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Sunlight Real Estate Investment Trust

SEHK:435
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
435
SEHK
HK$10B
Market Cap
  1. Home
  2. HK
  3. Real Estate
Company description

Sunlight REIT (Stock Code: 435) is a real estate investment trust authorized by the Securities and Futures Commission and constituted by the trust deed dated 26 May 2006 (as amended and supplemented by six supplemental deeds) (the “Trust Deed”) and has been listed on The Stock Exchange of Hong Kong Limited since 21 December 2006. The last earnings update was 125 days ago. More info.


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435 Share Price and Events
7 Day Returns
0.3%
SEHK:435
0.8%
HK REITs
-0.2%
HK Market
1 Year Returns
9.3%
SEHK:435
28%
HK REITs
-6.6%
HK Market
435 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sunlight Real Estate Investment Trust (435) 0.3% 1.2% 1.2% 9.3% 35.1% 82.6%
HK REITs 0.8% 0.9% 4% 28% 57.5% 88.4%
HK Market -0.2% 2.3% -5.5% -6.6% 22.5% 4.4%
1 Year Return vs Industry and Market
  • 435 underperformed the REITs industry which returned 28% over the past year.
  • 435 outperformed the Market in Hong Kong which returned -6.6% over the past year.
Price Volatility
435
Industry
5yr Volatility vs Market

435 Value

 Is Sunlight 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 Sunlight 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 Sunlight Real Estate Investment Trust.

SEHK:435 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
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:435
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 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.492 (1 + (1- 25%) (43.21%))
0.766
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (0.8 * 6.65%)
7.32%

Discounted Cash Flow Calculation for SEHK:435 using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Sunlight 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.

Sunlight 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:435 DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (HKD, Millions) Source Present Value
Discounted (@ 7.32%)
2019 340.00 Analyst x1 316.80
2020 363.00 Analyst x1 315.15
2021 406.00 Analyst x1 328.43
2022 433.79 Est @ 6.84% 326.97
2023 457.18 Est @ 5.39% 321.09
2024 477.18 Est @ 4.38% 312.27
2025 494.66 Est @ 3.66% 301.62
2026 510.32 Est @ 3.17% 289.94
2027 524.70 Est @ 2.82% 277.76
2028 538.20 Est @ 2.57% 265.47
Present value of next 10 years cash flows HK$3,055.50
SEHK:435 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$538.20 × (1 + 2%) ÷ (7.32% – 2%)
HK$10,319.08
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$10,319.08 ÷ (1 + 7.32%)10
HK$5,089.94
SEHK:435 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$3,055.50 + HK$5,089.94
HK$8,145.44
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$8,145.44 / 1,651.72
HK$4.93
SEHK:435 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$4.93
Current discount Discount to share price of HK$5.97
= -1 x (HK$5.97 - HK$4.93) / HK$4.93
-21.1%

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

  • The current share price of Sunlight 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 Sunlight 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 Sunlight 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:435 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$0.83
SEHK:435 Share Price ** SEHK (2019-06-26) in HKD HK$5.97
Hong Kong REITs Industry PE Ratio Median Figure of 9 Publicly-Listed REITs Companies 10.22x
Hong Kong Market PE Ratio Median Figure of 1,488 Publicly-Listed Companies 10.77x

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

** Primary Listing of Sunlight Real Estate Investment Trust.

SEHK:435 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:435 Share Price ÷ EPS (both in HKD)

= 5.97 ÷ 0.83

7.19x

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

  • Sunlight Real Estate Investment Trust is good value based on earnings compared to the HK REITs industry average.
  • Sunlight Real Estate Investment Trust is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Sunlight Real Estate Investment Trust's expected growth come at a high price?
Raw Data
SEHK:435 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.19x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-31.3%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 470 Publicly-Listed Companies 0.77x

*Line of best fit is calculated by linear regression .

