Yuexiu Real Estate Investment Trust
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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 58 days ago. More info.
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405 Share Price and Events
7 Day Returns
1 Year Returns
405 Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Yuexiu Real Estate Investment Trust (405) | -0.6% | -3.7% | -1.1% | 1% | 21.8% | 43.7% |
| HK REITs | -1.2% | 0.8% | 9.7% | 23.6% | 59% | 86.8% |
| HK Market | -0.9% | 1.7% | 10.8% | -6.3% | 27.3% | 20.1% |
1 Year Return vs Industry and Market
- 405 underperformed the REITs industry which returned 23.6% over the past year.
- 405 outperformed the Market in Hong Kong which returned -6.3% over the past year.
405 Value
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Yuexiu Real Estate Investment Trust.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Funds From Operations | |
| Levered Funds From Operations | Average of 7 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.4% |
| 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.
| 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 | 0.54 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 25%) (98.99%)) |
0.957 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.96 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.957 * 6.65%) |
8.37% |
Discounted Cash Flow Calculation for SEHK:405 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.
| Funds From Operations (FFO) (CNY, Millions) | Source |
Present Value Discounted (@ 8.37%) |
|
|---|---|---|---|
| 2019 | 407.00 | Analyst x1 | 375.56 |
| 2020 | 420.00 | Analyst x1 | 357.63 |
| 2021 | 431.00 | Analyst x1 | 338.65 |
| 2022 | 369.05 | Est @ -14.37% | 267.57 |
| 2023 | 334.13 | Est @ -9.46% | 223.54 |
| 2024 | 314.01 | Est @ -6.02% | 193.86 |
| 2025 | 302.66 | Est @ -3.61% | 172.42 |
| 2026 | 296.82 | Est @ -1.93% | 156.03 |
| 2027 | 294.59 | Est @ -0.75% | 142.90 |
| 2028 | 294.82 | Est @ 0.08% | 131.96 |
| Present value of next 10 years cash flows | CN¥2,360.12 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= CN¥294.82 × (1 + 2%) ÷ (8.37% – 2%) |
CN¥4,722.95 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= CN¥4,722.95 ÷ (1 + 8.37%)10 |
CN¥2,114.03 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= CN¥2,360.12 + CN¥2,114.03 |
CN¥4,474.15 |
| Equity Value per Share (CNY) |
= Total value / Shares Outstanding
= CN¥4,474.15 / 3,119.62 |
CN¥1.44 |
| Calculation | Result | |
|---|---|---|
| Exchange Rate | CNY/HKD
(Reporting currency to currency of SEHK:405) |
1.166 |
| Value per Share (HKD) |
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥1.44 x 1.166 |
HK$1.68 |
| Value per share (HKD) | From above. | HK$1.68 |
| Current discount | Discount to share price of
HK$5.26
= -1 x (HK$5.26 - HK$1.68) / HK$1.68 |
-213.3% |
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.
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?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in CNY | CN¥0.32 |
| SEHK:405 Share Price ** | SEHK (2019-04-24) in HKD | HK$5.26 |
| SEHK:405 Share Price converted to CNY reporting currency | Exchange rate (HKD/ CNY) 0.857 | CN¥4.51 |
| Hong Kong REITs Industry PE Ratio | Median Figure of 9 Publicly-Listed REITs Companies | 7.2x |
| Hong Kong Market PE Ratio | Median Figure of 1,474 Publicly-Listed Companies | 12.13x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Yuexiu Real Estate Investment Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SEHK:405 Share Price ÷ EPS (both in CNY) = 4.51 ÷ 0.32 |
14.14x |
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 HK REITs industry average.
- Yuexiu Real Estate Investment Trust is overvalued based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does
Yuexiu Real Estate Investment Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 14.14x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts |
10.5%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 | 0.87x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 14.14x ÷ 10.5% |
1.34x |
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?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in CNY | CN¥4.65 |
| SEHK:405 Share Price * | SEHK (2019-04-24) in HKD | HK$5.26 |
| SEHK:405 Share Price converted to CNY reporting currency | Exchange rate (HKD/ CNY) 0.857 | CN¥4.51 |
| Hong Kong REITs Industry PB Ratio | Median Figure of 9 Publicly-Listed REITs Companies | 0.61x |
| Hong Kong Market PB Ratio | Median Figure of 2,150 Publicly-Listed Companies | 1.02x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SEHK:405 Share Price ÷ Book Value per Share (both in CNY) = 4.51 ÷ 4.65 |
0.97x |
* 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 HK REITs industry average.
Value checks
We assess Yuexiu Real Estate Investment Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Yuexiu Real Estate Investment Trust has a total score of 0/6, 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.
405 Future Performance
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!
Earnings growth vs Low Risk Savings
- Yuexiu Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2%.
Growth vs Market Checks
- Yuexiu Real Estate Investment Trust's earnings growth is positive but not above the Hong Kong market average.
