Announcement • Apr 23
Reef Casino Trust, Annual General Meeting, May 26, 2026 Reef Casino Trust, Annual General Meeting, May 26, 2026. Location: at the reef hotel casino, 35-41 wharf street, cairns, queensland Australia Reported Earnings • Feb 21
Full year 2025 earnings released: EPS: AU$0.22 (vs AU$0.20 in FY 2024) Full year 2025 results: EPS: AU$0.22 (up from AU$0.20 in FY 2024). Revenue: AU$26.7m (up 4.8% from FY 2024). Net income: AU$5.41m (up 6.4% from FY 2024). Profit margin: 20% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Feb 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$89.1m (US$63.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (100% payout ratio). Market cap is less than US$100m (AU$89.1m market cap, or US$63.1m). Announcement • Feb 21
Reef Casino Trust Announces Distribution for the Six Months Ended 31 December 2025, Payable on 11 March 2026 Reef Casino Trust announced distribution rate is 15.10 cents per unit for the six months ended 31 December 2025, payable on 11 March 2026. Upcoming Dividend • Dec 23
Upcoming dividend of AU$0.14 per share Eligible shareholders must have bought the stock before 30 December 2025. Payment date: 11 March 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.8%. Within top quartile of Australian dividend payers (5.6%). Higher than average of industry peers (2.2%). Declared Dividend • Dec 07
First half dividend of AU$0.14 announced Shareholders will receive a dividend of AU$0.14. Ex-date: 30th December 2025 Payment date: 11th March 2026 Dividend yield will be 5.8%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (145% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control, which is similar to the EPS growth achieved over the last 5 years. Buy Or Sell Opportunity • Dec 05
Now 27% overvalued Over the last 90 days, the stock has fallen 4.3% to AU$3.60. The fair value is estimated to be AU$2.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 23%. Reported Earnings • Aug 25
First half 2025 earnings released: EPS: AU$0.066 (vs AU$0.087 in 1H 2024) First half 2025 results: EPS: AU$0.066 (down from AU$0.087 in 1H 2024). Revenue: AU$11.2m (down 3.3% from 1H 2024). Net income: AU$1.65m (down 24% from 1H 2024). Profit margin: 15% (down from 19% in 1H 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jul 14
Iris Cairns Property Trust agreed to acquire Reef Casino Trust (ASX:RCT) for approximately AUD 180 million. Iris Cairns Property Trust agreed to acquire Reef Casino Trust (ASX:RCT) for approximately AUD 180 million on July 14, 2025. A cash consideration valued at AUD 3.5541 per share will be paid by Iris Cairns Property Trust. As part of consideration, an undisclosed value is paid towards units of Reef Casino Trust. In case of termination of transaction, seller will pay a termination fee of AUD 1.72 million.
The transaction is subject to approval of merger agreement by target board, minimum tender and subject to antitrust regulations. The Board of Directors of Reef Casino Trust formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is March 13, 2026. Gilbert and Tobin acted as legal advisor to Iris Cairns Property Trust. Morgans Corporate Limited acted as financial advisor and Herbert Smith Freehills Kramer as legal advisor to Declared Dividend • Jun 22
Final dividend reduced to AU$0.066 Dividend of AU$0.066 is 24% lower than last year. Ex-date: 27th June 2025 Payment date: 10th September 2025 Dividend yield will be 5.8%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio). However, it is covered by cash flows (80% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control, which is more than the 8.8% EPS growth achieved over the last 5 years. Announcement • Apr 17
Reef Casino Trust, Annual General Meeting, May 23, 2025 Reef Casino Trust, Annual General Meeting, May 23, 2025. Location: reef hotel casino, 35 - 41 wharf street, cairns, queensland Australia Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AU$3.50, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 22x in the Hospitality industry in Australia. Total returns to shareholders of 44% over the past three years. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: AU$0.20 (vs AU$0.22 in FY 2023) Full year 2024 results: EPS: AU$0.20 (down from AU$0.22 in FY 2023). Revenue: AU$25.5m (down 2.9% from FY 2023). Net income: AU$5.08m (down 5.3% from FY 2023). Profit margin: 20% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 24
Upcoming dividend of AU$0.11 per share Eligible shareholders must have bought the stock before 30 December 2024. Payment date: 12 March 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.4%. Within top quartile of Australian dividend payers (6.1%). Higher than average of industry peers (2.2%). Declared Dividend • Dec 09
First half dividend of AU$0.11 announced Shareholders will receive a dividend of AU$0.11. Ex-date: 30th December 2024 Payment date: 12th March 2025 Dividend yield will be 7.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio). However, it is covered by cash flows (57% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control, which is more than the 8.9% EPS growth achieved over the last 5 years. Declared Dividend • Jun 24
