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CapitaLand Retail China Trust

SGX:AU8U
Snowflake Description

Established dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AU8U
SGX
SGD2B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

CapitaLand Retail China Trust (CRCT) (stock code: AU8U) is the first and largest China shopping mall real estate investment trust (REIT) in Singapore, with a portfolio of 11 income-producing shopping malls. The last earnings update was 61 days ago. More info.


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AU8U Share Price and Events
7 Day Returns
0.7%
SGX:AU8U
0.7%
SG REITs
2.2%
SG Market
1 Year Returns
4.8%
SGX:AU8U
14.1%
SG REITs
0.1%
SG Market
AU8U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CapitaLand Retail China Trust (AU8U) 0.7% 3.4% -1.9% 4.8% 4.1% 4.1%
SG REITs 0.7% 4.7% 5.8% 14.1% 24.9% 15.5%
SG Market 2.2% 4.1% 3% 0.1% 14.7% -4.6%
1 Year Return vs Industry and Market
  • AU8U underperformed the REITs industry which returned 14.1% over the past year.
  • AU8U outperformed the Market in Singapore which returned 0.1% over the past year.
Price Volatility
AU8U
Industry
5yr Volatility vs Market

AU8U Value

 Is CapitaLand Retail China 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 CapitaLand Retail China 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 CapitaLand Retail China Trust.

SGX:AU8U 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 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.4%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

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 SGX:AU8U
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 17%) (72.28%))
0.86
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.86 * 5.96%)
7.43%

Discounted Cash Flow Calculation for SGX:AU8U using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for CapitaLand Retail China 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.

CapitaLand Retail China 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.

SGX:AU8U DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.43%)
2019 93.00 Analyst x1 86.57
2020 95.00 Analyst x1 82.32
2021 106.00 Analyst x1 85.50
2022 111.65 Est @ 5.33% 83.83
2023 116.58 Est @ 4.42% 81.49
2024 121.00 Est @ 3.79% 78.73
2025 125.04 Est @ 3.34% 75.73
2026 128.83 Est @ 3.03% 72.63
2027 132.45 Est @ 2.81% 69.51
2028 135.97 Est @ 2.66% 66.43
Present value of next 10 years cash flows SGD782.75
SGX:AU8U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD135.97 × (1 + 2.3%) ÷ (7.43% – 2.3%)
SGD2,715.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD2,715.23 ÷ (1 + 7.43%)10
SGD1,326.50
SGX:AU8U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD782.75 + SGD1,326.50
SGD2,109.25
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,109.25 / 998.52
SGD2.11
SGX:AU8U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD2.11
Current discount Discount to share price of SGD1.54
= -1 x (SGD1.54 - SGD2.11) / SGD2.11
27.1%

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

Current Discount
Amount off the current price CapitaLand Retail China Trust is available for.
Intrinsic value
27%
Share price is SGD1.54 vs Future cash flow value of SGD2.11
Current Discount Checks
For CapitaLand Retail China Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CapitaLand Retail China Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CapitaLand Retail China Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CapitaLand Retail China Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CapitaLand Retail China Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:AU8U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.14
SGX:AU8U Share Price ** SGX (2019-06-24) in SGD SGD1.54
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 14.47x
Singapore Market PE Ratio Median Figure of 324 Publicly-Listed Companies 12.65x

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

** Primary Listing of CapitaLand Retail China Trust.

SGX:AU8U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:AU8U Share Price ÷ EPS (both in SGD)

= 1.54 ÷ 0.14

11.2x

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

  • CapitaLand Retail China Trust is good value based on earnings compared to the SG REITs industry average.
  • CapitaLand Retail China Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does CapitaLand Retail China Trust's expected growth come at a high price?
Raw Data
SGX:AU8U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
0.7%per year
Singapore REITs Industry PEG Ratio Median Figure of 36 Publicly-Listed REITs Companies 1.77x
Singapore Market PEG Ratio Median Figure of 118 Publicly-Listed Companies 1.67x

*Line of best fit is calculated by linear regression .

