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Spring Real Estate Investment Trust

SEHK:1426
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
1426
SEHK
HK$4B
Market Cap
  1. Home
  2. HK
  3. Real Estate
Company description

Spring Real Estate Investment Trust (“Spring REIT”) is a real estate investment trust constituted by a trust deed entered into on 14 November 2013 as amended by the first supplemental deed dated 22 May 2015 (collectively, the “Trust Deed”) between Spring Asset Management Limited and DB Trustees (Hong Kong) Limited, as trustee of Spring REIT (the “Trustee”). The last earnings update was 34 days ago. More info.


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1426 Share Price and Events
7 Day Returns
-1.5%
SEHK:1426
1.6%
HK REITs
-2.5%
HK Market
1 Year Returns
1.8%
SEHK:1426
28.1%
HK REITs
-15.9%
HK Market
1426 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Spring Real Estate Investment Trust (1426) -1.5% -4.5% -5.6% 1.8% 2.4% 8.4%
HK REITs 1.6% 3.2% 7.1% 28.1% 70.2% 84.9%
HK Market -2.5% -8.6% -3.6% -15.9% 25.4% 7.8%
1 Year Return vs Industry and Market
  • 1426 underperformed the REITs industry which returned 28.1% over the past year.
  • 1426 outperformed the Market in Hong Kong which returned -15.9% over the past year.
Price Volatility
1426
Industry
5yr Volatility vs Market

Value

 Is Spring 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 Spring 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 Spring Real Estate Investment Trust.

SEHK:1426 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year HK Government Bond Rate 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 SEHK:1426
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 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%) (96.21%))
0.933
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)
= 2% + (0.933 * 6.65%)
8.21%

Discounted Cash Flow Calculation for SEHK:1426 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Spring 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.

SEHK:1426 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.21%)
2019 51.11 Est @ -0.83% 47.24
2020 51.12 Est @ 0.02% 43.66
2021 51.44 Est @ 0.62% 40.60
2022 51.97 Est @ 1.03% 37.91
2023 52.66 Est @ 1.32% 35.49
2024 53.46 Est @ 1.53% 33.30
2025 54.35 Est @ 1.67% 31.29
2026 55.31 Est @ 1.77% 29.43
2027 56.33 Est @ 1.84% 27.70
2028 57.40 Est @ 1.89% 26.08
Present value of next 10 years cash flows $352.70
SEHK:1426 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $57.40 × (1 + 2%) ÷ (8.21% – 2%)
$943.62
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $943.62 ÷ (1 + 8.21%)10
$428.77
SEHK:1426 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $352.70 + $428.77
$781.48
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $781.48 / 1,278.92
$4.8
SEHK:1426 Discount to Share Price
Calculation Result
Exchange Rate USD/HKD
(Reporting currency to currency of SEHK:1426)
7.85
Value per Share
(HKD)
= Value per Share in USD x Exchange Rate (USD/HKD)
= $4.8 x 7.85
HK$37.65
Value per share (HKD) From above. HK$37.65
Current discount Discount to share price of HK$3.37
= -1 x (HK$3.37 - HK$37.65) / HK$37.65
91.1%

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

Current Discount
Amount off the current price Spring Real Estate Investment Trust is available for.
Intrinsic value
>50%
Share price is HK$3.37 vs Future cash flow value of HK$37.65
Current Discount Checks
For Spring Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Spring Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Spring Real Estate Investment Trust's share price is below the future cash flow value, and at a substantial discount (> 40%).
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 Spring 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 Spring 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
SEHK:1426 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.00
SEHK:1426 Share Price ** SEHK (2019-05-20) in HKD HK$3.37
SEHK:1426 Share Price converted to USD reporting currency Exchange rate (HKD/ USD) 0.127 $0.43
Hong Kong REITs Industry PE Ratio Median Figure of 9 Publicly-Listed REITs Companies 7.3x
Hong Kong Market PE Ratio Median Figure of 1,476 Publicly-Listed Companies 11.17x

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

** Primary Listing of Spring Real Estate Investment Trust.

SEHK:1426 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1426 Share Price ÷ EPS (both in USD)

= 0.43 ÷ 0.00

116.69x

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

  • Spring Real Estate Investment Trust is overvalued based on earnings compared to the HK REITs industry average.
  • Spring Real Estate Investment Trust is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Spring Real Estate Investment Trust's expected growth come at a high price?
Raw Data
SEHK:1426 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 116.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
22.5%per year
Hong Kong REITs Industry PEG Ratio Median Figure of 7 Publicly-Listed REITs Companies -0.08x
Hong Kong Market PEG Ratio Median Figure of 463 Publicly-Listed Companies 0.79x

*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 Spring 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 Spring Real Estate Investment Trust's assets?
Raw Data
SEHK:1426 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $0.73
SEHK:1426 Share Price * SEHK (2019-05-20) in HKD HK$3.37
SEHK:1426 Share Price converted to USD reporting currency Exchange rate (HKD/ USD) 0.127 $0.43
Hong Kong REITs Industry PB Ratio Median Figure of 9 Publicly-Listed REITs Companies 0.62x
Hong Kong Market PB Ratio Median Figure of 2,155 Publicly-Listed Companies 0.97x
SEHK:1426 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1426 Share Price ÷ Book Value per Share (both in USD)

= 0.43 ÷ 0.73

0.59x

* Primary Listing of Spring Real Estate Investment Trust.

