | 3,407,825 | 3,695,419 | 3,742,223 | 3,782,553 | 3,805,405 | - | - |
| Reference price 2 | 1.240 | 1.120 | 1.130 | 0.9100 | 0.9300 | 0.8700 | 0.8700 | 0.8700 |
| Announcement Date | 1/22/20 | 1/25/21 | 1/25/22 | 1/27/23 | 1/29/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 164.1 | 170.2 | 216.6 | 219.3 | 233.1 | 251.1 | 263.7 | 274.6 |
| EBITDA 1 | 72.21 | 80.44 | 113 | 114.2 | 130.9 | 151.3 | 161.9 | 173.2 |
| EBIT 1 | 69.66 | 80.44 | 113 | 114.1 | 130.9 | 139.1 | 152.4 | 160.4 |
| Operating Margin | 42.46% | 47.25% | 52.16% | 52.05% | 56.14% | 55.39% | 57.78% | 58.43% |
| Earnings before Tax (EBT) 1 | 153 | 4.926 | 278.9 | 450.4 | 208.1 | 207.1 | 201.2 | 212.4 |
| Net income 1 | 119.9 | -15.1 | 231.7 | 405.4 | 168.6 | 176.8 | 187.6 | 194.5 |
| Net margin | 73.1% | -8.87% | 106.99% | 184.85% | 72.32% | 70.39% | 71.12% | 70.83% |
| EPS 2 | 0.0350 | -0.004500 | 0.0626 | 0.1076 | 0.0447 | 0.0445 | 0.0478 | 0.0494 |
| Free Cash Flow 1 | 92.58 | 104.5 | 113.7 | 162.2 | 169.9 | 215.5 | 268.1 | 270.4 |
| FCF margin | 56.43% | 61.37% | 52.48% | 73.97% | 72.89% | 85.81% | 101.67% | 98.48% |
| FCF Conversion (EBITDA) | 128.2% | 129.86% | 100.6% | 142.08% | 129.77% | 142.39% | 165.64% | 156.16% |
| FCF Conversion (Net income) | 77.19% | - | 49.05% | 40.02% | 100.78% | 121.91% | 142.95% | 139.03% |
| Dividend per Share 2 | 0.0558 | 0.0573 | 0.0582 | 0.0592 | 0.0580 | 0.0587 | 0.0595 | 0.0607 |
| Announcement Date | 1/22/20 | 1/25/21 | 1/25/22 | 1/27/23 | 1/29/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q3 | 2021 Q4 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net sales | 105.8 | - | - | 110.8 | 109.8 | 109.5 | 114.9 | 118.2 | 126.7 | 126.7 |
| EBITDA | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | 56.93 | 56.93 | - | - | - | - | 67.14 | 131.7 | 131.7 |
| Operating Margin | - | - | - | - | - | - | - | 56.81% | 103.89% | 103.89% |
| Earnings before Tax (EBT) | 129.7 | - | - | - | - | - | - | - | - | - |
| Net income 1 | 104.2 | - | 63.79 | - | - | - | - | - | - | - |
| Net margin | 98.44% | - | - | - | - | - | - | - | - | - |
| EPS 2 | - | 0.0200 | 0.0200 | - | - | - | - | - | - | - |
| Dividend per Share 2 | 0.0294 | 0.0100 | 0.0100 | - | 0.0297 | - | 0.0290 | - | - | - |
| Announcement Date | 7/28/21 | 1/27/23 | 1/25/22 | 1/25/22 | 7/26/22 | 1/27/23 | 7/25/23 | 1/29/24 | - | - |
1SGD in Million2SGD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,997 | 2,220 | 2,538 | 2,665 | 2,197 | 2,573 | 2,604 | 2,577 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 27.65 x | 27.59 x | 22.46 x | 23.35 x | 16.78 x | 17 x | 16.09 x | 14.88 x |
| Free Cash Flow 1 | 92.6 | 104 | 114 | 162 | 170 | 216 | 268 | 270 |
| ROE (net income / shareholders' equity) | 2.49% | 0.32% | 4.29% | 7.08% | 2.79% | 3.15% | 3.32% | 3.51% |
| ROA (Net income/ Total Assets) | 1.57% | 0.2% | 2.85% | 4.67% | 1.75% | 1.82% | 1.92% | 1.89% |
| Assets 1 | 7,617 | -7,602 | 8,126 | 8,685 | 9,642 | 9,732 | 9,754 | 10,284 |
| Book Value Per Share 2 | 1.360 | 1.320 | 1.320 | 1.370 | 1.320 | 1.350 | 1.340 | 1.320 |
| Cash Flow per Share 2 | 0.0300 | 0.0300 | 0.0300 | 0.0400 | 0.0400 | 0.0500 | 0.0400 | 0.0500 |
| Capex 1 | 113 | 39.7 | 5.12 | 94.9 | 7.29 | 11.4 | 11.6 | 11.6 |
| Capex / Sales | 68.72% | 23.31% | 2.36% | 43.28% | 3.13% | 4.55% | 4.39% | 4.23% |
| Announcement Date | 1/22/20 | 1/25/21 | 1/25/22 | 1/27/23 | 1/29/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
0.87
SGD
Average target price
1.005
SGD
Spread / Average Target
+15.56%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -6.45% | 2.43B | |
| -6.46% | 46.25B | |
| -8.31% | 20.33B | |
| -3.56% | 13.07B | |
| +16.05% | 11.53B | |
| -4.85% | 9.68B | |
| -0.83% | 8.48B | |
| -14.19% | 8.38B | |
| +1.38% | 7.63B | |
| -18.42% | 5.53B |
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