SGX:AU8U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.2x ÷ 0.7%

15.87x

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

  • CapitaLand Retail China Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CapitaLand Retail China Trust's assets?
Raw Data
SGX:AU8U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD1.59
SGX:AU8U Share Price * SGX (2019-06-24) in SGD SGD1.54
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 1x
Singapore Market PB Ratio Median Figure of 431 Publicly-Listed Companies 0.71x
SGX:AU8U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:AU8U Share Price ÷ Book Value per Share (both in SGD)

= 1.54 ÷ 1.59

0.97x

* Primary Listing of CapitaLand Retail China Trust.

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

  • CapitaLand Retail China Trust is good value based on assets compared to the SG REITs industry average.
X
Value checks
We assess CapitaLand Retail China 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. CapitaLand Retail China Trust has a total score of 4/6, 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.

AU8U Future Performance

 How is CapitaLand Retail China 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
0.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CapitaLand Retail China Trust expected to grow at an attractive rate?
  • CapitaLand Retail China Trust's earnings growth is positive but not above the low risk savings rate of 2.3%.
Growth vs Market Checks
  • CapitaLand Retail China Trust's earnings growth is positive but not above the Singapore market average.
  • CapitaLand Retail China Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:AU8U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:AU8U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 0.7%
SGX:AU8U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 7.9%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.3%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.6%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
SGX:AU8U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:AU8U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 276 158 119 3
2020-12-31 253 137 113 4
2019-12-31 235 126 103 3
SGX:AU8U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 223 119 134
2018-12-31 223 118 129
2018-09-30 221 102 116
2018-06-30 222 95 152
2018-03-31 224 109 143
2017-12-31 229 116 145
2017-09-30 232 130 143
2017-06-30 226 120 105
2017-03-31 219 121 107
2016-12-31 214 120 107
2016-09-30 214 113 106
2016-06-30 219 120 106

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CapitaLand Retail China Trust's earnings are expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).
  • CapitaLand Retail China Trust's revenue is expected to grow by 7.9% 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
SGX:AU8U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from CapitaLand Retail China Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:AU8U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.10 0.11 0.08 3.00
2020-12-31 0.09 0.10 0.08 4.00
2019-12-31 0.09 0.10 0.07 4.00
SGX:AU8U Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.14
2018-12-31 0.13
2018-09-30 0.12
2018-06-30 0.16
2018-03-31 0.16
2017-12-31 0.16
2017-09-30 0.16
2017-06-30 0.12
2017-03-31 0.12
2016-12-31 0.12
2016-09-30 0.12
2016-06-30 0.13

*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.
  • CapitaLand Retail China Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CapitaLand Retail China 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 Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore 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.
CapitaLand Retail China 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.

AU8U Past Performance

  How has CapitaLand Retail China 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 CapitaLand Retail China 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.
  • CapitaLand Retail China Trust's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • CapitaLand Retail China Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CapitaLand Retail China Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.
Earnings and Revenue History
CapitaLand Retail China 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 CapitaLand Retail China Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:AU8U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 223.33 134.24 6.73
2018-12-31 222.74 128.56 6.76
2018-09-30 221.10 115.81 6.36
2018-06-30 221.74 152.42 6.35
2018-03-31 224.46 143.14 6.31
2017-12-31 229.19 144.70 6.29
2017-09-30 231.78 142.54 6.10
2017-06-30 226.40 104.59 6.09
2017-03-31 218.91 107.33 6.10
2016-12-31 214.37 106.61 6.09
2016-09-30 213.91 105.63 5.76
2016-06-30 218.60 106.37 5.78
2016-03-31 221.36 115.40 5.72
2015-12-31 220.33 114.00 5.75
2015-09-30 216.79 125.08 4.99
2015-06-30 212.90 122.56 4.98
2015-03-31 209.66 147.04 5.04
2014-12-31 203.26 144.60 5.02
2014-09-30 191.82 137.08 4.47
2014-06-30 179.90 135.55 4.47
2014-03-31 168.89 134.17 4.45
2013-12-31 160.08 132.92 4.43
2013-09-30 156.70 160.22 3.76
2013-06-30 155.84 160.21 3.56
2013-03-31 153.96 137.78 3.41
2012-12-31 152.54 137.00 3.23
2012-09-30 151.10 116.42 0.26
2012-06-30 146.32 112.31 1.12

*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.
  • CapitaLand Retail China Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CapitaLand Retail China Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • CapitaLand Retail China Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CapitaLand Retail China 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.
CapitaLand Retail China 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.