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

  • Spring Real Estate Investment Trust is good value based on assets compared to the HK REITs industry average.
X
Value checks
We assess Spring 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. Spring Real Estate Investment Trust has a total score of 3/6, 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 Spring Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover Spring 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
22.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Spring Real Estate Investment Trust expected to grow at an attractive rate?
  • Spring Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
  • Spring Real Estate Investment Trust's earnings growth is expected to exceed the Hong Kong market average.
  • Unable to compare Spring Real Estate Investment Trust's revenue growth to the Hong Kong market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SEHK:1426 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:1426 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 22.5%
Hong Kong REITs Industry Earnings Growth Rate Market Cap Weighted Average -22.5%
Hong Kong REITs Industry Revenue Growth Rate Market Cap Weighted Average 6.7%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.4%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.7%

*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
SEHK:1426 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:1426 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2019-12-31 84 1
SEHK:1426 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 84 52 5
2018-09-30 84 55 24
2018-06-30 84 58 43
2018-03-31 81 55 49
2017-12-31 77 53 55
2017-09-30 74 51 32
2017-06-30 72 49 9
2017-03-31 74 50 50
2016-12-31 75 51 91
2016-09-30 77 53 105
2016-06-30 79 54 119
2016-03-31 80 55 79

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Spring Real Estate Investment Trust's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if Spring 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
SEHK:1426 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 1 Analyst Estimates (S&P Global) See Below

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

SEHK:1426 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2019-12-31
SEHK:1426 Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.00
2018-09-30 0.02
2018-06-30 0.03
2018-03-31 0.04
2017-12-31 0.05
2017-09-30 0.03
2017-06-30 0.01
2017-03-31 0.04
2016-12-31 0.08
2016-09-30 0.09
2016-06-30 0.11
2016-03-31 0.07

*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 Spring Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Spring 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 Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong 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.
Spring 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.

Past Performance

  How has Spring 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 Spring 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.
  • Spring Real Estate Investment Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Spring Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Spring Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the HK REITs industry average.
Earnings and Revenue History
Spring 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 Spring Real Estate Investment Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:1426 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 84.34 4.65 11.34
2018-09-30 84.42 23.64 12.37
2018-06-30 84.50 42.63 13.39
2018-03-31 80.60 48.89 12.58
2017-12-31 76.70 55.16 11.76
2017-09-30 74.18 32.22 10.83
2017-06-30 71.66 9.27 9.91
2017-03-31 73.55 50.28 9.67
2016-12-31 75.43 91.29 9.43
2016-09-30 77.24 104.95 9.22
2016-06-30 79.05 118.60 9.02
2016-03-31 79.78 79.48 9.17
2015-12-31 80.52 40.37 9.32
2015-09-30 81.51 52.96 9.93
2015-06-30 82.51 65.55 10.54
2015-03-31 81.98 69.47 10.42
2014-12-31 81.46 73.39 10.31
2014-09-30 78.55 75.09 8.90
2014-06-30 75.63 76.79 7.49
2014-03-31 70.99 73.31 6.22
2013-12-31 66.35 69.82 4.96
2013-09-30 62.47 87.83 3.58
2013-06-30 58.58 105.83 2.20
2013-03-31 55.74 150.11 1.21
2012-12-31 52.90 194.38 0.23

*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.
  • Spring Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Spring Real Estate Investment Trust used its assets less efficiently than the HK REITs industry average last year based on Return on Assets.
  • Spring 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 Spring 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.
Spring Real Estate Investment Trust has a total score of 0/6, 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 Spring 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 Spring Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Spring Real Estate Investment Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Spring 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 Spring 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 Spring Real Estate Investment Trust Company Filings, last reported 4 months ago.

