SGX:AU8U

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CapitaLand Retail China Trust

Executive Summary

CapitaLand Retail China Trust (CRCT) is Singapore’s first and largest China shopping mall real estate investment trust (REIT), with a portfolio of 14 shopping malls6.


Snowflake Analysis

Established dividend payer and good value.

Share Price & News

How has CapitaLand Retail China Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AU8U has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.6%

AU8U

-0.3%

SG REITs

0.3%

SG Market


1 Year Return

-20.5%

AU8U

-10.2%

SG REITs

-21.6%

SG Market

Return vs Industry: AU8U underperformed the SG REITs industry which returned -10.2% over the past year.

Return vs Market: AU8U exceeded the SG Market which returned -21.6% over the past year.


Shareholder returns

AU8UIndustryMarket
7 Day1.6%-0.3%0.3%
30 Day-5.2%-4.3%-4.3%
90 Day-2.3%16.6%4.5%
1 Year-15.1%-20.5%-5.6%-10.2%-17.3%-21.6%
3 Year-3.2%-20.5%22.8%2.9%-12.3%-22.9%
5 Year9.7%-21.7%43.2%4.9%-6.8%-23.8%

Price Volatility Vs. Market

How volatile is CapitaLand Retail China Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is CapitaLand Retail China Trust undervalued compared to its fair value and its price relative to the market?

34.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: AU8U (SGD1.28) is trading below our estimate of fair value (SGD1.96)

Significantly Below Fair Value: AU8U is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: AU8U is good value based on its PE Ratio (8.3x) compared to the SG REITs industry average (12.6x).

PE vs Market: AU8U is good value based on its PE Ratio (8.3x) compared to the SG market (12.4x).


Price to Earnings Growth Ratio

PEG Ratio: AU8U is poor value based on its PEG Ratio (2.3x)


Price to Book Ratio

PB vs Industry: AU8U's PB Ratio (0.8x) is in line with the SG REITs industry average.


Next Steps

Future Growth

How is CapitaLand Retail China Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

3.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AU8U's forecast earnings growth (3.6% per year) is above the savings rate (2.2%).

Earnings vs Market: AU8U's earnings (3.6% per year) are forecast to grow slower than the SG market (8.5% per year).

High Growth Earnings: AU8U's earnings are forecast to grow, but not significantly.

Revenue vs Market: AU8U's revenue (7.1% per year) is forecast to grow faster than the SG market (4.2% per year).

High Growth Revenue: AU8U's revenue (7.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AU8U's Return on Equity is forecast to be low in 3 years time (6%).


Next Steps

Past Performance

How has CapitaLand Retail China Trust performed over the past 5 years?

4.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AU8U has a large one-off gain of SGD95.3M impacting its December 31 2019 financial results.

Growing Profit Margin: AU8U's current net profit margins (69.5%) are higher than last year (57.7%).


Past Earnings Growth Analysis

Earnings Trend: AU8U's earnings have grown by 4.8% per year over the past 5 years.

Accelerating Growth: AU8U's earnings growth over the past year (28.7%) exceeds its 5-year average (4.8% per year).

Earnings vs Industry: AU8U earnings growth over the past year (28.7%) exceeded the REITs industry 1.1%.


Return on Equity

High ROE: AU8U's Return on Equity (8.9%) is considered low.


Next Steps

Financial Health

How is CapitaLand Retail China Trust's financial position?


Financial Position Analysis

Short Term Liabilities: AU8U's short term assets (SGD373.5M) do not cover its short term liabilities (SGD417.1M).

Long Term Liabilities: AU8U's short term assets (SGD373.5M) do not cover its long term liabilities (SGD1.5B).


Debt to Equity History and Analysis

Debt Level: AU8U's debt to equity ratio (73.9%) is considered high.

Reducing Debt: AU8U's debt to equity ratio has increased from 48.7% to 73.9% over the past 5 years.

Debt Coverage: AU8U's debt is not well covered by operating cash flow (9.2%).

Interest Coverage: AU8U's interest payments on its debt are well covered by EBIT (5.4x coverage).


Balance Sheet


Next Steps

Dividend

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

7.73%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: AU8U's dividend (7.73%) is higher than the bottom 25% of dividend payers in the SG market (2.67%).

High Dividend: AU8U's dividend (7.73%) is in the top 25% of dividend payers in the SG market (5.95%)


Stability and Growth of Payments

Stable Dividend: AU8U's dividend payments have been volatile in the past 10 years.

Growing Dividend: AU8U's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (53.6%), AU8U's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AU8U's dividends in 3 years are forecast to be thoroughly covered by earnings (0.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.3yrs

Average management tenure


CEO

Tze Wooi Tan (47yo)

3.25yrs

Tenure

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 ...