AU8U Health

 How is CapitaLand Retail China 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 CapitaLand Retail China Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CapitaLand Retail China Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CapitaLand Retail China Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CapitaLand Retail China 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 0.4x 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 CapitaLand Retail China Trust Company Filings, last reported 2 months ago.

SGX:AU8U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,610.00 1,076.18 159.30
2018-12-31 1,571.56 1,040.98 174.03
2018-09-30 1,557.48 1,038.55 142.39
2018-06-30 1,678.41 998.89 112.71
2018-03-31 1,639.53 997.54 103.32
2017-12-31 1,568.09 749.95 186.52
2017-09-30 1,489.62 977.37 353.35
2017-06-30 1,422.26 949.18 108.12
2017-03-31 1,420.02 988.15 131.38
2016-12-31 1,451.69 977.99 137.03
2016-09-30 1,381.37 993.35 127.76
2016-06-30 1,388.33 699.12 114.03
2016-03-31 1,451.67 707.77 98.94
2015-12-31 1,515.07 706.01 132.90
2015-09-30 1,461.55 708.61 104.31
2015-06-30 1,457.86 676.64 93.01
2015-03-31 1,412.93 683.64 79.06
2014-12-31 1,377.82 671.73 88.11
2014-09-30 1,260.29 684.55 77.65
2014-06-30 1,280.18 658.92 60.98
2014-03-31 1,234.49 690.69 74.69
2013-12-31 1,213.87 713.43 105.76
2013-09-30 1,139.48 469.14 108.33
2013-06-30 1,128.36 410.89 98.23
2013-03-31 1,021.03 412.63 82.51
2012-12-31 1,001.71 467.73 140.48
2012-09-30 902.32 481.64 95.07
2012-06-30 970.73 448.70 79.85
  • CapitaLand Retail China Trust's level of debt (66.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (55.9% vs 66.8% today).
  • Debt is not well covered by operating cash flow (11.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.4x coverage).
X
Financial health checks
We assess CapitaLand Retail China 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. CapitaLand Retail China Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

AU8U Dividends

 What is CapitaLand Retail China Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.64%
Current annual income from CapitaLand Retail China Trust dividends. Estimated to be 6.91% next year.
If you bought SGD2,000 of CapitaLand Retail China Trust shares you are expected to receive SGD133 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?
  • CapitaLand Retail China Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.63%).
  • CapitaLand Retail China Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.59%).
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
SGX:AU8U 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
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.4%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 277 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

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

SGX:AU8U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.11 4.00
2020-12-31 0.11 5.00
2019-12-31 0.10 5.00
SGX:AU8U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-31 0.102 6.799
2018-07-26 0.101 7.199
2018-03-19 0.101 6.554
2018-01-30 0.101 6.354
2017-07-26 0.101 6.194
2017-01-26 0.101 6.632
2016-02-03 0.106 7.171
2015-01-28 0.098 6.333
2014-01-28 0.090 5.946
2013-07-18 0.094 6.827
2013-02-01 0.095 5.788
2012-10-25 0.125 7.748
2012-07-25 0.096 6.480
2012-01-27 0.088 6.931
2011-07-15 0.084 7.162
2011-03-18 0.167 13.388
2011-01-26 0.084 6.636
2010-07-23 0.083 6.661
2010-03-01 0.081 6.731
2010-01-29 0.081 6.933
2009-07-24 0.084 6.807

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 CapitaLand Retail China Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (900.9x coverage).
X
Income/ dividend checks
We assess CapitaLand Retail China Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - 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 CapitaLand Retail China Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CapitaLand Retail China 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.

