Financials Sabana Industrial Real Estate Investment Trust

Equities

Market Closed - Singapore S.E. Other stock markets 02:58:24 2024-05-09 EDT			5-day change	1st Jan Change
0.36 ^SGD	-1.37%		-2.70%	-11.11%

04-16	Sabana Industrial REIT Registers 83% Occupancy Rate in Q1	MT
04-08	Glass Lewis Controversy Alert: Sabana Industrial Real Estate Investment Trust	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	484.4	373.8	468.6	470.7	450.3	410.6	-
Enterprise Value (EV) ¹	755.5	373.8	754.4	828.1	749.6	721.6	724.6
P/E ratio	23.5 x	-8.85 x	9.65 x	8.93 x	24.7 x	12.9 x	12.4 x
Yield	6.35%	-	6.85%	7.01%	6.81%	7.62%	7.95%
Capitalization / Revenue	6.35 x	-	5.72 x	4.96 x	4.02 x	4.18 x	4.03 x
EV / Revenue	9.9 x	-	9.21 x	8.73 x	6.7 x	7.35 x	7.1 x
EV / EBITDA	16.7 x	-	-	-	-	14.4 x	13.9 x
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	0.81 x	-	0.86 x	-	-	0.71 x	0.72 x
Nbr of stocks (in thousands)	1,053,084	1,053,084	1,053,084	1,082,146	1,111,788	1,125,055	-
Reference price ²	0.4600	0.3550	0.4450	0.4350	0.4050	0.3650	0.3650
Announcement Date	20-01-23	21-04-11	22-01-19	23-01-30	24-01-23	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	76.34	-	81.91	94.91	111.9	98.2	102
EBITDA ¹	45.18	-	-	-	-	50	52
EBIT ¹	45.72	-	46.26	-	-	50	52
Operating Margin	59.89%	-	56.47%	-	-	50.92%	50.98%
Earnings before Tax (EBT) ¹	20.66	-	32.82	38.46	18.63	31.5	33.1
Net income ¹	20.66	-42.21	32.82	38.46	33.16	34.7	36.5
Net margin	27.06%	-	40.07%	40.53%	29.64%	35.34%	35.78%
EPS ²	0.0196	-0.0401	0.0461	0.0487	0.0164	0.0282	0.0294
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.0292	-	0.0305	0.0305	0.0276	0.0278	0.0290
Announcement Date	20-01-23	21-04-11	22-01-19	23-01-30	24-01-23	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	271	-	286	357	299	311	314
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6 x	-	-	-	-	6.22 x	6.038 x
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.44%	-	5.99%	6.74%	5.71%	5.5%	5.7%
ROA (Net income/ Total Assets)	2.11%	-	3.38%	-	3.33%	3.1%	3.3%
Assets ¹	980.5	-	971.6	-	994.6	1,119	1,106
Book Value Per Share ²	0.5700	-	0.5200	-	-	0.5100	0.5100
Cash Flow per Share ²	0.0400	-	0.0500	0.0400	0.0400	0.0300	0.0300
Capex ¹	-	-	9.54	2.68	16.7	3.1	3.1
Capex / Sales	-	-	11.65%	2.82%	14.93%	3.16%	3.04%
Announcement Date	20-01-23	21-04-11	22-01-19	23-01-30	24-01-23	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

0.365 SGD

Average target price

0.3 SGD

Spread / Average Target

-17.81%

	1st Jan change	Capi.
SABANA INDUSTRIAL REAL ESTATE INVESTMENT TRUST	-11.11%	303M
GOODMAN GROUP	+33.44%	42.81B
REXFORD INDUSTRIAL REALTY, INC.	-19.96%	9.76B
EASTGROUP PROPERTIES, INC.	-11.91%	7.77B
STAG INDUSTRIAL, INC.	-10.90%	6.37B
AMERICOLD REALTY TRUST, INC.	-24.48%	6.49B
FIRST INDUSTRIAL REALTY TRUST, INC.	-10.04%	6.27B
WAREHOUSES DE PAUW SA	-8.21%	6.14B
TERRENO REALTY CORPORATION	-13.12%	5.26B
LONDONMETRIC PROPERTY PLC	+6.64%	5.19B