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New Century Real Estate Investment Trust

DB:NC8A
Snowflake Description

Moderate growth potential second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NC8A
DB
HK$2B
Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

New Century Real Estate Investment Trust is a real estate investment trust externally managed by New Century Asset Management Ltd. The last earnings update was 55 days ago. More info.


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NC8A Share Price and Events
7 Day Returns
2.9%
DB:NC8A
-1.3%
DE REITs
1.6%
DE Market
1 Year Returns
-20%
DB:NC8A
11.7%
DE REITs
-7.4%
DE Market
NC8A Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
New Century Real Estate Investment Trust (NC8A) 2.9% 3.5% -8.8% -20% -30.2% -42.3%
DE REITs -1.3% 2.6% 4.9% 11.7% 7.9% 11.3%
DE Market 1.6% 1.9% 2.6% -7.4% 14.7% 9.4%
1 Year Return vs Industry and Market
  • NC8A underperformed the REITs industry which returned 11.7% over the past year.
  • NC8A underperformed the Market in Germany which returned -7.4% over the past year.
Price Volatility
NC8A
Industry
5yr Volatility vs Market

NC8A Value

 Is New Century 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 New Century 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 New Century Real Estate Investment Trust.

DB:NC8A Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.1%
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:NC8A
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 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 25%) (149.35%))
1.032
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.032 * 6.65%)
7.09%

Discounted Cash Flow Calculation for DB:NC8A using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for New Century 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.

DB:NC8A DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CNY, Millions) Source Present Value
Discounted (@ 7.09%)
2019 99.88 Est @ -6.12% 93.27
2020 95.67 Est @ -4.22% 83.42
2021 92.91 Est @ -2.88% 75.65
2022 91.10 Est @ -1.95% 69.27
2023 89.92 Est @ -1.3% 63.84
2024 89.17 Est @ -0.84% 59.12
2025 88.70 Est @ -0.52% 54.92
2026 88.44 Est @ -0.29% 51.13
2027 88.32 Est @ -0.14% 47.68
2028 88.29 Est @ -0.03% 44.51
Present value of next 10 years cash flows CN¥642.82
DB:NC8A DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CN¥88.29 × (1 + 0.23%) ÷ (7.09% – 0.23%)
CN¥1,289.76
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CN¥1,289.76 ÷ (1 + 7.09%)10
CN¥650.20
DB:NC8A Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CN¥642.82 + CN¥650.20
CN¥1,293.02
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥1,293.02 / 966.94
CN¥1.52
DB:NC8A Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:1275)
1.137
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥0.15 x 1.137
HK$0.17
Non-primary Listing Adjustment Factor 1 share in DB:NC8A represents 0.10115x of SEHK:1275
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.10115x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 0.17 x 0.10115
€0.02
Value per share (EUR) From above. €0.02
Current discount Discount to share price of €0.18
= -1 x (€0.18 - €0.02) / €0.02
-895%

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

  • The current share price of New Century 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 New Century 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 New Century 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:NC8A PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CNY CN¥0.03
SEHK:1275 Share Price ** SEHK (2019-06-21) in HKD HK$1.74
SEHK:1275 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥1.53
Germany REITs Industry PE Ratio Median Figure of 5 Publicly-Listed REITs Companies 13.05x
Germany Market PE Ratio Median Figure of 425 Publicly-Listed Companies 19.87x

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

** Primary Listing of New Century Real Estate Investment Trust.

DB:NC8A PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1275 Share Price ÷ EPS (both in CNY)

= 1.53 ÷ 0.03

60.53x

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

  • New Century Real Estate Investment Trust is overvalued based on earnings compared to the DE REITs industry average.
  • New Century Real Estate Investment Trust is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does New Century Real Estate Investment Trust's expected growth come at a high price?
Raw Data
DB:NC8A PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 60.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
28.3%per year
Europe REITs Industry PEG Ratio Median Figure of 61 Publicly-Listed REITs Companies 0.61x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for New Century Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on New Century Real Estate Investment Trust's assets?
Raw Data
DB:NC8A PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CNY CN¥2.43
SEHK:1275 Share Price * SEHK (2019-06-21) in HKD HK$1.74
SEHK:1275 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.879 CN¥1.53
Germany REITs Industry PB Ratio Median Figure of 5 Publicly-Listed REITs Companies 1.33x
Germany Market PB Ratio Median Figure of 575 Publicly-Listed Companies 1.8x
DB:NC8A PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1275 Share Price ÷ Book Value per Share (both in CNY)

= 1.53 ÷ 2.43

0.63x

* Primary Listing of New Century Real Estate Investment Trust.