AU8U Management

 What is the CEO of CapitaLand Retail China 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
Tze Wooi Tan
COMPENSATION SGD0
AGE 45
TENURE AS CEO 2.2 years
CEO Bio

Mr. Tze Wooi Tan has been the Chief Executive Officer of Capitaland Retail China Trust Management Limited, Manager of CapitaLand Retail China Trust since April 1, 2017. He served as Chief Executive Officer of Capitaland Retail China Trust Management Limited at CapitaLand Limited until 2019. Mr. Tan has been Executive Non-Independent Director of Capitaland Retail China Trust Management Limited, Manager of CapitaLand Retail China Trust since April 1, 2017. He has about 20 years of financial experience in real estate, corporate banking, credit and auditing in Singapore and China. Mr. Tan served as the Deputy Chief Executive Officer of Capitaland Retail China Trust Management Limited since December 1, 2016. He served as Vice President of Investment and Asset Management for China of Capitaretail China Trust Management Limited (CRCTML), the Manager of CapitaRetail China Trust. Mr. Tan joined CapitaLand Group in 2005 and has been based in China since 2008, during which he held various leadership positions including General Manager of Investment and Asset Management of North China CapitaLand Mall Asia. He served as an Investment and Asset Manager for CapitaMalls Asia Limited (CMA) before joining CRCTML. He served as an Investment Manager of CapitaMall Trust Management Limited, a Manager of CapitaLand Mall Trust. Prior to joining CMTML, Mr. Tan served at Standard Chartered Bank and was responsible for credit research, managing client relationships in corporate banking (real estate), and worked closely with the debt capital markets team and other product partners in delivering banking solutions. He has over four years of experience in KPMG and led engagement teams in carrying out assignments across various industries. He is a Chartered Financial Analyst (CFA) charter holder. Mr. Tan holds a Bachelor of Accountancy (Honours) from Nanyang Technological University, Singapore.

CEO Compensation
  • Insufficient data for Tze Wooi to compare compensation growth.
  • Tze Wooi's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure of the CapitaLand Retail China Trust management team in years:

2.2
Average Tenure
  • The tenure for the CapitaLand Retail China Trust management team is about average.
Management Team

Tze Wooi Tan

TITLE
CEO & Executive Director of CapitaLand Retail China Trust Management Limited
AGE
45
TENURE
2.2 yrs

Joanne Tan

TITLE
Head of Finance - CapitaLand Retail China Trust Management Limited
AGE
38
TENURE
8.9 yrs

Hong You

TITLE
Assistant VP of Investment & Asset Management - CapitaLand Retail China Trust Management Limited

Nicole Chen

TITLE
Senior Manager of Investor Relations - CapitaLand Retail China Trust Management Limited

Cher Chuo

TITLE
Company Secretary of CapitaLand Retail China Trust Management Limited
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the CapitaLand Retail China Trust board of directors in years:

2.2
Average Tenure
53
Average Age
  • The average tenure for the CapitaLand Retail China Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Kim Soon Soh

TITLE
Chairman of the Board of CapitaLand Retail China Trust Management Limited
COMPENSATION
SGD129K
AGE
72
TENURE
2.2 yrs

Tze Wooi Tan

TITLE
CEO & Executive Director of CapitaLand Retail China Trust Management Limited
AGE
45
TENURE
2.2 yrs

Heng Boo Fong

TITLE
Independent Non-Executive Director of CapitaLand Retail China Trust Management Limited
COMPENSATION
SGD91K
AGE
68
TENURE
6.4 yrs

Chee Koon Lee

TITLE
Non-Executive Non-Independent Director of CapitaLand Retail China Trust Management Limited
AGE
43
TENURE
1.4 yrs

Christopher Gee

TITLE
Independent Non-Executive Director of CapitaLand Retail China Trust Management Limited
COMPENSATION
SGD75K
AGE
49
TENURE
5.4 yrs

Kong Yam Tan

TITLE
Non-Executive Independent Director of Capitaland Retail China Trust Management Limited
COMPENSATION
SGD72K
AGE
63
TENURE
4.7 yrs

Poh Kiat Neo

TITLE
Non-Executive Independent Director of CapitaLand Retail China Trust Management Limited
COMPENSATION
SGD53K
AGE
67
TENURE
2.2 yrs

Li Li Kuan

TITLE
Non-Executive Independent Director of CapitaLand Retail China Trust Management Limited
COMPENSATION
SGD51K
AGE
53
TENURE
1.4 yrs