SEHK:435 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.19x ÷ -31.3%

-0.23x

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

  • Sunlight Real Estate Investment Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Sunlight Real Estate Investment Trust's assets?
Raw Data
SEHK:435 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$9.40
SEHK:435 Share Price * SEHK (2019-06-26) in HKD HK$5.97
Hong Kong REITs Industry PB Ratio Median Figure of 9 Publicly-Listed REITs Companies 0.62x
Hong Kong Market PB Ratio Median Figure of 2,173 Publicly-Listed Companies 0.93x
SEHK:435 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:435 Share Price ÷ Book Value per Share (both in HKD)

= 5.97 ÷ 9.40

0.64x

* Primary Listing of Sunlight Real Estate Investment Trust.

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

  • Sunlight Real Estate Investment Trust is overvalued based on assets compared to the HK REITs industry average.
X
Value checks
We assess Sunlight 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. Sunlight Real Estate Investment Trust has a total score of 2/6, 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.

435 Future Performance

 How is Sunlight Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 2 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
-31.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sunlight Real Estate Investment Trust expected to grow at an attractive rate?
  • Sunlight Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
  • Sunlight Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the Hong Kong market average.
  • Sunlight Real Estate Investment Trust's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:435 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:435 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -31.3%
SEHK:435 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 5%
Hong Kong REITs Industry Earnings Growth Rate Market Cap Weighted Average -31.1%
Hong Kong REITs Industry Revenue Growth Rate Market Cap Weighted Average 6.5%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11.1%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.4%

*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:435 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:435 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 953 686 494 1
2020-06-30 895 600 443 2
2019-06-30 854 569 417 2
SEHK:435 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 843 560 1,366
2018-09-30 830 538 1,404
2018-06-30 817 517 1,442
2018-03-31 811 518 1,421
2017-12-31 804 518 1,400
2017-09-30 796 517 1,072
2017-06-30 788 517 744
2017-03-31 778 495 630
2016-12-31 768 474 517
2016-09-30 769 485 671
2016-06-30 770 496 825
2016-03-31 769 503 1,230

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sunlight Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Sunlight Real Estate Investment Trust's revenue is expected to grow by 5% 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:435 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

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

SEHK:435 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 0.30 0.30 0.30 1.00
2020-06-30 0.27 0.27 0.27 1.00
2019-06-30 0.25 0.25 0.25 1.00
SEHK:435 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 0.83
2018-09-30 0.85
2018-06-30 0.88
2018-03-31 0.87
2017-12-31 0.85
2017-09-30 0.65
2017-06-30 0.45
2017-03-31 0.39
2016-12-31 0.32
2016-09-30 0.41
2016-06-30 0.50
2016-03-31 0.75

*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.
  • Sunlight 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 Sunlight 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.
Sunlight Real Estate Investment Trust has a total score of 0/6, 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.

435 Past Performance

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

SEHK:435 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 842.94 1,366.28 119.90
2018-09-30 830.16 1,404.28 116.89
2018-06-30 817.39 1,442.28 113.88
2018-03-31 810.64 1,420.97 111.18
2017-12-31 803.89 1,399.65 108.47
2017-09-30 796.01 1,071.58 107.01
2017-06-30 788.12 743.50 105.55
2017-03-31 778.12 630.24 105.15
2016-12-31 768.12 516.99 104.75
2016-09-30 768.93 671.15 104.52
2016-06-30 769.74 825.32 104.29
2016-03-31 769.22 1,230.30 107.35
2015-12-31 768.69 1,635.27 110.41
2015-09-30 761.52 1,768.99 115.21
2015-06-30 754.35 1,902.70 120.01
2015-03-31 738.82 1,705.12 119.01
2014-12-31 723.28 1,507.54 118.01
2014-09-30 706.09 1,368.80 111.54
2014-06-30 688.91 1,230.05 105.08
2014-03-31 673.47 1,224.60 100.15
2013-12-31 658.03 1,219.15 95.22
2013-09-30 644.11 1,446.89 93.57
2013-06-30 630.20 1,674.62 91.91
2013-03-31 617.34 1,625.03 90.25
2012-12-31 604.49 1,575.43 88.59
2012-09-30 593.09 1,301.34 89.13
2012-06-30 581.69 1,027.25 89.67

