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Yuexiu Real Estate Investment Trust

SEHK:405
Snowflake Description

Established dividend payer with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
405
SEHK
HK$17B
Market Cap
  1. Home
  2. HK
  3. Real Estate
Company description

Yuexiu Real Estate Investment Trust (“Yuexiu REIT”) was listed on the Hong Kong Stock Exchange of Hong Kong Limited on 21 December 2005 and is the first listed real estate investment trust only investing in properties in the People’s Republic of China (the “PRC”) in the world. The last earnings update was 169 days ago. More info.


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405 Share Price and Events
7 Day Returns
-0.6%
SEHK:405
-0%
HK REITs
1.6%
HK Market
1 Year Returns
4.2%
SEHK:405
21.6%
HK REITs
-11%
HK Market
405 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Yuexiu Real Estate Investment Trust (405) -0.6% 3% 9.9% 4.2% 36.9% 46.5%
HK REITs -0% 6.8% 14.8% 21.6% 70.7% 83.7%
HK Market 1.6% 6.7% 6.9% -11% 34.7% 15.6%
1 Year Return vs Industry and Market
  • 405 underperformed the REITs industry which returned 21.6% over the past year.
  • 405 outperformed the Market in Hong Kong which returned -11% over the past year.
Price Volatility
405
Industry
5yr Volatility vs Market

405 Value

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

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

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

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

SEHK:405 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
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:405
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 8%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.498 (1 + (1- 25%) (87.66%))
0.825
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.825 * 8%)
8.6%

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 use analyst's estimates of cash flows going forward 5 years for the 1st 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.

SEHK:405 DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Funds From Operations (FFO) (CNY, Millions) 590.00 637.00 733.17 843.86 971.26
Source Analyst x1 Analyst x1 Est @ 15.1% Est @ 15.1% Est @ 15.1%
Present Value
Discounted (@ 8.6%)
543.26 540.08 572.38 606.61 642.88
Present value of next 5 years cash flows CN¥2,905.20
SEHK:405 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= CN¥971.26 × (1 + 2%) ÷ (8.6% – 2%)
CN¥15,011.15
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= CN¥15,011.15 ÷ (1 + 8.6%)5
CN¥9,935.90
SEHK:405 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= CN¥2,905.20 + CN¥9,935.90
CN¥12,841.10
Equity Value per Share
(CNY)
= Total value / Shares Outstanding
= CN¥12,841.10 / 3,106.45
CN¥4.1
SEHK:405 Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:405)
1.159
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥4.1 x 1.159
HK$4.75
Value per share (HKD) From above. HK$4.75
Current discount Discount to share price of HK$5.42
= -1 x (HK$5.42 - HK$4.75) / HK$4.75
-14.2%

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

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

The amount the stock market is willing to pay for Yuexiu Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Yuexiu Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:405 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in CNY CN¥0.34
SEHK:405 Share Price ** SEHK (2019-02-15) in HKD HK$5.42
SEHK:405 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.863 CN¥4.68
Hong Kong REITs Industry PE Ratio Median Figure of 9 Publicly-Listed REITs Companies 7.19x
Hong Kong Market PE Ratio Median Figure of 1,482 Publicly-Listed Companies 10.71x

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

** Primary Listing of Yuexiu Real Estate Investment Trust.

SEHK:405 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 4.68 ÷ 0.34

13.61x

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?
Raw Data
SEHK:405 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
2.7%per year
Hong Kong REITs Industry PEG Ratio Median Figure of 7 Publicly-Listed REITs Companies -0.15x
Hong Kong Market PEG Ratio Median Figure of 465 Publicly-Listed Companies 0.76x

*Line of best fit is calculated by linear regression .

SEHK:405 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.61x ÷ 2.7%

5.06x

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

  • Yuexiu Real Estate Investment Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Yuexiu Real Estate Investment Trust's assets?
Raw Data
SEHK:405 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in CNY CN¥4.78
SEHK:405 Share Price * SEHK (2019-02-15) in HKD HK$5.42
SEHK:405 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.863 CN¥4.68
Hong Kong REITs Industry PB Ratio Median Figure of 9 Publicly-Listed REITs Companies 0.61x
Hong Kong Market PB Ratio Median Figure of 2,117 Publicly-Listed Companies 0.97x
SEHK:405 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.68 ÷ 4.78

0.98x

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

 How is Yuexiu Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

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

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
2.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Yuexiu Real Estate Investment Trust expected to grow at an attractive rate?
  • Yuexiu Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 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
Raw Data
SEHK:405 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:405 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 2.7%
SEHK:405 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 5.4%
Hong Kong REITs Industry Earnings Growth Rate Market Cap Weighted Average -16.5%
Hong Kong REITs Industry Revenue Growth Rate Market Cap Weighted Average 6.4%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.7%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10%

*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:405 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:405 Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 2,290 934 885 3
2019-12-31 2,201 813 1,317 5
2018-12-31 2,084 870 887 6
SEHK:405 Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
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
2015-12-31 1,710 630 741
2015-09-30 1,663 649 979

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Yuexiu Real Estate Investment Trust's earnings are expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
  • Yuexiu Real Estate Investment Trust's revenue is expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:405 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (7 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:405 Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.25 0.25 0.25 1.00
2019-12-31 0.78 0.78 0.78 1.00
2018-12-31 0.33 0.42 0.24 2.00
SEHK:405 Past Financials Data
Date (Data in CNY Millions) EPS *
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
2015-12-31 0.26
2015-09-30 0.35

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Yuexiu Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Yuexiu Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the 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.
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
Below we compare Yuexiu Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Yuexiu Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years.
  • Yuexiu Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Yuexiu Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the HK REITs industry average.
Earnings and Revenue History
Yuexiu Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 7 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:405 Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
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
2012-03-31 529.26 1,044.00 8.34

*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 improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Yuexiu Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Yuexiu Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.

