Prime US REIT
OXMU.SI : Singapore Exchange
0.186
+3.33%
Share Price in USD. As of 26 Jul 17:06:01 SGT
All
Chart
Key stats
- 52-Week High$0.241
- 52-Week Low$0.079
- Market Cap$243M
- Avg Volume15M
- P/E Ratio (TTM)-
- Forward Dividend Yield10.8%
Share Price Performance
| OXMU.SI | Market
| |
|---|---|---|
| 1 Day | 3.91% | 0.24% |
| 5 Day | 0.00% | -0.31% |
| 1 Month | 58.97% | 2.84% |
| 6 Month | 10.00% | 8.45% |
| YTD | -16.49% | 6.08% |
| 1 Year | 48.26% | 6.50% |
| 5 Year | -78.58% | 9.82% |
Beansprout Analysis
Beansprout's Checklist
-
Occupancy Rate of 80.9% is lower than sector average of 88.3%
-
Net property income yield of 6.68% is lower than its dividend yield of 10.8%
-
Gearing Ratio of 0.48x is higher than sector average of 0.45x
-
Interest Coverage Ratio of 2.9x is above 2.5x
-
Net Book Value of $0.60 is lower than its net book value of $0.75 in the previous year
-
Dividend Yield of 10.8% is lower than sector average of 21.6%
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Distribution per unit growth is -58.63%
-
Price to Book of 0.34x is lower than sector average of 0.47x
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Revenue Breakdown by Asset
Revenue Breakdown by Geography
Market Analysis
Consensus Share Price Target
Price Target: $0.235
Source: SGX as of 26 Jul 2024
Analyst Ratings
DBS Research
23 Feb 2024
Hold
(prev Buy)
0.070
Phillip Securities
13 May 2024
Add
(prev Buy)
0.120
(prev 0.300)
RHB Invest
21 May 2024
Buy
0.230
UOB Kay Hian
11 Mar 2024
Buy
0.450
Analyst Reports
Valuation
Price to book (P/B) ratio
0.3
0.4
Prime US REIT's current P/B ratio of 0.3x is lower than its historical average P/B ratio of 0.4x.
Earnings
Earnings Highlights
1Q2024 financial update
Revenue: SGD 37.11M
Decreased 8% Year-on-Year
Revenue declined due to lower occupancy
Net Property Income (NPI): SGD 20.84M
Decreased 12% Year-on-Year
Net property income fell due to lower revenue on lower occupancy, and higher finance expenses attributed to higher interest rates.
Portfolio Occupancy: 80.9%
One Washingtonian Center is undergoing asset enhancement initiative. Occupancy would be 84.7% if this asset is excluded.
Rental Reversion: -1.8%
Predominantly due to a 31,800 sf 11-year renewal in Reston Square, with rents below preceding but above prevailing market rent.
Leverage/Gearing: 48%
Outlook
Leasing environment remained cautious and uneven across US submarkets. Overall US office is still in a negative net absorption environment, occupancy rate close to 80%. 60% of office vacancies concentrated in just 10% of buildings. Demand of space continues steady path of recovery. Slowing new construction and record conversion activity to reduce supply and restore equilibrium.
Sources: Prime US REIT Financial Report
Earnings per share (EPS)
The latest earnings per share is -$0.08, which is lower than the earnings per share of -$0.02 in 2022.
Financials
Financial Statements
| 21 Feb 2024 | For period ending 31 Dec 2023 |
| 08 Aug 2023 | For period ending 30 Jun 2023 |
Annual Reports
| 10 Apr 2024 | For period ending 31 Dec 2023 |