*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.
  • Sunlight Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sunlight Real Estate Investment Trust used its assets more efficiently than the HK REITs industry average last year based on Return on Assets.
  • Sunlight Real Estate Investment Trust's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Sunlight 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.
Sunlight Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

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

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

435 Health

 How is Sunlight 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 Sunlight Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sunlight Real Estate Investment Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sunlight 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 Sunlight 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 Sunlight Real Estate Investment Trust Company Filings, last reported 5 months ago.

SEHK:435 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 15,476.32 4,246.17 528.55
2018-09-30 15,476.32 4,246.17 528.55
2018-06-30 14,856.99 4,253.10 655.04
2018-03-31 14,856.99 4,253.10 655.04
2017-12-31 14,526.40 4,231.17 550.48
2017-09-30 14,526.40 4,231.17 550.48
2017-06-30 13,899.48 3,912.56 1,088.14
2017-03-31 13,899.48 3,912.56 1,088.14
2016-12-31 13,659.60 3,905.65 1,067.74
2016-09-30 13,659.60 3,905.65 1,067.74
2016-06-30 13,518.10 3,936.54 1,134.83
2016-03-31 13,518.10 3,936.54 1,134.83
2015-12-31 13,511.39 3,911.02 1,159.26
2015-09-30 13,511.39 3,911.02 1,159.26
2015-06-30 13,097.14 3,930.59 464.33
2015-03-31 13,097.14 3,930.59 464.33
2014-12-31 12,206.52 3,918.67 320.63
2014-09-30 12,206.52 3,918.67 320.63
2014-06-30 11,494.88 3,922.31 345.25
2014-03-31 11,494.88 3,922.31 345.25
2013-12-31 10,979.46 3,923.82 301.01
2013-09-30 10,979.46 3,923.82 301.01
2013-06-30 10,531.74 3,933.93 329.13
2013-03-31 10,531.74 3,933.93 329.13
2012-12-31 9,938.01 4,006.36 5.47
2012-09-30 9,938.01 4,006.36 5.47
2012-06-30 9,021.96 4,029.49 260.88
  • Sunlight Real Estate Investment Trust's level of debt (27.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (35.7% vs 27.4% today).
  • Debt is not well covered by operating cash flow (13.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.4x coverage).
X
Financial health checks
We assess Sunlight 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. Sunlight Real Estate Investment Trust has a total score of 4/6, 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.

435 Dividends

 What is Sunlight 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
4.44%
Current annual income from Sunlight Real Estate Investment Trust dividends. Estimated to be 4.87% next year.
If you bought HK$2,000 of Sunlight Real Estate Investment Trust shares you are expected to receive HK$89 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?
  • Sunlight Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.1%).
  • Sunlight Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Hong Kong (5.89%).
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:435 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 2 Analyst Estimates (S&P Global) See Below
Hong Kong REITs Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 3.8%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 966 Stocks 3.7%
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 5.9%

Industry and Market average data is calculated daily.

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

SEHK:435 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.32 1.00
2020-06-30 0.29 2.00
2019-06-30 0.28 2.00
SEHK:435 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-02-21 0.265 4.561
2018-09-19 0.265 5.214
2017-09-20 0.255 4.759
2017-09-05 0.255 4.677
2016-09-19 0.246 5.086
2016-09-05 0.246 4.955
2016-02-24 0.240 5.589
2015-09-30 0.230 6.046
2015-02-12 0.210 5.404
2015-02-05 0.210 5.294
2014-09-29 0.208 5.993
2014-09-16 0.208 6.303
2013-09-23 0.177 5.772
2013-09-05 0.177 5.714
2012-09-06 0.174 5.246
2012-02-23 0.166 6.430
2012-02-14 0.166 6.558
2011-09-05 0.157 7.020
2010-09-17 0.120 5.033
2010-09-09 0.120 5.495
2009-09-21 0.175 8.939
2009-09-11 0.175 8.738
2009-02-11 0.212 14.566
2008-09-25 0.171 13.326

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Sunlight Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1562.5x coverage).
X
Income/ dividend checks
We assess Sunlight 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 Sunlight Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sunlight Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.