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

  • New Century Real Estate Investment Trust is good value based on assets compared to the DE REITs industry average.
X
Value checks
We assess New Century 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. New Century 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.

NC8A Future Performance

 How is New Century Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover New Century Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
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
28.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is New Century Real Estate Investment Trust expected to grow at an attractive rate?
  • New Century Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • New Century Real Estate Investment Trust's earnings growth is expected to exceed the Germany market average.
  • Unable to compare New Century Real Estate Investment Trust's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
DB:NC8A Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:NC8A Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 28.3%
Germany REITs Industry Earnings Growth Rate Market Cap Weighted Average -5.5%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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:NC8A Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:NC8A Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2018-12-31 276 106 24
2018-09-30 274 111 88
2018-06-30 271 116 151
2018-03-31 282 116 161
2017-12-31 293 116 171
2017-09-30 305 92 168
2017-06-30 317 68 165
2017-03-31 317 86 142
2016-12-31 317 103 119
2016-09-30 316 127 37
2016-06-30 316 150 -46
2016-03-31 311 152 -46

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • New Century Real Estate Investment Trust's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if New Century Real Estate Investment Trust is high growth as no revenue estimate data is available.
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:NC8A Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from New Century Real Estate Investment Trust Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NC8A Past Financials Data
Date (Data in CNY Millions) EPS *
2018-12-31 0.03
2018-09-30 0.09
2018-06-30 0.16
2018-03-31 0.17
2017-12-31 0.18
2017-09-30 0.18
2017-06-30 0.17
2017-03-31 0.15
2016-12-31 0.13
2016-09-30 0.04
2016-06-30 -0.05
2016-03-31 -0.05

*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.
  • Unable to establish if New Century Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess New Century 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 Germany 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.
New Century Real Estate Investment Trust has a total score of 3/6, 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.

NC8A Past Performance

  How has New Century 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 New Century 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.
  • New Century Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • New Century Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • New Century Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the DE REITs industry average.
Earnings and Revenue History
New Century 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 New Century Real Estate Investment Trust Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NC8A Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 275.96 24.26
2018-09-30 273.67 87.58
2018-06-30 271.39 150.91
2018-03-31 282.40 160.75
2017-12-31 293.41 170.59
2017-09-30 305.28 167.79 -1.57
2017-06-30 317.15 164.99 -3.14
2017-03-31 316.95 142.13 -1.57
2016-12-31 316.75 119.27
2016-09-30 316.17 36.84 2.58
2016-06-30 315.59 -45.58 5.16
2016-03-31 311.46 -45.57 4.69
2015-12-31 307.33 -45.57 4.22
2015-09-30 301.56 -51.47 3.80
2015-06-30 295.79 -57.37 3.39
2015-03-31 281.79 -50.24 3.66
2014-12-31 267.79 -43.10 3.93
2014-09-30 257.82 -87.30 -15.87
2014-06-30 247.84 -131.50 -35.68
2014-03-31 354.36 -131.20 -17.84
2013-12-31 460.88 -130.89
2012-12-31 795.53 76.42 92.40

*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.
  • New Century Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • New Century Real Estate Investment Trust used its assets less efficiently than the DE REITs industry average last year based on Return on Assets.
  • New Century Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess New Century 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.
New Century Real Estate Investment Trust has a total score of 1/6, 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.

NC8A Health

 How is New Century 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 New Century Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • New Century Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • New Century 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 New Century 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 0.3x 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 New Century Real Estate Investment Trust Company Filings, last reported 5 months ago.