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

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

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

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

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

All data from Yuexiu Real Estate Investment Trust Company Filings, last reported 7 months ago.

SEHK:405 Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
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
2012-03-31 5,235.05 1,990.46 714.46
  • Yuexiu Real Estate Investment Trust's level of debt (82.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (65.6% vs 82.4% today).
  • Debt is not well covered by operating cash flow (5.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Yuexiu Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Yuexiu Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

405 Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.92%
Current annual income from Yuexiu Real Estate Investment Trust dividends. Estimated to be 6.53% next year.
If you bought HK$2,000 of Yuexiu Real Estate Investment Trust shares you are expected to receive HK$118 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Yuexiu Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2%).
  • Yuexiu Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Hong Kong (5.51%).
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:405 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 5 Analyst Estimates (S&P Global) See Below
Hong Kong REITs Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 4%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 916 Stocks 3.5%
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 5.5%

Industry and Market average data is calculated daily.

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

SEHK:405 Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.31 4.00
2019-12-31 0.30 6.00
2018-12-31 0.29 7.00
SEHK:405 Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2018-04-16 0.277 6.235
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
2009-03-25 0.216 10.200
2009-03-12 0.217 12.892
2009-02-16 0.217 14.314

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Yuexiu Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (2040.8x coverage).
X
Income/ dividend checks
We assess Yuexiu Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Yuexiu Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Yuexiu Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.


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

405 Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Deliang Lin
AGE 48
TENURE AS CEO 5.1 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:

5.1
Average Tenure
48
Average Age
  • The average tenure for the Yuexiu Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Deliang Lin

TITLE
CEO & Chairman
AGE
48
TENURE
5.1 yrs

Terry Kwan

TITLE
Chief Financial Officer
AGE
56
TENURE
12.1 yrs

Patrick Cheng

TITLE
Deputy GM of Investment & Investor Relations

Bihong Liu

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

Jiuzhou Cheng

TITLE
Deputy CEO & Executive Director
AGE
46
TENURE
4.8 yrs

Ou Haijing

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

Tat Fung Yu

TITLE
Secretary & Compliance Manager of Yuexiu REIT Asset Mgmt Ltd

Jing Li

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

Ningjun Liao

TITLE
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:

2.3
Average Tenure
48
Average Age
  • The average tenure for the Yuexiu Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Deliang Lin

TITLE
CEO & Chairman
AGE
48
TENURE
0.5 yrs

Jiuzhou Cheng

TITLE
Deputy CEO & Executive Director
AGE
46
TENURE
2.3 yrs

Derek Chan

TITLE
Independent Non-Executive Director
AGE
55

Yuk Tong Cheung

TITLE
Independent Non-Executive Director
AGE
60
TENURE
4.3 yrs

Danqing Liang

TITLE
Non-Executive Director
AGE
44
TENURE
0.5 yrs

Feng Li

TITLE
Non-Executive Director
AGE
49
TENURE
6.7 yrs

Xiaoou Chen

TITLE
Independent Non-Executive Director
AGE
48
TENURE
2.3 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 (HK$) Value (HK$)
19. Mar 18 Buy Yuexiu Property Company Limited Company 13. Mar 18 13. Mar 18 12,837,571 HK$5.25 HK$67,397,262
X
Management checks
We assess Yuexiu Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Yuexiu Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


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

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

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

405 News

Simply Wall St News

Is 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 -

How 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 -

Is 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 -

Do 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 -

How 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 -

Does 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 -

Best 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 -

Yuexiu 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 -

Best Rated SEHK Dividend Stocks

Yuexiu Real Estate Investment Trust is one of our top dividend-paying companies that can help boost the investment income in your portfolio. … SEHK:405 Historical Dividend Yield Apr 12th 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 expressways primarily in the People’s Republic of China. … SEHK:548 Historical Dividend Yield Apr 12th 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 -

Should Income Investors Buy Yuexiu Real Estate Investment Trust (HKG:405) Before Its Ex-Dividend?

Check out our latest analysis for Yuexiu Real Estate Investment Trust How I analyze a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is its annual yield among the top 25% of dividend payers? … SEHK:405 Historical Dividend Yield Apr 6th 18 How well does Yuexiu Real Estate Investment Trust fit our criteria? … In terms of its peers, Yuexiu Real Estate Investment Trust has a yield of 6.26%, which is high for REITs stocks.

Simply Wall St -

405 Company Info

Map
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$16,992,283,835
3,106,450,427
Website: http://www.yuexiureit.com
Address: Yuexiu Real Estate Investment Trust
17B Yue Xiu Building,
160 Lockhart Road,
Wanchai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 405 Trust Units The Stock Exchange of Hong Kong Ltd. HK HKD 21. Dec 2005
OTCPK YUXX.F Trust Units Pink Sheets LLC US USD 21. Dec 2005
DB D3N Trust Units Deutsche Boerse AG DE EUR 21. Dec 2005
Number of employees
Current staff
Staff numbers
783
Yuexiu Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/15 12:48
End of day share price update: 2019/02/15 00:00
Last estimates confirmation: 2019/02/11
Last earnings filing: 2018/08/30
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


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.