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

435 Management

 What is the CEO of Sunlight 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
Keith Wu
AGE 54
CEO Bio

Mr. Shiu Kee Wu, also known as Keith, serves as the Chief Executive Officer and Responsible Officer of Henderson Sunlight Asset Management Limited, Manager of Sunlight REIT. Mr. Shiu has over 20 years of experience in the property, corporate finance and research related fields. As Director and owner representative of the Ritz Carlton Hotel (Hong Kong) and of Furama Hotel Enterprises Limited, Mr. Wu was responsible for managing the disposal and refinancing of the group companies of Lai Sun Development's hotel portfolio. In particular, he played a leading role in the disposal of Furama Danang Hotel, Vietnam from 2004 to 2005. Prior to joining Lai Sun Development Company Limited, Mr. Wu was the Head of Hong Kong/China Research at Peregrine Brokerage Limited from 1996 to 1997, where he oversaw the equity research team for Hong Kong and the PRC; the Head of Hong Kong/China Research at Crosby Securities (Hong Kong) Limited from 1995 to 1996, where he oversaw its equity analyst team covering Hong Kong and the PRC markets; General Manager of Dao Heng Fund Management Ltd. from 1991 to 1995, where he was responsible for heading up an investment team to manage funds and launch new investment unit trust products; Senior Research Manager at CitiCorp. Vickers Hong Kong Limited from 1989 to 1991; Assistant Research Manager at Hoare Govett Asia Ltd. from 1988 to 1989; and an Economic Officer with Hang Seng Bank Ltd. from 1987 to 1988. He serves as an Executive Director at Henderson Sunlight Asset Management Limited. He serves as a Director of TeamOne Economist Limited and certain REIT Group Companies. From 1997 to 2005, Mr. Wu served as an Executive Director of Lai Sun Development Company Limited from January 1, 1998 to August 8, 2005, where he was responsible for overseeing corporate finance related matters of the group companies of Lai Sun Development including the initial public offerings of Lai Fung Holdings Limited and SUNDAY Communications Limited in 1997 and 2000 respectively. He served as a Director of Peregrine Brokerage Limited from 1996 to 1997, Crosby Securities from 1995 to 1996 and Dao Heng Fund Management Ltd. from 1991 to 1995. Mr. Wu is also a fellow of the Hong Kong Institute of Directors. He holds a Master of Science degree in Engineering and Economic Systems (being renamed Management Science and Engineering) from Stanford University, the United States and a Bachelor of Science degree in Economics and Statistics (High Distinction) from the University of Toronto in Canada.

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

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

4.4
Average Tenure
  • The tenure for the Sunlight Real Estate Investment Trust management team is about average.
Management Team

Keith Wu

TITLE
CEO & Executive Director of Henderson Sunlight Property Management Limited
AGE
54

Phyllis Lo

TITLE
Chief Financial Officer of Henderson Sunlight Asset Management Limited
TENURE
7.4 yrs

Kelvin Hah

TITLE
Senior Manager of Operations & Administration - Henderson Sunlight Asset Management Limited
TENURE
1.3 yrs

Hoi Yu

TITLE
Compliance Manager of Henderson Sunlight Asset Management Limited
AGE
35
TENURE
0.4 yrs

Siu Wah Chung

TITLE
Company Secretary of Henderson Sunlight Asset Management Limited
TENURE
7.6 yrs
Board of Directors Tenure

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

11.2
Average Tenure
63
Average Age
  • The average tenure for the Sunlight Real Estate Investment Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Alexander Au

TITLE
Non-Executive Chairman of the Board of Henderson Sunlight Asset Management Limited
AGE
71
TENURE
9 yrs