SEHK:1426 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 925.12 531.40 16.00
2018-09-30 925.12 531.40 16.00
2018-06-30 975.77 533.23 21.84
2018-03-31 975.77 533.23 21.84
2017-12-31 1,000.40 547.48 21.31
2017-09-30 1,000.40 547.48 21.31
2017-06-30 940.75 447.80 36.12
2017-03-31 940.75 447.80 36.12
2016-12-31 866.68 480.50 28.83
2016-09-30 866.68 480.50 28.83
2016-06-30 929.84 479.79 32.79
2016-03-31 929.84 479.79 32.79
2015-12-31 864.22 477.30 30.86
2015-09-30 864.22 477.30 30.86
2015-06-30 902.35 473.26 35.65
2015-03-31 902.35 473.26 35.65
2014-12-31 894.15 460.68 24.29
2014-09-30 894.15 460.68 24.29
2014-06-30 870.91 457.76 28.78
2014-03-31 870.91 457.76 28.78
2013-12-31 862.24 504.80 67.36
2013-09-30 862.24 504.80 67.36
2013-06-30 803.26 500.54 20.68
2013-03-31 803.26 500.54 20.68
2012-12-31 766.05 477.17 12.08
  • Spring Real Estate Investment Trust's level of debt (57.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (58.5% vs 57.4% today).
  • Debt is not well covered by operating cash flow (9.7%, 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 Spring 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. Spring Real Estate Investment Trust has a total score of 2/6, 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 Spring 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
5.7%
Current annual income from Spring Real Estate Investment Trust dividends. Estimated to be 6.99% next year.
If you bought HK$2,000 of Spring Real Estate Investment Trust shares you are expected to receive HK$114 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?
  • Spring Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.07%).
  • Spring Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Hong Kong (5.72%).
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
SEHK:1426 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 1 Analyst Estimates (S&P Global) See Below
Hong Kong REITs Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.7%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 968 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

SEHK:1426 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2019-12-31 0.03 1.00
SEHK:1426 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-16 0.024 5.565
2019-03-26 0.024 5.306
2018-04-20 0.027 6.040
2018-03-21 0.027 6.273
2017-04-20 0.029 6.766
2017-03-22 0.030 7.084
2016-04-18 0.034 8.035
2016-03-16 0.034 8.277
2015-04-16 0.032 7.817
2015-03-18 0.032 6.744
2014-08-27 0.036 7.544
2014-08-18 0.036 7.495
2014-04-14 0.002 0.501

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

  • Whilst dividend payments have been stable, Spring Real Estate Investment Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Spring Real Estate Investment Trust only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Spring Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x 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 Spring Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 Spring Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Spring Real Estate Investment Trust has a total score of 2/6, 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 Spring 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.
  • Spring Real Estate Investment Trust has no CEO, or we have no data on them.
Management Team

Kevin Leung

TITLE
Head of Finance & Accounting and Executive Director of Spring Asset Management Limited
AGE
48

Wai Fai Chung

TITLE
Head of Investment & IR and Director of Investor Relations - Spring Asset Management Limited
AGE
36

Alice Yu

TITLE
Chief Compliance Officer & Head of Compliance - Spring Asset Management Limited
AGE
53
TENURE
6.1 yrs

Nobumasa Saeki

TITLE
Executive Director & Head of Asset Management - Spring Asset Management Limited
AGE
48
TENURE
6.3 yrs
Board of Directors Tenure

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

5.5
Average Tenure
55
Average Age
  • The tenure for the Spring Real Estate Investment Trust board of directors is about average.
Board of Directors

Toshihiro Toyoshima

TITLE
Chairman of the Board - Spring Asset Management Limited
AGE
56
TENURE
6.3 yrs

Kevin Leung

TITLE
Head of Finance & Accounting and Executive Director of Spring Asset Management Limited
AGE
48
TENURE
2.2 yrs

Nobumasa Saeki

TITLE
Executive Director & Head of Asset Management - Spring Asset Management Limited
AGE
48
TENURE
6.1 yrs

Simon Murray

TITLE
Independent Non-Executive Director - Spring Asset Management Limited
AGE
78
TENURE
5.5 yrs

Yiu Kin Lam

TITLE
Independent Non-Executive Director - Spring Asset Management Limited
AGE
63
TENURE
4.3 yrs

Hideya Ishino

TITLE
Non-Executive Director of Spring Asset Management Limited
AGE
55
TENURE
6.1 yrs

