Financials Suntec Real Estate Investment Trust

Equities

T82U

SG1Q52922370

Commercial REITs

Market Closed - Singapore S.E. 05:09:13 2024-04-26 am EDT 5-day change 1st Jan Change
1.09 SGD -0.91% Intraday chart for Suntec Real Estate Investment Trust +2.83% -11.38%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,154 4,210 4,308 3,969 3,564 3,176 - -
Enterprise Value (EV) 1 8,627 8,809 8,959 8,543 7,606 7,234 7,227 7,162
P/E ratio 14.1 x -57.7 x 9.35 x 8.59 x 20.8 x 20 x 18.8 x 17.9 x
Yield 5.17% 4.97% 5.74% 6.44% 5.8% 5.85% 6.39% 6.52%
Capitalization / Revenue 14.1 x 13.3 x 12 x 9.29 x 7.7 x 6.85 x 6.66 x 6.42 x
EV / Revenue 23.5 x 27.9 x 25 x 20 x 16.4 x 15.6 x 15.1 x 14.5 x
EV / EBITDA 46.8 x 43.8 x 30.4 x 21.2 x 25.9 x 20.5 x 20.2 x 19.9 x
EV / FCF 38.7 x 43.7 x 38.1 x 33 x 31.6 x 20.1 x 19.7 x 18.9 x
FCF Yield 2.59% 2.29% 2.63% 3.03% 3.16% 4.98% 5.06% 5.28%
Price to Book 0.86 x 0.7 x 0.67 x 0.61 x 0.55 x 0.52 x 0.51 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 1.090 1.090 1.090
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 1 366.7 315.4 358.1 427.3 462.7 463.4 477.1 494.8
EBITDA 1 184.2 201.2 294.2 402.3 293.3 353 357.9 359.2
EBIT 1 183.4 144 190.6 256.7 248.4 248.7 256.3 262.4
Operating Margin 50% 45.66% 53.22% 60.08% 53.69% 53.66% 53.73% 53.03%
Earnings before Tax (EBT) 1 411 -115.3 515.5 513.9 204.3 182.3 192.4 209.4
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% 34.17% 36.01% 37%
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% 77.71% 76.71% 76.45%
FCF Conversion (EBITDA) 121.13% 100.28% 80.01% 64.36% 82.06% 102.02% 102.26% 105.31%
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 0.0638 0.0696 0.0711
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 11.5 x 11.32 x 11.1 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% 2.72% 2.88% 2.89%
ROA (Net income/ Total Assets) 2.48% 1.35% 4.16% 4.08% 1.62% 1.37% 1.66% 1.78%
Assets 1 15,763 -5,290 11,461 11,699 11,420 11,579 10,350 10,275
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% 4.03% 2.32% 2.41%
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

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
15
Last Close Price
1.09 SGD
Average target price
1.18 SGD
Spread / Average Target
+8.26%
Consensus

Quarterly revenue - Rate of surprise

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