- Yuexiu Real Estate Investment Trust's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SEHK:405 Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts | 10.5% |
| SEHK:405 Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts | 4.5% |
| Hong Kong REITs Industry Earnings Growth Rate | Market Cap Weighted Average | -23.8% |
| Hong Kong REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 6.7% |
| Hong Kong Market Earnings Growth Rate | Market Cap Weighted Average | 11.7% |
| Hong Kong Market Revenue Growth Rate | Market Cap Weighted Average | 11.1% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
| 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 | 2,204 | 872 | 649 | 7 |
| 2019-12-31 | 2,113 | 454 | 484 | 6 |
| 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.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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 | 2.00 |
| 2019-12-31 | 0.24 | 0.24 | 0.24 | 1.00 |
| 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%).
Future performance checks
We assess Yuexiu Real Estate Investment Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Yuexiu Real Estate Investment Trust has a total score of 1/6, 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.
405 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
Past Earnings growth analysis
- 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 HK REITs industry average.
Earnings and Revenue History
All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| 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 HK 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).
Past performance checks
We assess Yuexiu Real Estate Investment Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
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.
405 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.
- 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
Assets
Liabilities and shares
- 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.
All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 3 months ago.
| 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 | 13,535.06 | 1,303.90 |
| 2017-09-30 | 15,408.80 | 13,535.06 | 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).
Financial health checks
We assess Yuexiu Real Estate Investment Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Yuexiu Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
405 Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
HK$2,000 of
Yuexiu Real Estate Investment Trust
shares you are expected to receive
HK$123
in your first year as a dividend.
Dividend Amount
- Yuexiu Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (1.96%).
- Yuexiu Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Hong Kong (5.38%).
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.
| 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 7 Analyst Estimates (S&P Global) | See Below |
| Hong Kong REITs Industry Average Dividend Yield | Market Cap Weighted Average of 9 Stocks | 3.9% |
| Hong Kong Market Average Dividend Yield | Market Cap Weighted Average of 966 Stocks | 3.4% |
| Hong Kong Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
| Hong Kong Bottom 25% Dividend Yield | 25th Percentile | 2% |
| Hong Kong Top 25% Dividend Yield | 75th Percentile | 5.4% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CN¥) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 0.30 | 3.00 |
| 2020-12-31 | 0.30 | 8.00 |
| 2019-12-31 | 0.29 | 7.00 |
| Date (Data in CN¥) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-25 | 0.277 | 5.976 |
| 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).
- Dividends after 3 years are expected to be thoroughly covered by earnings (1449.3x coverage).
Income/ dividend checks
We assess Yuexiu Real Estate Investment Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- 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) 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.
405 Management
CEO
| 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 Hong Kong.
Management Team Tenure
Average tenure and age of the Yuexiu Real Estate Investment Trust management team in years:
- 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
CEO & Chairman
48
5.3 yrs
Terry Kwan
Chief Financial Officer
56
12.3 yrs
Patrick Cheng
Deputy GM of Investment & Investor Relations
Bihong Liu
GM of Internal Audit Dept & Dy GM of Compliance Dept - Yuexiu REIT Asset Mgmt Ltd
Jiuzhou Cheng
Deputy CEO & Executive Director
46
5 yrs
Ou Haijing
General Manager of Asset Management Department - Yuexiu REIT Asset Management Limited
Tat Fung Yu
Secretary & Compliance Manager of Yuexiu REIT Asset Mgmt Ltd
Jing Li
General Manager of Project Development Department - Yuexiu REIT Asset Management Limited
Ningjun Liao
Director of Shanghai Project - 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:
- 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
Deputy CEO & Executive Director
46
2.5 yrs
Derek Chan
Independent Non-Executive Director
55
Deliang Lin
CEO & Chairman
48
0.7 yrs
Yuk Tong Cheung
Independent Non-Executive Director
60
4.5 yrs
Brian Chan
Independent Non-Executive Director
64
Danqing Liang
Non-Executive Director
44
0.7 yrs
Feng Li
Non-Executive Director
49
6.8 yrs
Xiaoou Chen
Independent Non-Executive Director
48
2.5 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (HK$) | Value (HK$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 19. Mar 19 | Buy | Yuexiu Property Company Limited | Company | 14. Mar 19 | 14. Mar 19 | 13,167,795 | HK$5.46 | HK$71,896,178 | ||
Management checks
We assess Yuexiu Real Estate Investment Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) 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.
405 News
Simply Wall St News
What Should We Expect From Yuexiu Real Estate Investment Trust's (HKG:405) Earnings In The Next Couple Of Years?
