One Off Gain Shapes Alpha Integrated REIT (SGX:M1GU) Q4 Results Narrative

Simply Wall St.02-15 06:34

Alpha Integrated Real Estate Investment Trust (SGX:M1GU) has just wrapped up FY 2025 with Q4 revenue of S$30.8 million and basic EPS of S$0.039, while trailing twelve month figures show revenue of S$...

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Over recent quarters, revenue has ranged from S$27.3 million to S$30.8 million, with quarterly EPS moving between S$0.0032 and S$0.039 as the year progressed. This sets up a picture where investors may focus less on short term profit swings and more on what is...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6512":"房地产股","BK6082":"工业房地产投资信托","8C8U.SI":"Cent Accom REIT","M1GU.SI":"胜宝工业信托","BK6133":"工业房地产信托","CFA.SI":"NikkoAM-STC Asia REIT","BK6142":"多户式住宅房地产信托","REIT":"ALPS Active REIT ETF"},"translate_title":"一次性收益塑造了Alpha Integrated REIT(SGX：M1GU)第四季度业绩叙述","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"8C8U.SI":1.5,"CFA.SI":1.5,"REIT":1.5,"M1GU.SI":1.5},"content_text":"Alpha Integrated Real Estate Investment Trust (SGX:M1GU) has just wrapped up FY 2025 with Q4 revenue of S$30.8 million and basic EPS of S$0.039, while trailing twelve month figures show revenue of S$120.1 million and EPS of S$0.0569. Over recent quarters, revenue has ranged from S$27.3 million to S$30.8 million, with quarterly EPS moving between S$0.0032 and S$0.039 as the year progressed. This sets up a picture where investors may focus less on short term profit swings and more on what is driving the trust’s income stream. Against that backdrop, the latest results put the emphasis on weighing steady top line levels against how durable the current margin profile really is. See our full analysis for Alpha Integrated Real Estate Investment Trust. With the headline numbers on the table, the next step is to see how they compare with the prevailing market and community narratives around Alpha Integrated REIT, highlighting where the stories align and where the recent results start to call them into question. Curious how numbers become stories that shape markets? Explore Community Narratives SGX:M1GU Earnings & Revenue History as at Feb 2026 Advertisement53% net margin helped by S$25.8m one off  Over the last 12 months, Alpha Integrated REIT reported a net profit margin of 53.3%, with that figure boosted by a S$25.8 million one off gain included in the trailing results. What stands out for a more cautious, bearish view is that this very large uplift in reported earnings sits alongside modest five year annualised earnings growth of 2.9%. This can make the recent margin look less like a steady pattern and more like a spike:\n     Bears point to the 462.6% year on year rise in reported earnings as heavily influenced by the S$25.8 million gain, rather than a long run change in the underlying income stream. They also highlight that the prior year net margin was 10%, so the gap up to 53.3% sits well above the longer term growth rate of 2.9% a year.    A big margin jump driven by a single S$25.8 million gain is exactly the kind of result skeptics focus on. It is worth understanding how that shapes the bear case before you decide what it means for you. 🐻 Alpha Integrated Real Estate Investment Trust Bear Case Weak interest cover despite stronger profit  Alongside those stronger trailing profits, one of the key risk flags is that interest coverage is described as weak, meaning earnings over the last 12 months did not comfortably cover interest payments. Critics highlight this as a bearish point because it sits awkwardly next to the higher reported profit figures and raises questions about how much flexibility the REIT has if income softens:\n     Even with S$63.975 million of net income over the last 12 months, interest payments are still not well covered, so a smaller profit in a year without a S$25.8 million one off would leave even less room. The same analysis also calls out an unstable dividend record, so investors who rely on distributions may want to line up the weak interest cover with any past payout changes.    Low 8.6x P/E versus peers at DCF fair value S$1.08  The units trade on a trailing P/E of 8.6x, compared with 21.6x for the Asian Industrial REITs industry and 18.1x for peers, while a DCF fair value of about S$1.08 sits well above the current share price of S$0.49. Supporters of a more bullish take see this wide gap as a potential value signal, but the same numbers also invite a closer look at what is driving it:\n     On one hand, the very low 8.6x P/E against industry and peer multiples more than twice as high suggests the market is pricing Alpha Integrated REIT at a discount to similar REITs. On the other hand, trailing EPS of S$0.0569 and the DCF fair value of S$1.08 both embed the impact of the S$25.8 million one off gain, so readers considering a bullish thesis may want to separate that effect from the recurring income story.    If you are wondering whether that 8.6x P/E and DCF fair value of S$1.08 really point to mispricing, it helps to see how different investors are framing the full story around these numbers. 📊 Read the full Alpha Integrated Real Estate Investment Trust Consensus Narrative.  Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Alpha Integrated Real Estate Investment Trust's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. See What Else Is Out There Weak interest cover, an unstable dividend record and a heavy reliance on a S$25.8 million one off gain all raise questions about resilience. If those balance sheet and income risks concern you, compare this REIT with companies screened for stronger financial footing using our solid balance sheet and fundamentals stocks screener (369 results) and see how they stack up today.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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