Financials Keppel Pacific Oak US REIT

Equities

Market Closed - Singapore S.E. Other stock markets 05:04:34 2024-04-26 am EDT			5-day change	1st Jan Change
0.137 ^USD	-2.84%		+3.01%	-63.47%

Apr. 17	Keepel Pacific Oak's Income Available For Distribution Falls 9% in Q1	MT
Feb. 23	Keppel Pacific Oak US REIT Approves Appointment of Lawrence David Sperling as A Member of the Audit and Risk Committee	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	728.6	650.7	832	480.4	391.7	143.1	-	-
Enterprise Value (EV) ¹	1,169	1,097	1,343	996.1	948.6	695.1	683.6	705.1
P/E ratio	9.81 x	11.5 x	10.2 x	9.89 x	-5.79 x	3.91 x	3 x	2.88 x
Yield	7.71%	9.03%	7.93%	12.6%	6.67%	-	-	33.9%
Capitalization / Revenue	5.93 x	4.66 x	5.89 x	3.25 x	2.6 x	1.01 x	0.98 x	0.96 x
EV / Revenue	9.51 x	7.86 x	9.51 x	6.73 x	6.29 x	4.91 x	4.68 x	4.75 x
EV / EBITDA	11 x	14.8 x	18.2 x	13.4 x	14.1 x	9.22 x	8.81 x	8.73 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.98 x	0.99 x	1.16 x	0.57 x	0.54 x	0.19 x	0.18 x	0.18 x
Nbr of stocks (in thousands)	934,149	943,056	1,040,052	1,044,450	1,044,450	1,044,450	-	-
Reference price ²	0.7800	0.6900	0.8000	0.4600	0.3750	0.1370	0.1370	0.1370
Announcement Date	1/21/20	1/27/21	1/26/22	2/1/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	122.9	139.6	141.3	148	150.8	141.7	146	148.5
EBITDA ¹	106	74.05	73.9	74.21	67.34	75.4	77.57	80.75
EBIT ¹	106	74.05	73.9	74.21	67.34	75.4	77.57	80.75
Operating Margin	86.27%	53.05%	52.32%	50.15%	44.67%	53.22%	53.13%	54.38%
Earnings before Tax (EBT) ¹	90.03	69.37	90.31	48.03	-98.75	38.5	48.87	52.3
Net income ¹	69.66	56.39	77.35	48.48	-67.72	37.57	48.13	51.25
Net margin	56.69%	40.39%	54.76%	32.77%	-44.92%	26.52%	32.97%	34.51%
EPS ²	0.0795	0.0600	0.0786	0.0465	-0.0648	0.0350	0.0457	0.0475
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0601	0.0623	0.0634	0.0580	0.0250	-	-	0.0465
Announcement Date	1/21/20	1/27/21	1/26/22	2/1/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	440	447	511	516	557	552	541	562
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	4.15 x	6.032 x	6.916 x	6.948 x	8.27 x	7.321 x	6.968 x	6.96 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.9%	7.42%	9.51%	5.7%	-8.63%	5.07%	6.1%	6.35%
ROA (Net income/ Total Assets)	5.88%	4.23%	5.37%	3.2%	-4.65%	3.08%	3.08%	3.18%
Assets ¹	1,185	1,334	1,440	1,517	1,457	1,220	1,561	1,612
Book Value Per Share ²	0.8000	0.7000	0.6900	0.8100	0.6900	0.7300	0.7700	0.7700
Cash Flow per Share ²	0.0900	0.0800	0.0800	0.0800	-	0.0400	0.0400	-
Capex ¹	145	26.3	27.5	43.6	46.7	51	42.7	25
Capex / Sales	117.95%	18.86%	19.46%	29.48%	30.97%	36%	29.22%	16.84%
Announcement Date	1/21/20	1/27/21	1/26/22	2/1/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.137 USD

Average target price

0.2467 USD

Spread / Average Target

+80.05%

	1st Jan change	Capi.
KEPPEL PACIFIC OAK US REIT	-63.47%	143M
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JAPAN REAL ESTATE INVESTMENT CORPORATION	-8.05%	4.85B
EMBASSY OFFICE PARKS REIT	+11.51%	4.11B
KDX REALTY INVESTMENT CORPORATION	-4.73%	4.02B
KILROY REALTY CORPORATION	-16.82%	3.89B
SL GREEN REALTY CORP.	+12.04%	3.28B
INMOBILIARIA COLONIAL SOCIMI, S.A.	-15.11%	3.16B