Liping Qiu

TITLE
Independent Non-Executive Director - Spring Asset Management Limited
AGE
54
TENURE
5.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Spring Real Estate Investment Trust insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
02. May 19 Buy Spring Asset Management Limited Company 30. Apr 19 30. Apr 19 3,279,165 HK$3.53 HK$11,565,617
02. Apr 19 Buy Toshihiro Toyoshima Individual 01. Apr 19 01. Apr 19 100,000 HK$3.56 HK$356,000
29. Mar 19 Buy Spring Asset Management Limited Company 28. Mar 19 28. Mar 19 3,280,773 HK$3.61 HK$11,830,468
29. Mar 19 Buy Toshihiro Toyoshima Individual 28. Mar 19 28. Mar 19 100,000 HK$3.57 HK$357,000
22. Mar 19 Sell Spring Asset Management Limited Company 19. Mar 19 19. Mar 19 -75,000 HK$3.58 HK$-268,650
20. Mar 19 Buy Simon Murray Individual 19. Mar 19 19. Mar 19 25,000 HK$3.58 HK$89,550
20. Mar 19 Buy Yiu Kin Lam Individual 19. Mar 19 19. Mar 19 25,000 HK$3.58 HK$89,550
20. Mar 19 Buy Liping Qiu Individual 19. Mar 19 19. Mar 19 25,000 HK$3.58 HK$89,550
20. Dec 18 Buy Yiu Kin Lam Individual 18. Dec 18 18. Dec 18 25,000 HK$3.52 HK$87,975
20. Dec 18 Buy Simon Murray Individual 18. Dec 18 18. Dec 18 25,000 HK$3.52 HK$87,975
19. Dec 18 Sell Spring Asset Management Limited Company 18. Dec 18 18. Dec 18 -75,000 HK$3.52 HK$-263,925
19. Dec 18 Buy Liping Qiu Individual 18. Dec 18 18. Dec 18 25,000 HK$3.52 HK$87,975
17. Dec 18 Buy Spring Asset Management Limited Company 13. Dec 18 13. Dec 18 3,384,393 HK$3.60 HK$12,193,967
30. Nov 18 Buy PAG Company 27. Nov 18 27. Nov 18 23,000,000 HK$4.70 HK$108,099,965
27. Sep 18 Buy Liping Qiu Individual 24. Sep 18 24. Sep 18 27,000 HK$3.24 HK$87,480
27. Sep 18 Buy Simon Murray Individual 24. Sep 18 24. Sep 18 27,000 HK$3.24 HK$87,480
26. Sep 18 Sell Spring Asset Management Limited Company 24. Sep 18 24. Sep 18 -81,000 HK$3.24 HK$-262,440
30. Aug 18 Sell Spring Asset Management Limited Company 30. Aug 18 30. Aug 18 -302,500 HK$3.31 HK$-1,000,064
06. Aug 18 Buy Spring Asset Management Limited Company 03. Aug 18 03. Aug 18 3,791,887 HK$3.28 HK$12,418,432
26. Jun 18 Buy Simon Murray Individual 26. Jun 18 26. Jun 18 26,000 HK$3.34 HK$86,918
28. Jun 18 Buy Spring Asset Management Limited Company 26. Jun 18 26. Jun 18 78,000 HK$3.34 HK$260,754
28. Jun 18 Buy Yiu Kin Lam Individual 26. Jun 18 26. Jun 18 26,000 HK$3.34 HK$86,918
28. Jun 18 Buy Liping Qiu Individual 26. Jun 18 26. Jun 18 26,000 HK$3.34 HK$86,918
X
Management checks
We assess Spring 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. Spring 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

Who Are The Major Shareholders In Spring Real Estate Investment Trust (HKG:1426)?

Today, I will be analyzing Spring Real Estate Investment Trust’s (HKG:1426) recent ownership structure, an important but not-so-popular subject among individual investors. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … View our latest analysis for Spring Real Estate Investment Trust

Simply Wall St -

Read This Before Buying Spring Real Estate Investment Trust (HKG:1426) For Its Upcoming $0.12 Dividend

View our latest analysis for Spring Real Estate Investment Trust 5 checks you should use to assess a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is it the top 25% annual dividend yield payer? … SEHK:1426 Historical Dividend Yield Apr 9th 18 How well does Spring Real Estate Investment Trust fit our criteria? … The reality is that it is too early to consider Spring Real Estate Investment Trust as a dividend investment.

Simply Wall St -

Company Info

Description

Spring Real Estate Investment Trust (“Spring REIT”) is a real estate investment trust constituted by a trust deed entered into on 14 November 2013 as amended by the first supplemental deed dated 22 May 2015 (collectively, the “Trust Deed”) between Spring Asset Management Limited and DB Trustees (Hong Kong) Limited, as trustee of Spring REIT (the “Trustee”). Units of Spring REIT (the “Units”) were first listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 5 December 2013.

Details
Name: Spring Real Estate Investment Trust
1426
Exchange: SEHK
Founded:
HK$4,335,528,165
1,278,916,863
Website: http://www.springreit.com
Address: Spring Real Estate Investment Trust
Man Yee Building,
28th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1426 Units The Stock Exchange of Hong Kong Ltd. HK HKD 05. Dec 2013
Number of employees
Current staff
Staff numbers
0
Spring Real Estate Investment Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 12:59
End of day share price update: 2019/05/20 00:00
Last estimates confirmation: 2019/03/26
Last earnings filing: 2019/04/16
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.