Financials Uoa Real Estate Investment

Equities

UOAREIT

MYL5110TO000

Commercial REITs

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
1.11 ^MYR	-0.89%		-.--%	+0.91%

Jan. 23	UOA REIT Cuts Dividend as Q4 Profit Drops	MT
Jan. 22	Uoa Real Estate Investment Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	520.1	763.4	776.9	776.9	743.2	749.9	-	-
Enterprise Value (EV) ¹	793.3	1,462	776.9	773	738.9	745.3	745.2	745.1
P/E ratio	26.2 x	13.8 x	18.5 x	12.8 x	13.8 x	12.8 x	12.6 x	12.6 x
Yield	7.41%	7.47%	7.51%	7.5%	7.11%	7.48%	7.57%	7.57%
Capitalization / Revenue	6.61 x	10.6 x	6.68 x	6.79 x	6.59 x	6.25 x	6.09 x	5.93 x
EV / Revenue	10.1 x	20.2 x	6.68 x	6.76 x	6.55 x	6.22 x	6.05 x	5.89 x
EV / EBITDA	15.1 x	32 x	9.62 x	9.53 x	9.86 x	9.09 x	8.85 x	8.61 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.74 x	0.78 x	0.78 x	0.78 x	0.75 x	-	-	-
Nbr of stocks (in thousands)	422,872	675,599	675,599	675,599	675,599	675,599	-	-
Reference price ²	1.230	1.130	1.150	1.150	1.100	1.110	1.110	1.110
Announcement Date	1/22/20	1/21/21	1/20/22	2/28/23	1/22/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	78.73	72.36	116.4	114.4	112.8	119.9	123.1	126.4
EBITDA ¹	52.63	45.64	80.76	81.12	74.95	82	84.2	86.5
EBIT	52.61	45.59	80.7	81.03	74.82	-	-	-
Operating Margin	66.81%	63%	69.36%	70.84%	66.31%	-	-	-
Earnings before Tax (EBT) ¹	40.99	38.44	40.04	60.98	52.4	59	59.5	60
Net income ¹	19.84	34.75	42.1	60.87	53.85	58.64	59.15	59.7
Net margin	25.19%	48.03%	36.19%	53.22%	47.72%	48.9%	48.05%	47.23%
EPS ²	0.0469	0.0816	0.0623	0.0901	0.0797	0.0870	0.0880	0.0880
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0911	0.0844	0.0864	0.0862	0.0782	0.0830	0.0840	0.0840
Announcement Date	1/22/20	1/21/21	1/20/22	2/28/23	1/22/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period:

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	273	699	-	-	-	-	-	-
Net Cash position ¹	-	-	-	3.91	4.3	4.6	4.7	4.8
Leverage (Debt/EBITDA)	5.191 x	15.31 x	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	2.77%	4.12%	4.27%	6.12%	5.41%	5.9%	6%	6%
ROA (Net income/ Total Assets)	1.89%	2.47%	2.41%	3.52%	3.11%	-	-	-
Assets ¹	1,048	1,405	1,748	1,731	1,733	-	-	-
Book Value Per Share	1.670	1.450	1.470	1.470	1.470	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	0.17	702	0.01	0.69	3.84	-	0.25	-
Capex / Sales	0.21%	970.06%	0.01%	0.6%	3.4%	-	0.2%	-
Announcement Date	1/22/20	1/21/21	1/20/22	2/28/23	1/22/24	-	-	-

¹MYR in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Uoa Real Estate Investment

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.11 MYR

Average target price

1.22 MYR

Spread / Average Target

+9.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
UOA REAL ESTATE INVESTMENT	+0.91%	157M
REALTY INCOME CORPORATION	-6.76%	46.11B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-8.60%	20.26B
SEGRO PLC	-3.84%	13.04B
UNIBAIL-RODAMCO-WESTFIELD SE	+17.27%	11.67B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-4.85%	9.68B
FEDERAL REALTY INVESTMENT TRUST	+1.09%	8.64B
CAPITALAND ASCENDAS REIT	-14.19%	8.38B
KLÉPIERRE	+2.35%	7.72B
FIBRA UNO	-18.65%	5.49B

Other Commercial REITs