DB:NC8A Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,368.36 2,209.84 346.60
2018-09-30 2,368.36 2,209.84 346.60
2018-06-30 2,411.65 2,130.29 359.51
2018-03-31 2,411.65 2,130.29 359.51
2017-12-31 2,436.84 1,964.78 383.30
2017-09-30 2,436.84 1,964.78 383.30
2017-06-30 2,390.61 2,262.98 514.44
2017-03-31 2,390.61 2,262.98 514.44
2016-12-31 2,401.34 2,644.67 224.38
2016-09-30 2,401.34 2,644.67 224.38
2016-06-30 2,348.91 2,220.91 105.13
2016-03-31 2,348.91 2,220.91 105.13
2015-12-31 2,413.19 2,041.42 63.15
2015-09-30 2,413.19 2,041.42 63.15
2015-06-30 2,533.95 1,682.81 246.17
2015-03-31 2,533.95 1,682.81 246.17
2014-12-31 2,608.94 1,582.35 187.35
2014-09-30 2,608.94 1,582.35 187.35
2014-06-30 2,337.80 1,238.64 146.03
2014-03-31 2,337.80 1,238.64 146.03
2013-12-31 2,392.46 1,169.05 145.72
2012-12-31 1,135.02 1,504.50 409.62
  • New Century Real Estate Investment Trust's level of debt (93.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (48.9% vs 93.3% today).
  • Debt is not well covered by operating cash flow (4.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess New Century 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. New Century 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.

NC8A Dividends

 What is New Century 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
6.53%
Current annual income from New Century Real Estate Investment Trust dividends.
If you bought €2,000 of New Century Real Estate Investment Trust shares you are expected to receive €131 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?
  • New Century Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • New Century Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Germany (3.83%).
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:NC8A 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 0 Analyst Estimates (S&P Global) See Below
Germany REITs Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.1%
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 3.8%

Industry and Market average data is calculated daily.

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

DB:NC8A Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-04-29 0.100 6.614
2019-03-29 0.100 6.279
2018-08-30 0.106 6.638
2018-08-23 0.052 2.991
2018-04-27 0.137 7.490
2018-03-22 0.137 7.399
2017-04-27 0.166 8.128
2017-03-28 0.166 7.531
2016-08-31 0.165 7.669
2016-08-24 0.165 7.682
2016-04-28 0.174 8.286
2016-03-29 0.174 7.548
2015-04-24 0.193 7.844
2015-03-23 0.193 7.682
2014-08-28 0.163 6.209
2014-08-25 0.163 6.032
2014-03-17 0.123 4.454

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

  • New Century Real Estate Investment Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • New Century Real Estate Investment Trust has only been paying a dividend for 5 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of New Century Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess New Century 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 New Century Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. New Century Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.


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

NC8A Management

 What is the CEO of New Century 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
Yat Ming Cheung
AGE 49
TENURE AS CEO 6 years
CEO Bio

Mr. Yat Ming Cheung has been the Chief Executive Officer, Executive Director and Responsible Officer at New Century Real Estate Investment Trustmanaged by New Century Asset Management Limited since June, 2013 and also has been its Company Secretary since January 28, 2019. Mr. Cheung served as the Chief Investment Officer of Neutron INV Partners Limited since August 2011 until June 2013 and involved in work such as exploring new investment opportunities, setting up the Neutron Greater China Equity Fund and marketing to local and oversaw institutional investors, consultants, distribution intermediaries. Mr. Cheung has extensive experience in the fields of investment, real estate and property market research, corporate finance and auditing. He was a staff accountant and semi-senior accountant at Arthur Andersen & Co. in Hong Kong and China from August 1991 to August 1994. In September 1994, he joined Citibank (now named Citigroup) as an Accountant and Administration Manager and served as its Assistant Vice President since September 1996. In October 1997, he started working in Salomon Smith Barney (now named Citigroup) as an Equity Research Analyst. In May 1999, Mr. Cheung joined Donaldson, Lufkin & Jenrette as a Research Associate, where he worked until November 2000. In October 1997, he joined Salomon Brothers Hong Kong Limited as an equity research associate. He joined HSBC Securities Asia Limited as the Head of Hong Kong and China Property Research in November 2000 where he worked until April 2005. He joined Cohen & Steers Asia Limited in 2005 as an Executive Director and vice-president in its investment research department and served as Senior Vice-President and Asia Pacific chief investment officer since January 2007 until February 2009. He joined DBS Vickers (Hong Kong) Limited as the Head of Research in June 2009. Mr. Cheung has been an Executive Director of New Century Asset Management Limited since June 2013. He has been an Independent Non Executive Director of Springland International Holdings Limited since March 11, 2014 and Best Pacific International Holdings Limited since May 8, 2014. He served as Director at Neutron Capital Management Ltd and Neutron Greater China Equity Long/Short Fund since June 11, 2010. In 2010, he received he Outstanding Chinese Business Leader Award from the HongQi and China Report. He became a certified public accountant of the Hong Kong Institute of Certified Public Accountants in January 1995, a fellow of the Association of Chartered Certified Accountants in September 1999 and a chartered accountant of the Institute of Chartered Accountants in England and Wales in September 2007. Mr. Cheung holds a Bachelor's Degree in Accountancy from The Hong Kong Polytechnic University in November 1991.