Keith Wu

TITLE
CEO & Executive Director of Henderson Sunlight Property Management Limited
AGE
54

Kai Cheong Kwan

TITLE
Independent Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
68
TENURE
13.4 yrs

Kwok Sang Tse

TITLE
Independent Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
61
TENURE
13.4 yrs

Patrick Kwok

TITLE
Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
65

Chester Kwok

TITLE
Independent Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
54
TENURE
3.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
04. Jun 19 Buy Henderson Development Limited Company 03. Jun 19 03. Jun 19 400,000 HK$5.68 HK$2,270,721
17. May 19 Buy Henderson Development Limited Company 16. May 19 16. May 19 240,000 HK$5.78 HK$1,387,800
17. May 19 Buy Henderson Development Limited Company 14. May 19 14. May 19 111,000 HK$5.79 HK$642,368
17. May 19 Buy Henderson Development Limited Company 15. May 19 15. May 19 90,000 HK$5.79 HK$521,100
25. Apr 19 Buy Henderson Development Limited Company 24. Apr 19 24. Apr 19 4,584,002 HK$5.37 HK$24,604,614
02. Apr 19 Sell Silchester International Investors LLP Company 01. Apr 19 01. Apr 19 -374,000 HK$5.89 HK$-2,202,635
21. Feb 19 Buy Tun Ho Kwok Individual 20. Feb 19 20. Feb 19 2,000 HK$5.75 HK$11,500
20. Feb 19 Buy Tun Ho Kwok Individual 19. Feb 19 19. Feb 19 10,000 HK$5.75 HK$57,500
17. Dec 18 Buy Henderson Development Limited Company 13. Dec 18 13. Dec 18 359,000 HK$5.00 HK$1,796,114
13. Dec 18 Buy Henderson Development Limited Company 11. Dec 18 11. Dec 18 250,000 HK$4.95 HK$1,237,199
13. Dec 18 Buy Henderson Development Limited Company 10. Dec 18 10. Dec 18 152,000 HK$4.97 HK$755,941
13. Dec 18 Buy Henderson Development Limited Company 12. Dec 18 12. Dec 18 239,000 HK$4.98 HK$1,190,842
26. Oct 18 Buy Henderson Development Limited Company 25. Oct 18 25. Oct 18 4,564,300 HK$5.39 HK$24,599,279
X
Management checks
We assess Sunlight 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. Sunlight 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.

435 News

Simply Wall St News

How Many Sunlight Real Estate Investment Trust (HKG:435) Shares Did Insiders Buy, In The Last Year?

So we'll take a look at whether insiders have been buying or selling shares in Sunlight Real Estate Investment Trust (HKG:435). … See our latest analysis for Sunlight Real Estate Investment Trust Sunlight Real Estate Investment Trust Insider Transactions Over The Last Year There wasn't any very large single transaction over the last year, but we can still observe some trading. … Insider Ownership of Sunlight Real Estate Investment Trust Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders.

Simply Wall St -

The Sunlight Real Estate Investment Trust (HKG:435) Share Price Has Gained 92% And Shareholders Are Hoping For More

For example, the Sunlight Real Estate Investment Trust (HKG:435) share price is up 92% in the last 5 years, clearly besting than the market return of around 21% (ignoring dividends). … View our latest analysis for Sunlight Real Estate Investment Trust. … During five years of share price growth, Sunlight Real Estate Investment Trust achieved compound earnings per share (EPS) growth of 1.9% per year.

Simply Wall St -

What Kind Of Shareholders Own Sunlight Real Estate Investment Trust (HKG:435)?

Every investor in Sunlight Real Estate Investment Trust (HKG:435) should be aware of the most powerful shareholder groups. … Sunlight Real Estate Investment Trust has a market capitalization of HK$9.4b, so we would expect some institutional investors to have noticed the stock. … institutional investors have bought into the company.

Simply Wall St -

Have Insiders Been Buying Sunlight Real Estate Investment Trust (HKG:435) Shares This Year?

