IGB COMMERCIAL REAL ESTATE INVESTMENT TRUST

Financials IGB Commercial Real Estate Investment Trust

Equities

IGBCR

MYL5299TO001

Diversified REITs

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 14/05/2024 am IST			5-day change	1st Jan Change
0.49 ^MYR	-1.01%		+1.03%	+1.03%

30/04	IGB Commercial Real Estate Investment Trust Appoints Chow Yeng Keet as Chief Financial Officer, Effective May 1, 2024	CI
30/04	IGB Commercial Real Estate Investment Trust Announces the Retirement of Chai Lai Sim as Chief Financial Officer	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,466	1,273	1,147	1,167	-	-
Enterprise Value (EV) ¹	1,466	1,273	1,147	1,167	1,167	1,167
P/E ratio	66.8 x	20 x	17.5 x	14.4 x	13.6 x	13.2 x
Yield	1.81%	6.28%	7.2%	6.94%	7.35%	7.55%
Capitalization / Revenue	27.5 x	6.68 x	5.33 x	5.75 x	5.63 x	5.5 x
EV / Revenue	27.5 x	6.68 x	5.33 x	5.75 x	5.63 x	5.5 x
EV / EBITDA	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	0.63 x	0.54 x	0.5 x	0.51 x	0.51 x	0.51 x
Nbr of stocks (in thousands)	23,08,198	23,34,867	23,65,489	23,82,549	-	-
Reference price ²	0.6350	0.5450	0.4850	0.4900	0.4900	0.4900
Announcement Date	26/01/22	19/01/23	30/01/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net sales ¹	53.37	190.4	215.1	203	207.5	212.1
EBITDA	-	-	-	-	-	-
EBIT	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	22.01	63.07	65.24	80.9	85.7	88.1
Net income ¹	22.01	63.07	65.24	80.9	85.7	88.1
Net margin	41.24%	33.12%	30.32%	39.85%	41.3%	41.54%
EPS ²	0.009500	0.0272	0.0277	0.0340	0.0360	0.0370
Free Cash Flow	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	0.0115	0.0342	0.0349	0.0340	0.0360	0.0370
Announcement Date	26/01/22	19/01/23	30/01/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q2	2023 Q3
Net sales ¹	-	52.91
EBITDA	-	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	16.09	-
Net margin	-	-
EPS	0.006900	-
Dividend per Share	-	-
Announcement Date	26/07/23	13/10/23

¹MYR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-
ROE (net income / shareholders' equity)	0.94%	2.74%	1.98%	3.5%	3.7%	3.8%
ROA (Net income/ Total Assets)	0.66%	1.92%	2.84%	2.5%	2.6%	2.7%
Assets ¹	3,351	3,280	2,297	3,236	3,296	3,263
Book Value Per Share ²	1.010	1.020	0.9700	0.9700	0.9700	0.9700
Cash Flow per Share	-	-	-	-	-	-
Capex	853	-	-	-	-	-
Capex / Sales	1,598.74%	-	-	-	-	-
Announcement Date	26/01/22	19/01/23	30/01/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for IGB Commercial Real Estate Investment Trust

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

0.49 MYR

Average target price

0.52 MYR

Spread / Average Target

+6.12%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Diversified REITs

	1st Jan change	Capi.
IGB COMMERCIAL REAL ESTATE INVESTMENT TRUST	+1.03%	249M
W. P. CAREY INC.	-8.42%	12.84B
GECINA	-9.08%	8B
LAND SECURITIES GROUP PLC	-4.87%	5.61B
MIRVAC GROUP	0.00%	5.45B
THE GPT GROUP	-8.19%	5.38B
ESSENTIAL PROPERTIES REALTY TRUST, INC.	+6.03%	4.78B
NOMURA REAL ESTATE MASTER FUND, INC.	-3.21%	4.69B
BRITISH LAND COMPANY PLC	+0.40%	4.68B
DAIWA HOUSE REIT INVESTMENT CORPORATION	+4.85%	3.95B

Diversified REITs