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Yuexiu Real Estate Investment Trust

DB:D3N
Snowflake Description

Established dividend payer with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
D3N
DB
HK$17B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Yuexiu Real Estate Investment Trust (“Yuexiu REIT”) was listed on the Hong Kong Stock Exchange of Hong Kong Limited on 21 December 2005 and is the first listed real estate investment trust only investing in properties in the People’s Republic of China (the “PRC”) in the world. The last earnings update was 27 days ago. More info.


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D3N Share Price and Events
7 Day Returns
2.7%
DB:D3N
1.9%
DE REITs
0.3%
DE Market
1 Year Returns
4.5%
DB:D3N
-3.4%
DE REITs
-11.6%
DE Market
D3N Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Yuexiu Real Estate Investment Trust (D3N) 2.7% 2.1% -2% 4.5% 24.7% 83%
DE REITs 1.9% 1.5% 9.8% -3.4% 0.9% 14%
DE Market 0.3% -3.8% 2.5% -11.6% 10.1% 7.9%
1 Year Return vs Industry and Market
  • D3N outperformed the REITs industry which returned -3.4% over the past year.
  • D3N outperformed the Market in Germany which returned -11.6% over the past year.
Price Volatility
D3N
Industry
5yr Volatility vs Market

Value

 Is Yuexiu Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Yuexiu Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Yuexiu Real Estate Investment Trust.

DB:D3N Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:D3N
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.523 (1 + (1- 25%) (95.45%))
0.931
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.93
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.931 * 6.65%)
6.42%

Discounted Cash Flow Calculation for DB:D3N using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Yuexiu Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Yuexiu Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

DB:D3N DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (CNY, Millions) Source Present Value
Discounted (@ 6.42%)
2019 407.00 Analyst x1 382.45
2020 420.00 Analyst x1 370.86
2021 431.00 Analyst x1 357.62
2022 366.75 Est @ -14.91% 285.95
2023 328.73 Est @ -10.37% 240.85
2024 305.10 Est @ -7.19% 210.05
2025 289.96 Est @ -4.96% 187.59
2026 280.08 Est @ -3.41% 170.27
2027 273.60 Est @ -2.32% 156.29
2028 269.35 Est @ -1.55% 144.58
Present value of next 10 years cash flows CN¥2,506.51
DB:D3N DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥269.35 × (1 + 0.23%) ÷ (6.42% – 0.23%)
CN¥4,360.55
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥4,360.55 ÷ (1 + 6.42%)10
CN¥2,340.71
DB:D3N Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥2,506.51 + CN¥2,340.71
CN¥4,847.23
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥4,847.23 / 3,119.62
CN¥13.62
DB:D3N Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:405)
1.137
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥1.49 x 1.137
HK$1.69
Non-primary Listing Adjustment Factor 1 share in DB:D3N represents 0.10943x of SEHK:405
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.10943x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 1.69 x 0.10943
€0.19
Value per share (EUR) From above. €0.19
Current discount Discount to share price of €0.58
= -1 x (€0.58 - €0.19) / €0.19
-212.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Yuexiu Real Estate Investment Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Yuexiu Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Yuexiu Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:D3N PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.32
SEHK:405 Share Price ** SEHK (2019-05-21) in HKD HK$5.3
SEHK:405 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥4.66
Europe REITs Industry PE Ratio Median Figure of 126 Publicly-Listed REITs Companies 12.46x
Germany Market PE Ratio Median Figure of 423 Publicly-Listed Companies 20.29x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Yuexiu Real Estate Investment Trust.

DB:D3N PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:405 Share Price ÷ EPS (both in CNY)

= 4.66 ÷ 0.32

14.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Yuexiu Real Estate Investment Trust is overvalued based on earnings compared to the Europe REITs industry average.
  • Yuexiu Real Estate Investment Trust is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Yuexiu Real Estate Investment Trust's expected growth come at a high price?
Raw Data
DB:D3N PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
13.2%per year
Europe REITs Industry PEG Ratio Median Figure of 63 Publicly-Listed REITs Companies -0.07x
Germany Market PEG Ratio Median Figure of 272 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

DB:D3N PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.6x ÷ 13.2%

1.1x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Yuexiu Real Estate Investment Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Yuexiu Real Estate Investment Trust's assets?
Raw Data
DB:D3N PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥4.65
SEHK:405 Share Price * SEHK (2019-05-21) in HKD HK$5.3
SEHK:405 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥4.66
Europe REITs Industry PB Ratio Median Figure of 149 Publicly-Listed REITs Companies 0.99x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.79x
DB:D3N PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:405 Share Price ÷ Book Value per Share (both in CNY)