Andrew Geoffrey Lim

TITLE
Non-Executive Non-Independent Director of CapitaLand Retail China Trust Management Limited
AGE
48
TENURE
1.4 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 (SGD) Value (SGD)
21. Jun 19 Buy PPM America, Inc Company 19. Jun 19 19. Jun 19 1,918,400 SGD1.54 SGD2,954,337
06. May 19 Sell PPM America, Inc Company 30. Apr 19 30. Apr 19 -1,216,000 SGD1.51 SGD-1,836,160
23. Apr 19 Sell PPM America, Inc Company 18. Apr 19 18. Apr 19 -550,000 SGD1.52 SGD-836,000
11. Apr 19 Buy PPM America, Inc Company 08. Apr 19 08. Apr 19 107,600 SGD1.52 SGD163,132
29. Mar 19 Buy PPM America, Inc Company 26. Mar 19 26. Mar 19 500,000 SGD1.56 SGD780,800
07. Feb 19 Buy PPM America, Inc Company 31. Jan 19 31. Jan 19 1,511,400 SGD1.49 SGD2,250,324
28. Dec 18 Buy PPM America, Inc Company 26. Dec 18 26. Dec 18 550,000 SGD1.36 SGD745,250
15. Oct 18 Sell PPM America, Inc Company 10. Oct 18 10. Oct 18 -1,364,900 SGD1.40 SGD-1,909,358
X
Management checks
We assess CapitaLand Retail China 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. CapitaLand Retail China 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.

AU8U News

Simply Wall St News

Looking At CapitaLand Retail China Trust (SGX:AU8U) From All Angles

Today I've chosen to put the spotlight on CapitaLand Retail China Trust (SGX:AU8U) due to its excellent fundamentals in more than one area. … For those interested in digger a bit deeper into my commentary, take a look at the report on CapitaLand Retail China Trust here. … SGX:AU8U Historical Dividend Yield, June 17th 2019 Next Steps: For CapitaLand Retail China Trust, there are three relevant aspects you should look at: Future Outlook: What are well-informed industry analysts predicting for AU8U’s future growth?

Simply Wall St -

What To Know Before Buying CapitaLand Retail China Trust (SGX:AU8U) For Its Dividend

Could CapitaLand Retail China Trust (SGX:AU8U) be an attractive dividend share to own for the long haul? … Click the interactive chart for our full dividend analysis SGX:AU8U Historical Dividend Yield, May 30th 2019 Payout ratios Companies (usually) pay dividends out of their earnings. If a company is paying more than it earns, the dividend might have to be cut. So we need to be form a view on if a company's dividend is sustainable, relative to its net profit after tax. Looking at the data, we can see that 54% of CapitaLand Retail China Trust's profits were paid out as dividends in the last 12 months. This is a healthy payout ratio, and while it does limit the amount of earnings that can be reinvested in the business, there is also some room to lift the payout ratio over time. Another important check we do is to see if the free cash flow generated is sufficient to pay the dividend. CapitaLand Retail China Trust's cash payout ratio in the last year was 37%, which suggests dividends were well covered by cash generated by the business. It's encouraging to see that the dividend is covered by both profit and cash flow. This generally suggests the dividend is sustainable, as long as earnings don't drop precipitously. Is CapitaLand Retail China Trust's Balance Sheet Risky? As CapitaLand Retail China Trust has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. Net debt to EBITDA is a measure of a company's total debt. Net interest cover measures the ability to meet interest payments on debt. Essentially we check that a) a company does not have too much debt, and b) that it can afford to pay the interest. … CapitaLand Retail China Trust's dividend payments have fluctuated, so it hasn't grown 2.0% every year, but the CAGR is a useful rule of thumb for approximating the historical growth.

Simply Wall St -

Is CapitaLand Retail China Trust's (SGX:AU8U) ROE Of 8.4% Impressive?

We'll use ROE to examine CapitaLand Retail China Trust (SGX:AU8U), by way of a worked example. … Our data shows CapitaLand Retail China Trust has a return on equity of 8.4% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is CapitaLand Retail China Trust (SGX:AU8U) A Healthy REIT?

CapitaLand Retail China Trust is a S$1.5b. … See our latest analysis for CapitaLand Retail China Trust … FFO is a cleaner and more representative figure of how much AU8U actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

CapitaLand Retail China Trust (SGX:AU8U): What Does The Future Look Like?

