Financials Sentral REIT

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 23:00:00 27/06/2024 BST			5-day change	1st Jan Change
0.8 ^MYR	0.00%		0.00%	+1.91%

05-09	Sentral REIT Posts Higher DPU for Q1	MT
05-08	Sentral REIT Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,072	937.8	970	959.2	938.5	956.4	-	-
Enterprise Value (EV) ¹	1,904	1,779	1,682	1,684	2,016	2,026	2,021	2,017
P/E ratio	36.8 x	12.9 x	13.8 x	18.3 x	11.6 x	11.5 x	11.3 x	11.1 x
Yield	6.8%	8.09%	8.19%	7.62%	8.51%	8.41%	8.56%	8.69%
Capitalization / Revenue	6.61 x	5.66 x	6.04 x	6.44 x	5.82 x	4.89 x	4.79 x	4.72 x
EV / Revenue	11.7 x	10.7 x	10.5 x	11.3 x	12.5 x	10.4 x	10.1 x	9.95 x
EV / EBITDA	17.7 x	15.9 x	15.5 x	16.7 x	18.3 x	15.2 x	14.9 x	14.6 x
EV / FCF	17,261,515 x	15,019,884 x	15,323,921 x	17,854,356 x	-	-	-	-
FCF Yield	0%	0%	0%	0%	-	-	-	-
Price to Book	0.81 x	0.71 x	0.74 x	0.74 x	0.69 x	0.71 x	0.7 x	0.7 x
Nbr of stocks (in thousands)	1,071,783	1,071,783	1,071,783	1,071,783	1,195,503	1,195,503	-	-
Reference price ²	1.000	0.8750	0.9050	0.8950	0.7850	0.8000	0.8000	0.8000
Announcement Date	17/01/20	19/01/21	20/01/22	19/01/23	23/01/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	162.1	165.7	160.6	148.9	161.2	195.7	199.6	202.6
EBITDA ¹	107.5	112	108.3	100.6	110.3	133.2	135.2	138.2
EBIT ¹	107.4	111.7	108.1	100.5	110.3	133.1	135.1	137.3
Operating Margin	66.26%	67.44%	67.32%	67.48%	68.44%	68%	67.67%	67.75%
Earnings before Tax (EBT) ¹	35.36	73.78	68.8	49.69	73.23	84.1	86.85	89.3
Net income ¹	29.12	72.57	70.25	52.27	72.71	83.4	85.97	87.6
Net margin	17.97%	43.8%	43.73%	35.1%	45.12%	42.62%	43.06%	43.24%
EPS ²	0.0272	0.0677	0.0655	0.0488	0.0674	0.0693	0.0710	0.0720
Free Cash Flow	110.3	118.5	109.8	94.32	-	-	-	-
FCF margin	68.05%	71.49%	68.33%	63.33%	-	-	-	-
FCF Conversion (EBITDA)	102.54%	105.81%	101.34%	93.76%	-	-	-	-
FCF Conversion (Net income)	378.68%	163.23%	156.26%	180.43%	-	-	-	-
Dividend per Share ²	0.0680	0.0708	0.0741	0.0682	0.0668	0.0672	0.0685	0.0695
Announcement Date	17/01/20	19/01/21	20/01/22	19/01/23	23/01/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	832	841	712	725	1,078	1,070	1,065	1,060
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.735 x	7.515 x	6.574 x	7.205 x	9.769 x	8.033 x	7.874 x	7.674 x
Free Cash Flow	110	118	110	94.3	-	-	-	-
ROE (net income / shareholders' equity)	2.16%	5.48%	6.4%	5.64%	5.61%	6.27%	6.4%	6.57%
ROA (Net income/ Total Assets)	1.3%	3.27%	3.83%	3.4%	3.12%	3.02%	3.09%	3.17%
Assets ¹	2,243	2,221	1,833	1,536	2,333	2,765	2,782	2,763
Book Value Per Share ²	1.230	1.230	1.230	1.200	1.130	1.130	1.140	1.140
Cash Flow per Share	0.1100	0.1100	-	-	-	-	-	-
Capex ¹	2.13	1.3	0.69	3.61	462	2.6	3.5	3.5
Capex / Sales	1.31%	0.78%	0.43%	2.43%	286.57%	1.33%	1.75%	1.73%
Announcement Date	17/01/20	19/01/21	20/01/22	19/01/23	23/01/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.8 MYR

Average target price

0.8775 MYR

Spread / Average Target

+9.69%

	1st Jan change	Capi.
SENTRAL REIT	+1.91%	203M
BOSTON PROPERTIES, INC.	-12.27%	9.61B
NIPPON BUILDING FUND INC.	-7.86%	5.97B
DEXUS	-15.62%	4.59B
JAPAN REAL ESTATE INVESTMENT CORPORATION	-13.01%	4.51B
EMBASSY OFFICE PARKS REIT	+9.45%	4.01B
KDX REALTY INVESTMENT CORPORATION	-2.67%	3.97B
KILROY REALTY CORPORATION	-21.76%	3.68B
SL GREEN REALTY CORP.	+25.39%	3.62B
INMOBILIARIA COLONIAL SOCIMI, S.A.	-17.10%	3.1B