= 4.66 ÷ 4.65

1x

* Primary Listing of Yuexiu Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Yuexiu Real Estate Investment Trust is overvalued based on assets compared to the Europe REITs industry average.
X
Value checks
We assess Yuexiu Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Yuexiu Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Yuexiu Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
13.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Yuexiu Real Estate Investment Trust expected to grow at an attractive rate?
  • Yuexiu Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Yuexiu Real Estate Investment Trust's earnings growth is expected to exceed the Germany market average.
  • Yuexiu Real Estate Investment Trust's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:D3N Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:D3N Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 13.2%
DB:D3N Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 4.6%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.1%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:D3N Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:D3N Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 2,356 428 1,548 2
2020-12-31 2,205 753 532 6
2019-12-31 2,108 383 484 5
DB:D3N Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 2,032 775 967
2018-09-30 1,990 744 996
2018-06-30 1,947 712 1,026
2018-03-31 1,901 667 1,231
2017-12-31 1,854 623 1,437
2017-09-30 1,846 654 1,373
2017-06-30 1,837 686 1,308
2017-03-31 1,838 777 1,010
2016-12-31 1,838 867 712
2016-09-30 1,833 796 657
2016-06-30 1,829 724 601
2016-03-31 1,769 677 671

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Yuexiu Real Estate Investment Trust's earnings are expected to grow by 13.2% yearly, however this is not considered high growth (20% yearly).
  • Yuexiu Real Estate Investment Trust's revenue is expected to grow by 4.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:D3N Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:D3N Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 0.25 0.25 0.25 1.00
2019-12-31 0.24 0.24 0.24 1.00
DB:D3N Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.32
2018-09-30 0.33
2018-06-30 0.34
2018-03-31 0.42
2017-12-31 0.49
2017-09-30 0.47
2017-06-30 0.45
2017-03-31 0.35
2016-12-31 0.25
2016-09-30 0.23
2016-06-30 0.21
2016-03-31 0.24

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Yuexiu Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Yuexiu Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Yuexiu Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Yuexiu Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Yuexiu Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Yuexiu Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Yuexiu Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Yuexiu Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the Europe REITs industry average.
Earnings and Revenue History
Yuexiu Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:D3N Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,031.88 966.52 161.31
2018-09-30 1,989.67 996.02 183.27
2018-06-30 1,947.46 1,025.53 205.24
2018-03-31 1,900.68 1,231.31 202.18
2017-12-31 1,853.90 1,437.10 199.13
2017-09-30 1,845.67 1,372.50 171.17
2017-06-30 1,837.45 1,307.91 143.22
2017-03-31 1,837.51 1,010.03 138.07
2016-12-31 1,837.58 712.14 132.91
2016-09-30 1,833.10 656.72 157.78
2016-06-30 1,828.61 601.29 182.65
2016-03-31 1,769.13 670.99 187.69
2015-12-31 1,709.65 740.68 192.73
2015-09-30 1,663.08 979.40 166.46
2015-06-30 1,616.52 1,218.11 140.20
2015-03-31 1,593.84 1,073.04 138.75
2014-12-31 1,571.17 927.97 137.31
2014-09-30 1,523.97 738.33 157.87
2014-06-30 1,476.76 548.70 178.44
2014-03-31 1,423.71 536.38 147.26
2013-12-31 1,370.65 524.07 116.09
2013-09-30 1,225.15 594.57 75.53
2013-06-30 1,079.65 665.06 34.98
2013-03-31 895.92 676.43 33.62
2012-12-31 712.20 687.80 32.26
2012-09-30 624.22 719.26 20.71
2012-06-30 536.23 750.73 9.16

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Yuexiu Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Yuexiu Real Estate Investment Trust used its assets less efficiently than the DE REITs industry average last year based on Return on Assets.
  • Yuexiu Real Estate Investment Trust has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Yuexiu Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Yuexiu Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Yuexiu Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Yuexiu Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Yuexiu Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Yuexiu Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Yuexiu Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 4 months ago.