Final dividend reduced to AU$0.082 Dividend of AU$0.082 is 13% lower than last year. Ex-date: 27th June 2024 Payment date: 11th September 2024 Dividend yield will be 6.7%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio). However, it is covered by cash flows (54% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control, which is more than the 1.2% EPS growth achieved over the last 5 years. Announcement • Feb 22
Reef Casino Trust, Annual General Meeting, May 17, 2024 Reef Casino Trust, Annual General Meeting, May 17, 2024. Location: Reef Hotel Casino, 35-41 Wharf Street, Cairns Qld 4870 Cairns Australia Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: AU$0.22 (vs AU$0.36 in FY 2022) Full year 2023 results: EPS: AU$0.22 (down from AU$0.36 in FY 2022). Revenue: AU$26.3m (down 14% from FY 2022). Net income: AU$5.37m (down 40% from FY 2022). Profit margin: 20% (down from 30% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Feb 19
Reef Casino Trust Announces Change of Compliance, Audit & Risk Committee Reef Corporate Services Limited, responsible entity for Reef Casino Trust advises that, Mr. Allan Tan has been appointed alternate member for Mr. Fritz Pühringer on the Compliance, Audit & Risk Committee effective 19 February 2024. Announcement • Jan 11
Reef Casino Trust Appoints Abigail Cheadle as A Non-Executive Director Reef Corporate Services Limited, responsible entity for Reef Casino Trust announced that in accordance with the Reef Casino Trust Constitution, the chair has appointed Ms. Abigail Cheadle as a non-executive Director to fill a casual vacancy. This appointment will take effect once Queensland Government Ministerial approval is received. Ms. Cheadle is a Chartered Accountant, corporate strategist and risk management expert with more than 30 years of experience working across Asia, Europe, the Middle East and Australia. She has previously worked as a senior executive with leading advisory firms, including EY, Deloitte and KordaMentha and in recent years has become a professional company director working across a range of different sectors and industries, including consumer goods, technology and renewables. She has been a director of a number of ASX-listed boards and is currently appointed to the boards of Shiriro Holdings Limited and LGI Limited. Upcoming Dividend • Dec 21
Upcoming dividend of AU$0.12 per share at 9.4% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 13 March 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.4%. Within top quartile of Australian dividend payers (6.7%). Higher than average of industry peers (1.8%). Announcement • Oct 01
Reef Casino Trust and Reef Corporate Services Limited Formally Appoints Bradley Sheahon as CEO Reef Casino Trust announced that further to the announcement made on 17 July 2023, Reef Corporate Services Limited (RCS), in its capacity as responsible entity of the Reef Casino Trust (RCT), announced Mr. Bradley Sheahon has been formally appointed to the position of CEO of RCS/RCTfollowing the issuance of the Key Employee Licence by the Office of Liquor and Gaming Regulation, Queensland. Mr. Allan Tan will continue as a non-executive director of RCT. Reported Earnings • Aug 25
First half 2023 earnings released: EPS: AU$0.094 (vs AU$0.13 in 1H 2022) First half 2023 results: EPS: AU$0.094 (down from AU$0.13 in 1H 2022). Revenue: AU$11.7m (down 6.9% from 1H 2022). Net income: AU$2.34m (down 29% from 1H 2022). Profit margin: 20% (down from 26% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 25
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be AU$3.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 63%. Announcement • Jul 17
Reef Casino Trust and Reef Corporate Services Limited Appoints Bradley Sheahon as CEO Reef Corporate Services Limited in its capacity as responsible entity of the Reef Casino Trust ARSN 093 156 293 announced the appointment of Mr. Bradley Sheahon to the position of CEO of RCS/RCT. The appointment is subject to Mr. Sheahon receiving a Key Employee Licence issued by the Office of Liquor and Gaming Regulation, Queensland. Mr. Sheahon will commence on 1 August 2023 but he will only be formally appointed and assume full responsibilities following the receipt of the Key Employee Licence which can be expected to be sometime in August 2023.Mr Allan Tan, Executive Director will provide support to Mr. Sheahon. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: AU$0.36 (vs AU$0.30 in FY 2021) Full year 2022 results: EPS: AU$0.36 (up from AU$0.30 in FY 2021). Revenue: AU$30.5m (up 14% from FY 2021). Net income: AU$8.99m (up 22% from FY 2021). Profit margin: 30% (up from 27% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of AU$0.22 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 08 March 2023. The company is paying out more than 100% of its profits and is paying out 96% of its cash flow. Trailing yield: 10%. Within top quartile of Australian dividend payers (7.1%). Higher than average of industry peers (2.7%). Announcement • Dec 08
