CapitaLand Ascendas REIT (CLAR) CapitaLand Ascendas REIT, or CLAR, boasts a market capitalization of S$12.2 billion. Currently, it trades at a forward price-to-earnings (PE) ratio of 19x and a price-to-book (PB) ratio of 1.2x. Investors can enjoy a forward dividend yield of 5.8%.
Keppel REIT (KREIT) KREIT is currently trading at a price-to-net-asset-value (P/NAV) ratio of 0.67x, indicating a 33% discount to its NAV per unit of S$1.29. This valuation is close to its low of 0.61x, recorded on 23 March 2020, at the onset of the COVID-19 pandemic.
Haw Par Corporation Haw Par, priced at $9.73, commands a market capitalization of $2.15 billion. With a price-to-earnings (PE) ratio of 10x, a 4.1% yield, and a price-to-book (PB) ratio of 0.6x, the company’s valuations are considered attractive. Particularly noteworthy is the comparison of its market capitalization of $2.15 billion to its holdings in UOB, UOL, and other long-term investments valued at $2.7 billion, in addition to cash and debt securities worth $760 million.
Sunway Construction Group Berhad (SCGB MK) Suncon is poised to achieve record-high earnings in 2024, driven by its robust order book of RM5.3 billion as of the end of 2023, as well as potential margin recovery.
SP Setia Berhad SP Setia is focused on unlocking value through land sales. With high net margins expected from these transactions, SP Setia remains undervalued compared to its peers in the property sector, trading at a 60% discount to its book value.
During its last analyst briefing, SP Setia’s management indicated the availability of approximately 100 acres of non-core landbank for sale. Although the exact locations of these parcels were not disclosed, it is worth noting that some of these non-core land parcels were identified by management in 2020. Recent announcements of land sales, such as those to KSL in Bandar Setia Alam (18 acres for RM229 million) and to Maxim near RTS Bukit Chagar (6.5 acres for RM167 million or RM589 per square foot), were not initially part of the disclosed list. Additionally, SP Setia had previously planned to sell its Tanjung Kupang and Pontian lands in Johor at approximately market value, totaling RM467 million. However, given the economic incentives in the Johor region, SP Setia now plans to develop the Tanjung Kupang land into an industrial project with an expected gross development value (GDV) of RM1.87 billion.
