Company DescriptionListed on 9 December 2004, Suntec REIT holds properties in Suntec City, Singapore's largest integrated commercial development (including one of Singapore's largest shopping Mall), a 66.3% interest in Suntec Singapore Convention & Exhibition Centre, a one-third interest in One Raffles Quay, a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall, and a 30.0% interest in 9 Penang Road. Suntec REIT holds a 100% interest in a commercial building located at 177 Pacific Highway, Sydney, a 100% interest in a commercial building located at 21 Harris Street, Pyrmont, Sydney, a 50.0% interest in Southgate Complex, Melbourne, a 50.0% interest in a commercial building located at Olderfleet 477 Collins Street, Melbourne and a 100% interest in a commercial building located at 55 Currie Street, Adelaide, Australia. Suntec REIT also holds a 50.0% interest in Nova Properties located in London, United Kingdom. Its aim is to invest in income-producing real estate which is primarily used for office and/or retail purposes. Suntec REIT is managed by an external manager, ARA Trust Management (Suntec) Limited.

How the Company Makes Money

Suntec Real Estate Investment Financial Statement Overview

Summary

Suntec Real Estate Investment demonstrates solid financial health with stable profitability and efficient cash generation. The balance sheet reflects a well-managed capital structure with moderate leverage. Revenue fluctuations pose a risk, but overall, the company maintains a strong financial position suitable for navigating industry dynamics.

Income Statement

Positive

Suntec Real Estate Investment has demonstrated robust profitability, showing a stable gross profit margin with an increase in net profit margin due to consistent net income figures. However, revenue growth has been inconsistent, with a decline noted in the most recent year. The EBIT margin dropped significantly due to zero EBIT reported in the latest year, but EBITDA margin remains healthy, reflecting operational efficiency.

Balance Sheet

Positive

The company maintains a strong equity base, with a moderate debt-to-equity ratio, suggesting manageable leverage. Return on Equity (ROE) is solid, although slightly impacted by the static net income. The equity ratio is stable, indicating a strong asset base supported by equity financing, reducing financial risk.

Cash Flow

Positive

Cash flow from operations remains strong, supporting stable free cash flow. The free cash flow to net income ratio indicates efficient conversion of earnings into cash. The operating cash flow to net income ratio is favorable, showcasing effective cash generation relative to net earnings. Free cash flow growth is steady, although not significantly expansive.

TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
Income Statement		Total Revenue
636.94M	462.74M	498.74M	427.27M	358.07M	315.39M
	Gross Profit
363.60M	303.90M	294.11M	313.64M	250.32M	202.30M
	EBIT
316.32M	242.47M	280.59M	592.55M	553.02M	23.38M
	EBITDA
280.94M	366.46M	210.81M	593.24M	553.80M	24.16M
	Net Income Common Stockholders
251.10M	185.38M	185.38M	476.81M	476.44M	-115.66M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
217.93M	231.34M	217.93M	269.61M	268.31M	227.47M
	Total Assets
11.13B	10.95B	11.13B	11.71B	11.69B	11.23B
	Total Debt
4.61B	4.21B	4.26B	4.84B	4.92B	4.83B
	Net Debt
4.39B	3.98B	4.04B	4.57B	4.65B	4.60B
	Total Liabilities
4.89B	4.47B	4.55B	5.13B	5.19B	5.12B
	Stockholders Equity
6.11B	6.35B	6.46B	6.46B	6.40B	6.03B
Cash Flow		Free Cash Flow
300.00M	241.99M	240.71M	270.09M	235.42M	-27.82M
	Operating Cash Flow
301.27M	254.58M	252.02M	284.18M	243.73M	212.08M
	Investing Cash Flow
150.10M	174.73M	698.15M	114.77M	-82.68M	-1.15B
	Financing Cash Flow
-474.30M	-414.21M	-1.00B	-383.59M	-116.94M	991.44M

Suntec Real Estate Investment Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SURVF		$2.58B	30.20	1.86%	5.31%	―	―
Sector *	61 Neutral	$2.83B	10.92	0.41%	8438.90%	5.75%	-21.03%
KREVF		$2.61B	34.69	2.02%	6.23%	―	―
FSRPF		$2.53B	12.81	2.80%	5.24%	―	―
MAPIF		$4.28B	16.65	6.85%	6.90%	―	―
SPHEF		$2.15B	34.72	11.74%	1.24%	―	―
FRLOF		$2.37B	23.61	3.21%	6.03%	―	―

* Real Estate Sector Average

Performance Comparison

SURVF

Suntec Real Estate Investment

0.87

0.12

16.00%

KREVF

Keppel REIT

0.67

0.07

11.67%

FSRPF

Frasers Property

0.69

0.13

23.21%

MAPIF

Mapletree Industrial

1.47

-0.05

-3.29%

SPHEF

Paragon REIT

2.80

0.04

1.45%

FRLOF

Frasers Logistics & Commercial Trust

0.67

-0.01

-1.47%

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

Disclaimer

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