DB:D3N Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 15,595.93 13,875.73 1,458.76
2018-09-30 15,595.93 13,875.73 1,458.76
2018-06-30 15,591.90 12,853.32 1,179.37
2018-03-31 15,591.90 12,853.32 1,179.37
2017-12-31 15,408.80 12,730.77 1,303.90
2017-09-30 15,408.80 12,730.77 1,303.90
2017-06-30 14,301.41 11,528.17 773.88
2017-03-31 14,301.41 11,528.17 773.88
2016-12-31 13,634.38 11,924.99 1,180.83
2016-09-30 13,634.38 11,924.99 1,180.83
2016-06-30 13,627.76 11,285.16 852.66
2016-03-31 13,627.76 11,285.16 852.66
2015-12-31 13,493.12 10,977.95 682.60
2015-09-30 13,493.12 10,977.95 682.60
2015-06-30 13,535.73 7,809.20 655.54
2015-03-31 13,535.73 7,809.20 655.54
2014-12-31 13,228.65 8,109.40 986.30
2014-09-30 13,228.65 8,109.40 986.30
2014-06-30 12,767.20 7,703.91 511.58
2014-03-31 12,767.20 7,703.91 511.58
2013-12-31 12,752.77 7,841.89 639.79
2013-09-30 12,752.77 7,841.89 639.79
2013-06-30 12,597.09 8,273.53 890.14
2013-03-31 12,597.09 8,273.53 890.14
2012-12-31 12,606.70 8,357.64 774.02
2012-09-30 12,606.70 8,357.64 774.02
2012-06-30 5,235.05 1,990.46 714.46
  • Yuexiu Real Estate Investment Trust's level of debt (89%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (61.5% vs 89% today).
  • Debt is not well covered by operating cash flow (5.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Yuexiu Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Yuexiu Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Yuexiu Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.93%
Current annual income from Yuexiu Real Estate Investment Trust dividends. Estimated to be 6.28% next year.
If you bought €2,000 of Yuexiu Real Estate Investment Trust shares you are expected to receive €119 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Yuexiu Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Yuexiu Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:D3N Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 119 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:D3N Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.30 3.00
2020-12-31 0.30 7.00
2019-12-31 0.29 7.00
DB:D3N Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-04-24 0.277 6.042
2019-02-25 0.277 5.980
2018-04-16 0.277 6.223
2018-04-12 0.278 6.502
2018-02-13 0.277 6.474
2017-09-15 0.285 6.727
2017-04-12 0.301 7.155
2016-08-30 0.270 6.863
2016-08-03 0.270 6.429
2016-04-14 0.256 6.926
2015-08-28 0.242 7.134
2015-07-28 0.242 6.969
2015-04-17 0.237 6.890
2014-09-26 0.231 7.213
2014-04-17 0.216 7.127
2014-03-13 0.216 7.135
2013-09-25 0.205 6.924
2013-04-29 0.215 6.515
2013-03-13 0.215 6.254
2012-07-11 0.214 7.102
2012-02-20 0.214 6.860
2011-07-26 0.203 6.826
2011-03-10 0.207 6.087
2010-04-21 0.212 6.633
2010-03-18 0.221 7.526
2009-08-18 0.211 8.172

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Yuexiu Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1449.3x coverage).
X
Income/ dividend checks
We assess Yuexiu Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Yuexiu Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Yuexiu Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Yuexiu Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Deliang Lin
AGE 48
TENURE AS CEO 5.3 years
CEO Bio

Mr. Deliang Lin serves as Chief Executive Officer of Yuexiu Reit Asset Management Limited - Manager of Yuexiu Real Estate Investment Trust and served as its Deputy Chief Executive Officer. Mr. Lin has been Chairman of Yuexiu Reit Asset Management Limited - Manager of Yuexiu Real Estate Investment Trust since August 14, 2018. Mr. Lin is responsible for identifying and assessing potential acquisition opportunities, to strengthen the current property portfolio and in-charge of investor relation and market capitalization management. Prior to joining the Manager, Mr. Lin was deputy general manager of Guangzhou Dongfang Hotel Group of Yue Xiu Group, responsible for lease and sales, financial revenue management, hotel brand development, tourism affairs etc. After joining GCCD in1992, Mr. Lin held various managerial positions in investment development department, Xingye Real Estate Agent Co., Ltd., Guangzhou Investment (HK Property) Company Limited, participated and in-charged of investment recommendation, market analysis, feasibility study, sales and marketing programmers for various large scale residential and commercial property and was responsible for the sales of properties located in Hong Kong, Macau, France, Singapore etc from 2003 to 2005.He is familiar to investment, sales and operation of property and hotel management. He has over 15 year experience over property investment and operation strategy. Mr. Lin is Real Estate Appraiser of China, China Land Valuer and China Real Estate Agent. Mr. Lin was graduated from Jinan University in the PRC with professional studies in corporate management and obtained a Bachelor degree in Economics. He completed an MBA postgraduate course at South China University of Technology from 2004 to 2005 and obtained a Master degree in Business Administration from University of Management and Technology.

