Prime US REIT

OXMU.SI : Singapore Exchange

0.170

+19.72%

Share Price in USD. As of 17 Jul 17:15:16 SGT

All

Chart

Key stats

  • 52-Week High
    $0.241
  • 52-Week Low
    $0.079
  • Market Cap
    $222M
  • Avg Volume
    5.7M
  • P/E Ratio (TTM)
    -
  • Forward Dividend Yield
    11.8%

Share Price Performance

OXMU.SI
Market
1 Day 16.44% 0.01%
5 Day 44.07% 0.42%
1 Month 47.83% 4.37%
6 Month -5.56% 11.05%
YTD -23.67% 8.04%
1 Year 35.51% 8.46%
5 Year -80.42% 11.85%
Include dividend return
Beansprout Analysis

Beansprout's Checklist

Fundamental
  • 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 11.8%

Financial
  • 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

Valuation
  • Dividend Yield of 11.8% is lower than sector average of 21.5%

  • Distribution per unit growth is -58.63%

  • Price to Book of 0.31x 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

Sell
Underperform
Neutral
Outperform
Buy

Source: SGX as of 17 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

Current P/B
0.3
Historical Average P/B
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%

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

Full Yearly Results

For period ending 31 Dec 2023

08 Aug 2023

Half Yearly Results

For period ending 30 Jun 2023

Annual Reports

10 Apr 2024

Annual Report

For period ending 31 Dec 2023

News
Profile

Company Description

Listed on 19 July 2019 on the Main Board of the Singapore Exchange, Prime US REIT (“PRIME”) is a well diversified real estate investment trust ("REIT") focused on stabilised income-producing prime office assets in the United States ("U.S."). With the objectives to achieve long-term growth in distributions per unit and net asset value per unit while maintaining a robust capital structure, PRIME offers investors unique exposure to a high-quality portfolio of 14 Class A freehold office properties, strategically-located in 13 key U.S. office markets, with a portfolio carrying value of about US$1.66 billion.

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