In December 2018, Yuexiu Real Estate Investment Trust (HKG:405) announced its latest earnings update, whicha
Simply Wall St - – Full articleIntroducing Yuexiu Real Estate Investment Trust, A Stock That Climbed 46% In The Last Five Years
For example, the Yuexiu Real Estate Investment Trust (HKG:405) share price is up 46% in the last five years, slightly above the market return. … Check out our latest analysis for Yuexiu Real Estate Investment Trust. … During five years of share price growth, Yuexiu Real Estate Investment Trust achieved compound earnings per share (EPS) growth of 13% per year.
Simply Wall St - – Full articleIs Yuexiu Real Estate Investment Trust's (HKG:405) 6.7% Better Than Average?
By way of learning-by-doing, we'll look at ROE to gain a better understanding of Yuexiu Real Estate Investment Trust (HKG:405). … Our data shows Yuexiu Real Estate Investment Trust has a return on equity of 6.7% for the last year. … See our latest analysis for Yuexiu Real Estate Investment Trust?
Simply Wall St - – Full articleHow Much Of Yuexiu Real Estate Investment Trust (HKG:405) Do Institutions Own?
Every investor in Yuexiu Real Estate Investment Trust (HKG:405) should be aware of the most powerful shareholder groups. … Generally speaking, as a company grows, institutions will increase their ownership. … Yuexiu Real Estate Investment Trust has a market capitalization of HK$15b, so we would expect some institutional investors to have noticed the stock.
Simply Wall St - – Full articleIs Yuexiu Real Estate Investment Trust (HKG:405) A Healthy REIT?
Yuexiu Real Estate Investment Trust is a HK$15b. … real estate investment trust (REIT) based in Wanchai, Hong Kong. … Check out our latest analysis for Yuexiu Real Estate Investment Trust.
Simply Wall St - – Full articleDo Institutions Own Shares In Yuexiu Real Estate Investment Trust (HKG:405)?
I am going to take a deep dive into Yuexiu Real Estate Investment Trust’s (HKG:405) most recent ownership structure, not a frequent subject of discussion among individual investors. … The impact of a company's ownership structure affects both its short- and long-term performance. … See our latest analysis for Yuexiu Real Estate Investment Trust
Simply Wall St - – Full articleHow Did Yuexiu Real Estate Investment Trust's (HKG:405) 9.33% ROE Fare Against The Industry?
and want a simplistic look at the return on Yuexiu Real Estate Investment Trust (HKG:405) stock. … Yuexiu Real Estate Investment Trust (HKG:405) delivered an ROE of 9.33% over the past 12 months, which is relatively in-line with its industry average of 9.64% during the same period. … Today I will look at how components such as financial leverage can influence ROE which may impact the sustainability of 405's returns.
Simply Wall St - – Full articleDoes Yuexiu Real Estate Investment Trust (HKG:405) Have A Place In Your Portfolio?
Yuexiu Real Estate Investment Trust (HKG:405) has pleased shareholders over the past 10 years, paying out an average dividend of 8.00% annually. … View out our latest analysis for Yuexiu Real Estate Investment Trust … How I analyze a dividend stock
Simply Wall St - – Full articleBest SEHK Dividend Picks For The Day
Yuexiu Real Estate Investment Trust (SEHK:405) Yuexiu Real Estate Investment Trust (“Yuexiu REIT”) and its subsidiaries (together, the “Group”) are mainly engaged in the leasing of commercial properties in Mainland China (“China”). … SEHK:405 Historical Dividend Yield Jun 14th 18 Kingboard Chemical Holdings Limited (SEHK:148) Kingboard Chemical Holdings Limited, an investment holding company, manufactures and sells laminates and printed circuit boards. … SEHK:148 Historical Dividend Yield Jun 14th 18 Hysan Development Company Limited (SEHK:14) Hysan is a leading property investment, management and development company in Hong Kong, with a portfolio of more than 4 million square feet of high-quality office, retail and residential properties.
Simply Wall St - – Full articleYuexiu Real Estate Investment Trust And Other Great Dividend Stocks
Yuexiu Real Estate Investment Trust, Shenzhen Expressway, and Kingboard Chemical Holdings all share one thing in common. … SEHK:405 Historical Dividend Yield May 13th 18 Shenzhen Expressway Company Limited (SEHK:548) Shenzhen Expressway Company Limited, together with its subsidiaries, primarily invests in, constructs, operates, and manages toll highways and roads, as well as other urban and transport infrastructure in the People’s Republic of China. … SEHK:548 Historical Dividend Yield May 13th 18 Kingboard Chemical Holdings Limited (SEHK:148) Kingboard Chemical Holdings Limited, an investment holding company, manufactures and sells laminates and printed circuit boards.
Simply Wall St - – Full article405 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 |
| 405 | |
| Exchange: | SEHK |
| Founded: | 2005 |
| HK$16,346,799,483 | |
| 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
Industry
| Diversified REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/24 12:44 |
| End of day share price update: | 2019/04/24 00:00 |
| Last estimates confirmation: | 2019/04/17 |
| Last earnings filing: | 2019/02/25 |
| 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.
