Financials OUE Real Estate Investment Trust

Equities

Market Closed - Singapore S.E. Other stock markets 05:06:12 2024-04-26 am EDT			5-day change	1st Jan Change
0.265 ^SGD	-3.64%		+1.92%	-7.02%

Apr. 24	OUE REIT Obtains SG$600 Million Sustainability-linked Loan	MT
Jan. 29	OUE Real Estate Investment Trust Announces Distribution for the Period from 1 July 2023 to 31 December 2023, Payable on 28 February 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,043	2,087	2,395	1,831	1,563	1,456	-	-
Enterprise Value (EV) ¹	5,713	4,762	2,395	3,831	3,587	3,432	3,407	1,456
P/E ratio	20 x	-52 x	65.7 x	7.02 x	8.26 x	14.8 x	14.5 x	16.6 x
Yield	5.86%	6.31%	5.91%	6.33%	7.33%	7.77%	8.17%	7.92%
Capitalization / Revenue	11.8 x	7.15 x	9.58 x	7.58 x	5.48 x	4.92 x	4.82 x	4.85 x
EV / Revenue	22.2 x	16.3 x	9.58 x	15.9 x	12.6 x	11.6 x	11.3 x	4.85 x
EV / EBITDA	30.7 x	22.8 x	13 x	21.6 x	16.6 x	15.8 x	15.5 x	6.52 x
EV / FCF	55.6 x	20.9 x	2.24 x	28.2 x	17.6 x	15.1 x	14.9 x	6.19 x
FCF Yield	1.8%	4.77%	44.7%	3.55%	5.67%	6.61%	6.71%	16.2%
Price to Book	0.91 x	0.65 x	0.77 x	0.57 x	0.48 x	0.43 x	0.43 x	0.43 x
Nbr of stocks (in thousands)	5,385,399	5,421,506	5,442,608	5,465,002	5,485,915	5,492,950	-	-
Reference price ²	0.5650	0.3850	0.4400	0.3350	0.2850	0.2650	0.2650	0.2650
Announcement Date	1/30/20	1/28/21	2/16/22	1/30/23	1/29/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	257.3	292	249.9	241.5	285.1	296.2	302.1	300.2
EBITDA ¹	186	208.5	184.2	177.4	215.7	217.2	220.2	223.2
EBIT ¹	180.5	203.4	179.1	168.2	215.7	217.2	220.2	223.2
Operating Margin	70.16%	69.66%	71.66%	69.63%	75.66%	73.34%	72.89%	74.35%
Earnings before Tax (EBT) ¹	150.7	-40.4	69.97	298.9	208.3	125.5	128.5	113
Net income ¹	118.7	-36.26	38.88	275.6	200.1	99.35	102.1	88.9
Net margin	46.15%	-12.42%	15.56%	114.11%	70.2%	33.55%	33.8%	29.61%
EPS ²	0.0283	-0.007400	0.006700	0.0477	0.0345	0.0178	0.0183	0.0160
Free Cash Flow ¹	102.8	227.4	1,069	135.9	203.5	226.7	228.6	235.2
FCF margin	39.95%	77.86%	427.93%	56.27%	71.38%	76.55%	75.67%	78.35%
FCF Conversion (EBITDA)	55.27%	109.04%	580.67%	76.6%	94.32%	104.37%	103.81%	105.38%
FCF Conversion (Net income)	86.58%	-	2,750.6%	49.31%	101.69%	228.18%	223.9%	264.57%
Dividend per Share ²	0.0331	0.0243	0.0260	0.0212	0.0209	0.0206	0.0216	0.0210
Announcement Date	1/30/20	1/28/21	2/16/22	1/30/23	1/29/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,671	2,674	-	2,000	2,024	1,976	1,951	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	14.36 x	12.83 x	-	11.27 x	9.38 x	9.098 x	8.86 x	-
Free Cash Flow ¹	103	227	1,069	136	203	227	229	235
ROE (net income / shareholders' equity)	3.29%	3.97%	2.77%	8.11%	5.74%	2.97%	3.06%	2.61%
ROA (Net income/ Total Assets)	1.75%	2.1%	1.51%	4.66%	3.32%	1.65%	1.7%	1.46%
Assets ¹	6,797	-1,727	2,574	5,911	6,029	6,040	6,006	6,089
Book Value Per Share ²	0.6200	0.5900	0.5700	0.5900	0.6000	0.6100	0.6100	0.6100
Cash Flow per Share ²	0.0400	0.0400	0.0300	0.0300	0.0400	0.0300	0.0300	-
Capex ¹	7.85	7.8	56.9	47.6	10.6	8.1	8.3	-
Capex / Sales	3.05%	2.67%	22.77%	19.73%	3.72%	2.74%	2.75%	-
Announcement Date	1/30/20	1/28/21	2/16/22	1/30/23	1/29/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.265 SGD

Average target price

0.325 SGD

Spread / Average Target

+22.64%

	1st Jan change	Capi.
OUE REAL ESTATE INVESTMENT TRUST	-7.02%	1.07B
W. P. CAREY INC.	-15.09%	12.04B
GECINA	-13.53%	7.51B
MIRVAC GROUP	-1.91%	5.28B
LAND SECURITIES GROUP PLC	-7.21%	5.46B
THE GPT GROUP	-11.21%	5.15B
NOMURA REAL ESTATE MASTER FUND, INC.	-9.21%	4.49B
ESSENTIAL PROPERTIES REALTY TRUST, INC.	+0.51%	4.5B
BRITISH LAND COMPANY PLC	-1.70%	4.54B
DAIWA HOUSE REIT INVESTMENT CORPORATION	+3.97%	3.86B