CEO Compensation
  • Insufficient data for Deliang to compare compensation growth.
  • Insufficient data for Deliang to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Yuexiu Real Estate Investment Trust management team in years:

5.3
Average Tenure
48
Average Age
  • The average tenure for the Yuexiu Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Deliang Lin

TITLE
CEO & Chairman
AGE
48
TENURE
5.3 yrs

Terry Kwan

TITLE
Chief Financial Officer
AGE
56
TENURE
12.3 yrs

Patrick Cheng

TITLE
Deputy GM of Investment & Investor Relations

Bihong Liu

TITLE
GM of Internal Audit Dept & Dy GM of Compliance Dept - Yuexiu REIT Asset Mgmt Ltd

Jiuzhou Cheng

TITLE
Deputy CEO & Executive Director
AGE
46
TENURE
5.1 yrs

Ou Haijing

TITLE
General Manager of Asset Management Department - Yuexiu REIT Asset Management Limited

Tat Fung Yu

TITLE
Secretary & Compliance Manager of Yuexiu REIT Asset Mgmt Ltd

Jing Li

TITLE
General Manager of Project Development Department - Yuexiu REIT Asset Management Limited
Board of Directors Tenure

Average tenure and age of the Yuexiu Real Estate Investment Trust board of directors in years:

2.6
Average Tenure
48.5
Average Age
  • The average tenure for the Yuexiu Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jiuzhou Cheng

TITLE
Deputy CEO & Executive Director
AGE
46
TENURE
2.6 yrs

Derek Chan

TITLE
Independent Non-Executive Director
AGE
55

Deliang Lin

TITLE
CEO & Chairman
AGE
48
TENURE
0.8 yrs

Yuk Tong Cheung

TITLE
Independent Non-Executive Director
AGE
60
TENURE
4.6 yrs

Brian Chan

TITLE
Independent Non-Executive Director
AGE
64

Danqing Liang

TITLE
Non-Executive Director
AGE
45
TENURE
0.8 yrs

Feng Li

TITLE
Non-Executive Director
AGE
49
TENURE
6.9 yrs

Xiaoou Chen

TITLE
Independent Non-Executive Director
AGE
48
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
19. Mar 19 Buy Yuexiu Property Company Limited Company 14. Mar 19 14. Mar 19 13,167,795 €0.62 €8,103,713
X
Management checks
We assess Yuexiu Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Yuexiu Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Yuexiu Real Estate Investment Trust (“Yuexiu REIT”) was listed on the Hong Kong Stock Exchange of Hong Kong Limited on 21 December 2005 and is the first listed real estate investment trust only investing in properties in the People’s Republic of China (the “PRC”) in the world. Yuexiu REIT focuses on office, retail and other commercial purposes, strives for properties which can bring considerable cash flows and returns and identifies business opportunities for achieving higher revenue growth through the optimization of its operations. The current property portfolio comprises eight high quality properties, namely White Horse Building, Fortune Plaza, City Development Plaza, Victory Plaza, Yuexiu Neo Metropolis, Guangzhou International Finance Center in Guangzhou , Yue Xiu Tower in Shanghai and Wuhan Properties in Wuhan, with a total area of ownership of approximately 991,300 square metres. All properties are located in the central business district (“CBD”) of Guangzhou, Shanghai and Wuhan, respectively. The categories of the properties include professional clothing market, Grade-A offices, multiple functional commercial offices, retail business, hotel and serviced apartments etc. The Manager of Yuexiu REIT is Yuexiu REIT Asset Management Limited (“Manager”). Yuexiu REIT is managed by an experienced professional team with extensive experience in real estate management, asset management and the securities market and brings long-term and steady investment incomes to the Unitholders (“Unitholders”) of Yuexiu REIT through actively managing its assets and expanding its operations. While the real estate investment trust market is flourishing, the Manager is committed to becoming a professional asset management institution with a focus on the PRC commercial property market, continuing asset appreciation capability, commercial operation capability, capital operation capability and a leading position in the industry.

Details
Name: Yuexiu Real Estate Investment Trust
D3N
Exchange: DB
Founded: 2005
HK$1,886,637,632
3,119,618,222
Website: http://www.yuexiureit.com
Address: Yuexiu Real Estate Investment Trust
17B Yue Xiu Building,
160 Lockhart Road,
Wanchai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 405 Trust Units The Stock Exchange of Hong Kong Ltd. HK HKD 21. Dec 2005
OTCPK YUXX.F Trust Units Pink Sheets LLC US USD 21. Dec 2005
DB D3N Trust Units Deutsche Boerse AG DE EUR 21. Dec 2005
Number of employees
Current staff
Staff numbers
805
Yuexiu Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/21 21:17
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/04/24
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.