Reef Casino Trust to Report Fiscal Year 2022 Results on Feb 24, 2023 Reef Casino Trust announced that they will report fiscal year 2022 results on Feb 24, 2023 Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Fritz Pühringer was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 24
First half 2022 earnings released: EPS: AU$0.13 (vs AU$0.12 in 1H 2021) First half 2022 results: EPS: AU$0.13 (up from AU$0.12 in 1H 2021). Revenue: AU$12.6m (up 2.5% from 1H 2021). Net income: AU$3.28m (up 7.3% from 1H 2021). Profit margin: 26% (up from 25% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Aug 23
Reef Casino Trust Announces Dividend for the Six Months Ended June 30, 2022, Payable on September 14, 2022 Reef Casino Trust announced dividend for the six months ended June 30, 2022 of AUD 0.13180000 per share. Record date is June 30, 2022. Ex-date is June 29, 2022. Payment date is September 14, 2022. Announcement • May 12
Reef Casino Trust Appoints Fritz Christian Pühringer as Director Reef Casino Trust announced the appointment of Fritz Christian Pühringer as Director. Date of appointment is 11 May 2022. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Non-Executive Director of Reef Corporate Services Limited Wendy Morris was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: AU$0.30 (up from AU$0.008 loss in FY 2020). Revenue: AU$26.9m (up 72% from FY 2020). Net income: AU$7.36m (up AU$7.57m from FY 2020). Profit margin: 27% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 10
Reef Casino Trust Appoints Wendy Gay Morris as Director Reef Casino Trust announced that the appointment of Wendy Gay Morris as director with effect from February 10, 2022. Upcoming Dividend • Dec 23
Upcoming dividend of AU$0.17 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 09 March 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 9.1%. Within top quartile of Australian dividend payers (5.6%). Higher than average of industry peers (1.7%). Board Change • Nov 12
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Chairman of Reef Corporate Services Limited Michael Issenberg was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 22
Reef Casino Trust Provides Earnings Guidance for the Six Months Ended June 30, 2021 Reef Casino Trust provided earnings guidance for the six months ended June 30, 2021. The estimated net profit for the six months ended 30 June 2021 is approximately $3.0 million after deducting distributions to unitholders, estimated to be approximately $3.0 million, which have been treated as finance costs in accordance with IFRS. Executive Departure • May 27
Independent Non-Executive Chairman of Reef Corporate Services Limited Richard George Haire has left the company On the 21st of May, Richard George Haire's tenure as Independent Non-Executive Chairman of Reef Corporate Services Limited ended after 7.6 years in the role. We don't have any record of a personal shareholding under Richard George's name. Richard George is the only executive to leave the company over the last 12 months. Reported Earnings • Feb 25
Full year 2020 earnings released: AU$0.008 loss per share (vs AU$0.13 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: AU$15.7m (down 18% from FY 2019). Net loss: AU$209.0k (down 106% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 94% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Feb 24
Reef Casino Trust, Annual General Meeting, May 21, 2021 Reef Casino Trust, Annual General Meeting, May 21, 2021. Location: Reef Hotel Casino, 35-41 Wharf Street Cairns Queensland Australia Is New 90 Day High Low • Dec 29
New 90-day high: AU$2.77 The company is up 51% from its price of AU$1.84 on 30 September 2020. The Australian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 10.0% over the same period. Upcoming Dividend • Dec 23
Upcoming Dividend of AU$0.085 Per Share Will be paid on the 10th of March to those who are registered shareholders by the 30th of December. The trailing yield of 3.1% is below the top quartile of Australian dividend payers (5.1%), but it is higher than industry peers (0.9%). Is New 90 Day High Low • Dec 04
New 90-day high: AU$2.52 The company is up 34% from its price of AU$1.88 on 04 September 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: AU$2.12 The company is up 1.0% from its price of AU$2.10 on 11 August 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 19% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: AU$1.80 The company is down 11% from its price of AU$2.02 on 29 July 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 18% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: AU$1.84 The company is down 6.0% from its price of AU$1.95 on 01 July 2020. The Australian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 14% over the same period. Announcement • Jun 22
Reef Casino Trust(ASX:RCT) dropped from S&P/ASX All Ordinaries Index Reef Casino Trust(ASX:RCT) dropped from S&P/ASX All Ordinaries Index Announcement • Jun 17
Reef Casino Trust Updates on Re-Opening of Reef Hotel Casino In accordance with the Queensland Government's "road map" regarding the lifting of lock down restrictions, Reef Casino Trust can expect The Reef Hotel Casino in Cairns to reopen on 11 July 2020. 
