Financials APAC Realty Limited

Equities

Market Closed - Singapore S.E. Other stock markets 04:42:52 2024-05-07 am EDT			5-day change	1st Jan Change
0.415 ^SGD	-2.35%		-4.60%	-17.82%

Apr. 24	Apac Realty Enters Philippine Market via Franchise Deal with Upper Room Realty	MT
Apr. 23	APAC Realty Limited Enters into ERA Franchise Agreement with Upper Room Realty (Phils.) Inc	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	174	158.1	255.7	209.6	179.4	151	-	-
Enterprise Value (EV) ¹	196.6	174.7	250.9	206.2	179.4	148	136	151
P/E ratio	12.4 x	9.61 x	7.23 x	7.89 x	15.2 x	11.5 x	10.5 x	10.1 x
Yield	4.08%	5.62%	10.4%	10.6%	-	6.98%	7.45%	7.53%
Capitalization / Revenue	0.47 x	0.4 x	0.35 x	0.3 x	0.32 x	0.24 x	0.22 x	0.21 x
EV / Revenue	0.53 x	0.44 x	0.34 x	0.29 x	0.32 x	0.23 x	0.2 x	0.21 x
EV / EBITDA	9.58 x	7.79 x	5.36 x	5.55 x	9.22 x	6.4 x	5.65 x	6.58 x
EV / FCF	12.5 x	8.79 x	4.67 x	6.24 x	-	8.86 x	8.39 x	8.93 x
FCF Yield	8%	11.4%	21.4%	16%	-	11.3%	11.9%	11.2%
Price to Book	1.2 x	1.02 x	1.59 x	1.31 x	-	0.93 x	0.9 x	0.88 x
Nbr of stocks (in thousands)	355,198	355,198	355,198	355,198	355,198	355,198	-	-
Reference price ²	0.4900	0.4450	0.7200	0.5900	0.5050	0.4250	0.4250	0.4250
Announcement Date	2/24/20	2/23/21	2/22/22	2/23/23	2/23/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	369.5	395.1	739.8	705	557.3	631.3	692.9	717.4
EBITDA ¹	20.53	22.43	46.79	37.13	19.46	23.13	24.07	22.92
EBIT ¹	19	20.88	43.79	33.74	15.63	19.2	20.83	20.05
Operating Margin	5.14%	5.28%	5.92%	4.79%	2.81%	3.04%	3.01%	2.8%
Earnings before Tax (EBT) ¹	17.22	19.65	42.62	32.88	13.56	17.23	18.87	18.65
Net income ¹	13.88	16.44	35.39	26.43	11.78	13.68	14.91	14.88
Net margin	3.76%	4.16%	4.78%	3.75%	2.11%	2.17%	2.15%	2.07%
EPS ²	0.0394	0.0463	0.0996	0.0748	0.0332	0.0370	0.0403	0.0420
Free Cash Flow ¹	15.73	19.87	53.78	33.06	-	16.7	16.2	16.9
FCF margin	4.26%	5.03%	7.27%	4.69%	-	2.65%	2.34%	2.36%
FCF Conversion (EBITDA)	76.64%	88.59%	114.93%	89.03%	-	72.2%	67.29%	73.72%
FCF Conversion (Net income)	113.36%	120.87%	151.96%	125.05%	-	122.11%	108.65%	113.54%
Dividend per Share ²	0.0200	0.0250	0.0750	0.0625	-	0.0297	0.0317	0.0320
Announcement Date	2/24/20	2/23/21	2/22/22	2/23/23	2/23/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	22.6	16.6	-	-	-	-	-	-
Net Cash position ¹	-	-	4.85	3.36	-	3	15	-
Leverage (Debt/EBITDA)	1.101 x	0.7401 x	-	-	-	-	-	-
Free Cash Flow ¹	15.7	19.9	53.8	33.1	-	16.7	16.2	16.9
ROE (net income / shareholders' equity)	9.62%	10.9%	22.4%	16.5%	-	8.43%	8.97%	8.8%
ROA (Net income/ Total Assets)	4.8%	5.33%	10%	6.86%	-	3.94%	4%	4.04%
Assets ¹	289.2	308.2	353.6	385.3	-	347.4	372.4	368.9
Book Value Per Share ²	0.4100	0.4400	0.4500	0.4500	-	0.4600	0.4700	0.4900
Cash Flow per Share ²	0.0500	0.0600	0.1500	0.1000	-	0.0600	0.0700	-
Capex ¹	1.24	0.16	1.08	2.3	-	1.23	1.75	1.35
Capex / Sales	0.33%	0.04%	0.15%	0.33%	-	0.2%	0.25%	0.19%
Announcement Date	2/24/20	2/23/21	2/22/22	2/23/23	2/23/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.425 SGD

Average target price

0.4867 SGD

Spread / Average Target

+14.51%

	1st Jan change	Capi.
APAC REALTY LIMITED	-17.82%	112M
CBRE GROUP, INC.	-7.27%	26.03B
KE HOLDINGS INC.	+4.87%	20.69B
CAPITALAND INVESTMENT LIMITED	-17.72%	9.94B
ZILLOW GROUP, INC.	-27.61%	9.81B
JONES LANG LASALLE INCORPORATED	+1.20%	9.08B
FIRSTSERVICE CORPORATION	-4.03%	6.78B
COLLIERS INTERNATIONAL GROUP INC.	-9.02%	5.61B
MAKKAH CONSTRUCTION AND DEVELOPMENT COMPANY	+50.74%	4.92B
CUSHMAN & WAKEFIELD PLC	-6.30%	2.32B