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

Average tenure of the New Century Real Estate Investment Trust management team in years:

5.8
Average Tenure
  • The average tenure for the New Century Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Yat Ming Cheung

TITLE
CEO, Company Secretary & Executive Director of New Century Asset Management Limited
AGE
49
TENURE
6 yrs

Wai Chu Ho

TITLE
COO & Responsible Officer of New Century Asset Management Limited
TENURE
5.8 yrs

Chi Shan Cheung

TITLE
Investment & Investor Relations Manager of New Century Asset Management Limited
TENURE
0.8 yrs

Hai Jiang Ding

TITLE
Property & Technical Manager of New Century Asset Management Limited
AGE
39
TENURE
6 yrs

Chun Tung Chan

TITLE
Compliance Manager of New Century Asset Management Limited
TENURE
0.3 yrs
Board of Directors Tenure

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

6
Average Tenure
61
Average Age
  • The tenure for the New Century Real Estate Investment Trust board of directors is about average.
Board of Directors

Jin Wenjie

TITLE
Chairman of New Century Asset Management Limited
AGE
49
TENURE
2.1 yrs

Yat Ming Cheung

TITLE
CEO, Company Secretary & Executive Director of New Century Asset Management Limited
AGE
49
TENURE
6 yrs

David Yu

TITLE
Independent Non-Executive Director of New Century Asset Management Limited
AGE
70
TENURE
6 yrs

Guanming Zhang

TITLE
Non-Executive Director of New Century Asset Management Limited
AGE
52
TENURE
6 yrs

Giovanni Angelini

TITLE
Independent Non-Executive Director of New Century Asset Management Limited
AGE
72
TENURE
6 yrs

Jian He

TITLE
Independent Non-Executive Director of New Century Asset Management Limited
AGE
61
TENURE
5.4 yrs

Jinquan Tong

TITLE
Non-Executive Director of New Century Asset Management Limited
AGE
63
TENURE
4.4 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 (€)
24. May 19 Buy New Century Asset Management Limited Company 24. May 19 24. May 19 4,470,745 €0.19 €868,357
02. May 19 Sell New Century Asset Management Limited Company 02. May 19 02. May 19 -900,000 €0.21 €-188,818
03. Oct 18 Buy New Century Asset Management Limited Company 28. Sep 18 28. Sep 18 3,963,569 €0.20 €810,075
X
Management checks
We assess New Century 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. New Century 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.

NC8A News

Simply Wall St News

NC8A Company Info

Description

New Century Real Estate Investment Trust is a real estate investment trust externally managed by New Century Asset Management Ltd. It invests in the real estate properties of China. The firm mainly invests in the hospitality sector. New Century Real Estate Investment Trust is based in Hong Kong.

Details
Name: New Century Real Estate Investment Trust
NC8A
Exchange: DB
Founded:
HK$190,263,366
966,935,143
Website: http://www.ncreit.com
Address: New Century Real Estate Investment Trust
The Center,
47th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1275 UNITS The Stock Exchange of Hong Kong Ltd. HK HKD 10. Jul 2013
DB NC8A UNITS Deutsche Boerse AG DE EUR 10. Jul 2013
Number of employees
Current staff
Staff numbers
3
New Century Real Estate Investment Trust employees.
Industry
Hotel and Resort REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/23 21:40
End of day share price update: 2019/06/21 00:00
Last earnings filing: 2019/04/29
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.