So we'll take a look at whether insiders have been buying or selling shares in Sunlight Real Estate Investment Trust (HKG:435). … View our latest analysis for Sunlight Real Estate Investment Trust … Sunlight Real Estate Investment Trust Insider Transactions Over The Last Year

Simply Wall St -

How Sunlight Real Estate Investment Trust (HKG:435) Could Add Value To Your Portfolio

In the case of Sunlight Real Estate Investment Trust (HKG:435), there's. … that has been able to sustain great financial health over the past … Below, I've touched on some key aspects you should know on a high level

Simply Wall St -

Could Sunlight Real Estate Investment Trust's (HKG:435) Investor Composition Influence The Stock Price?

A look at the shareholders of Sunlight Real Estate Investment Trust (HKG:435) can tell us which group is most powerful. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Sunlight Real Estate Investment Trust isn't enormous, but it's not particularly small either.

Simply Wall St -

Investing In Property Through Sunlight Real Estate Investment Trust (HKG:435)

Sunlight Real Estate Investment Trust is a HK$7.8b. … real estate investment trust (REIT) based in Wan Chai, Hong Kong. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

Simply Wall St -

Do You Know Who Else Invests In Sunlight Real Estate Investment Trust (HKG:435)?

Today, I will be analyzing Sunlight Real Estate Investment Trust’s (HKG:435) recent ownership structure, an important but not-so-popular subject among individual investors. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment. … Check out our latest analysis for Sunlight Real Estate Investment Trust

Simply Wall St -

Should You Invest In Sunlight Real Estate Investment Trust (HKG:435)?

Sunlight Real Estate Investment Trust is a HK$9.00b. … real estate investment trust (REIT) based in Wan Chai, Hong Kong. … View out our latest analysis for Sunlight Real Estate Investment Trust

Simply Wall St -

Can Sunlight Real Estate Investment Trust's (HKG:435) ROE Continue To Surpass The Industry Average?

Check out our latest analysis for Sunlight Real Estate Investment Trust Breaking down Return on Equity Return on Equity (ROE) is a measure of Sunlight Real Estate Investment Trust’s profit relative to its shareholders’ equity. … Sunlight Real Estate Investment Trust’s cost of equity is 8.38%. … Sunlight Real Estate Investment Trust’s above-industry ROE is encouraging, and is also in excess of its cost of equity.

Simply Wall St -

435 Company Info

Description

Sunlight REIT (Stock Code: 435) is a real estate investment trust authorized by the Securities and Futures Commission and constituted by the trust deed dated 26 May 2006 (as amended and supplemented by six supplemental deeds) (the “Trust Deed”) and has been listed on The Stock Exchange of Hong Kong Limited since 21 December 2006. Sunlight REIT offers investors the opportunity to invest in a diversified portfolio of 11 office and five retail properties in Hong Kong with a total gross rentable area of approximately 1.2 million sq. ft.. The office properties are primarily located in core business areas, including Wan Chai and Sheung Wan/Central, as well as in decentralized business areas such as Mong Kok and North Point. The retail properties are primarily situated in regional transportation hubs and new towns including Sheung Shui, Tseung Kwan O and Yuen Long, as well as in urban areas with high population density.

Details
Name: Sunlight Real Estate Investment Trust
435
Exchange: SEHK
Founded: 2006
HK$9,827,752,320
1,651,723,079
Website: http://www.sunlightreit.com
Address: Sunlight Real Estate Investment Trust
Sunlight Tower,
30th Floor,
Wan Chai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 435 Units The Stock Exchange of Hong Kong Ltd. HK HKD 21. Dec 2006
OTCPK SHTR.F Units Pink Sheets LLC US USD 21. Dec 2006
DB Q9R Units Deutsche Boerse AG DE EUR 21. Dec 2006
Number of employees
Current staff
Staff numbers
0
Sunlight Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 12:47
End of day share price update: 2019/06/26 00:00
Last estimates confirmation: 2019/05/31
Last earnings filing: 2019/02/21
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


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.