Help shape the future of investing tools and you could win a $250 gift card! … The latest earnings announcement CapitaLand Retail China Trust (SGX:AU8U) released in December 2018

Simply Wall St -

Taking A Look At CapitaLand Retail China Trust's (SGX:AU8U) ROE

By way of learning-by-doing, we'll look at ROE to gain a better understanding of CapitaLand Retail China Trust (SGX:AU8U). … Over the last twelve months CapitaLand Retail China Trust has recorded a ROE of 7.3%. … View our latest analysis for CapitaLand Retail China Trust?

Simply Wall St -

Investing In Property Through CapitaLand Retail China Trust (SGX:AU8U)

CapitaLand Retail China Trust is a S$1.3b. … real estate investment trust (REIT) based in Singapore, Singapore. … Check out our latest analysis for CapitaLand Retail China Trust

Simply Wall St -

What Kind Of Shareholders Own CapitaLand Retail China Trust (SGX:AU8U)?

Every investor in CapitaLand Retail China Trust (SGX:AU8U) should be aware of the most powerful shareholder groups. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … With a market capitalization of S$1.3b, CapitaLand Retail China Trust is a decent size, so it is probably on the radar of institutional investors.

Simply Wall St -

Is CapitaLand Retail China Trust (SGX:AU8U) Potentially Underrated?

Attractive stocks have exceptional fundamentals. … In the case of CapitaLand Retail China Trust (SGX:AU8U), there's. … that has been a rockstar for income investors, currently trading at an attractive share price

Simply Wall St -

CapitaLand Retail China Trust’s (SGX:AU8U) Insiders Increased Their Holdings - Should You?

CRCT is the first China shopping mall Real Estate Investment Trust (REIT) in Singapore, with a portfolio of 11 income-producing shopping malls. … some insider buying over the past three months, with insiders investing in. … A well-known argument is that insiders investing more in their own companies’ shares sends an optimistic signal.

Simply Wall St -

AU8U Company Info

Description

CapitaLand Retail China Trust (CRCT) (stock code: AU8U) is the first and largest China shopping mall real estate investment trust (REIT) in Singapore, with a portfolio of 11 income-producing shopping malls. Listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006, it is established with the objective of investing on a long-term basis in a diversified portfolio of income-producing real estate used primarily for retail purposes and located primarily in China, Hong Kong and Macau. CRCT properties are strategically located in densely populated areas with good connectivity to public transport. The malls are positioned as one-stop family-oriented destinations housing a wide range of lifestyle offerings that cater to varied consumer preferences in shopping, dining to entertainment. As at 31 December 2018, CRCT's portfolio comprised a diverse mix of approximately 1,600 leases, which include leading brands UNIQLO, Xiaomi, ZARA, Nanjing Impressions, Nike, Sephora, Starbucks and Sisyphe. Working closely with these tenants, CRCT malls offer engaging retail experiences that attract more than 114 million shoppers. CRCT's geographically diversified portfolio of quality shopping malls, with a total gross rentable area of approximately 700,000 sq m, is located in eight Chinese cities. The malls are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon and CapitaMall Shuangjing in Beijing; Rock Square (51% interest) in Guangzhou; CapitaMall Xinnan in Chengdu; CapitaMall Qibao in Shanghai; CapitaMall Minzhongleyuan in Wuhan; CapitaMall Erqi in Zhengzhou; CapitaMall Saihan in Hohhot and CapitaMall Wuhu (51% interest) in Wuhu. As at 31 March 2019, CRCT's total asset was S$3.1 billion, a fourfold increase from the Trust's listing. CRCT is managed by CapitaLand Retail China Trust Management Limited, an indirect wholly owned subsidiary of CapitaLand Limited, one of Asia's largest real estate companies headquartered and listed in Singapore.

Details
Name: CapitaLand Retail China Trust
AU8U
Exchange: SGX
Founded: 2006
SGD1,537,716,668
998,517,317
Website: http://www.crct.com.sg
Address: CapitaLand Retail China Trust
No. 30-01 Capital Tower,
168 Robinson Road,
Singapore,
068912,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX AU8U Trust Units Singapore Exchange SG SGD 08. Dec 2006
Number of employees
Current staff
Staff numbers
0
CapitaLand Retail China Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/24 12:52
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/06/18
Last earnings filing: 2019/04/24
Last earnings reported: 2019/03/31
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.