Leadership Team

NamePositionTenureCompensationOwnership
Tze Wooi Tan
CEO & Executive Non-Independent Director of CapitaLand Retail China Trust Management Limited3.25yrsno data0.027% SGD422.9k
Siew Bee Tan
Chief Financial Officer of CapitaLand Retail China Trust Management Ltd.10yrsno datano data
Hong You
Assistant VP of Investment & Asset Management - CapitaLand Retail China Trust Management Limitedno datano datano data
Yu Qing Chen
Senior Manager of Investor Relations - CapitaLand Retail China Trust Management Limitedno datano datano data
Cher Chuo
Company Secretary of CapitaLand Retail China Trust Management Limited2.5yrsno datano data

3.3yrs

Average Tenure

Experienced Management: AU8U's management team is considered experienced (3.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Tze Wooi Tan
CEO & Executive Non-Independent Director of CapitaLand Retail China Trust Management Limited3.25yrsno data0.027% SGD422.9k
Boo Fong Heng
Independent Non-Executive Director of CapitaLand Retail China Trust Management Limited7.5yrsS$95.00k0.0065% SGD102.2k
Kim Soon Soh
Non-Executive Independent Chairman of the Board of CapitaLand Retail China Trust Management Limited3.25yrsS$128.33k0.0026% SGD39.9k
Poh Kiat Neo
Non-Executive Independent Director of CapitaLand Retail China Trust Management Limited3.25yrsS$55.00k0.0057% SGD89.7k
Kok Aun Gee
Independent Non-Executive Director of CapitaLand Retail China Trust Management Limited6.5yrsS$80.00k0.0051% SGD79.2k
Kong Yam Tan
Non-Executive Independent Director of CapitaLand Retail China Trust Management Limited5.75yrsS$76.00k0.0035% SGD54.8k
Jen Yuh Loh
Non-Executive Non-Independent Director of CapitaLand Retail China Trust Management Limited0.92yrno data0.0062% SGD97.4k
Cho Pin Lim
Non-Executive Non-Independent Director of CapitaLand Retail China Trust Management Limited2.5yrsno data0.0016% SGD25.4k
Li Li Kuan
Non-Executive Independent Director of CapitaLand Retail China Trust Management Limited2.5yrsS$55.00k0.0032% SGD50.4k

3.3yrs

Average Tenure

57yo

Average Age

Experienced Board: AU8U's board of directors are considered experienced (3.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 22.5%.


Top Shareholders

Company Information

CapitaLand Retail China Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CapitaLand Retail China Trust
  • Ticker: AU8U
  • Exchange: SGX
  • Founded: 2006
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$1.565b
  • Shares outstanding: 1.22b
  • Website: https://www.crct.com.sg

Location

  • CapitaLand Retail China Trust
  • No. 30-01 Capital Tower
  • 168 Robinson Road
  • Singapore
  • 68912
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AU8USGX (Singapore Exchange)YesTrust UnitsSGSGDDec 2006
CLDH.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDDec 2006

Biography

CapitaLand Retail China Trust (CRCT) is Singapore’s first and largest China shopping mall real estate investment trust (REIT), with a portfolio of 14 shopping malls6. It was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006. CRCT was 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 are located primarily in China, Hong Kong and Macau. CRCT's geographically diversified portfolio of quality shopping malls, with a total gross floor area of approximately 1.1 million sq m, is located in nine Chinese cities. The malls are CapitaMall Xizhimen, CapitaMall Wangjing, CapitaMall Grand Canyon and CapitaMall Shuangjing in Beijing; Rock Square (51.0% interest) in Guangzhou; CapitaMall Xinnan in Chengdu; CapitaMall Qibao in Shanghai; CapitaMall Minzhongleyuan in Wuhan; CapitaMall Erqi in Zhengzhou; CapitaMall Saihan7 and Yuquan Mall in Hohhot; CapitaMall Xuefu, CapitaMall Aidemengdun in Harbin and CapitaMall Yuhuating in Changsha. As at 31 December 2019, CRCT's total asset size is S$3.8 billion, increasing more than fivefold from the Trust's listing. CRCT’s 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 and entertainment. CRCT's portfolio comprises a diverse mix of more than 2,400 leases, which include leading brands UNIQLO, Xiaomi, ZARA, Nanjing Impressions, Nike, Sephora, Starbucks Coffee and Sisyphe. CRCT is managed by CapitaLand Retail China Trust Management Limited, a wholly owned subsidiary of Singapore-listed CapitaLand Limited, one of Asia's largest diversified real estate groups. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/11 12:43
End of Day Share Price2020/07/09 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.