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BHG Retail REIT

SGX:BMGU
Snowflake Description

Good value with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BMGU
SGX
SGD354M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

BHG Retail REIT is the first pure-play China Retail REIT sponsored by a leading China integrated retail group. The last earnings update was 13 days ago. More info.


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BMGU Share Price and Events
7 Day Returns
0%
SGX:BMGU
-1.1%
SG REITs
0.3%
SG Market
1 Year Returns
-9.7%
SGX:BMGU
2.4%
SG REITs
-6.2%
SG Market
BMGU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
BHG Retail REIT (BMGU) 0% 2.2% 0.7% -9.7% -11.4% -
SG REITs -1.1% 0.7% 4.8% 2.4% 13.4% 11.6%
SG Market 0.3% 3.3% 3.7% -6.2% 8.5% -3%
1 Year Return vs Industry and Market
  • BMGU underperformed the REITs industry which returned 2.4% over the past year.
  • BMGU underperformed the Market in Singapore which returned -6.2% over the past year.
Price Volatility
BMGU
Industry
5yr Volatility vs Market

Value

 Is BHG Retail REIT 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 BHG Retail REIT 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 BHG Retail REIT.

SGX:BMGU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.5%
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:BMGU
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 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.538 (1 + (1- 17%) (62.82%))
0.879
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.879 * 5.96%)
7.54%

Discounted Cash Flow Calculation for SGX:BMGU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for BHG Retail REIT 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.

SGX:BMGU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 7.54%)
2019 34.78 Est @ -8.11% 32.34
2020 33.04 Est @ -4.99% 28.57
2021 32.12 Est @ -2.8% 25.83
2022 31.71 Est @ -1.27% 23.71
2023 31.65 Est @ -0.2% 22.00
2024 31.82 Est @ 0.55% 20.57
2025 32.17 Est @ 1.08% 19.34
2026 32.63 Est @ 1.45% 18.24
2027 33.19 Est @ 1.7% 17.25
2028 33.81 Est @ 1.88% 16.35
Present value of next 10 years cash flows SGD224.20
SGX:BMGU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD33.81 × (1 + 2.3%) ÷ (7.54% – 2.3%)
SGD660.59
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD660.59 ÷ (1 + 7.54%)10
SGD319.35
SGX:BMGU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD224.20 + SGD319.35
SGD543.55
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD543.55 / 505.36
SGD1.08
SGX:BMGU Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD1.08
Current discount Discount to share price of SGD0.70
= -1 x (SGD0.70 - SGD1.08) / SGD1.08
34.9%

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

Current Discount
Amount off the current price BHG Retail REIT is available for.
Intrinsic value
35%
Share price is SGD0.7 vs Future cash flow value of SGD1.08
Current Discount Checks
For BHG Retail REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • BHG Retail REIT's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • BHG Retail REIT'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 BHG Retail REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are BHG Retail REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:BMGU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.06
SGX:BMGU Share Price ** SGX (2019-04-18) in SGD SGD0.7
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.16x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.2x

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

** Primary Listing of BHG Retail REIT.

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

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

= 0.7 ÷ 0.06

11.29x

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

  • BHG Retail REIT is good value based on earnings compared to the SG REITs industry average.
  • BHG Retail REIT is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does BHG Retail REIT's expected growth come at a high price?
Raw Data
SGX:BMGU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.29x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
3.8%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for BHG Retail REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on BHG Retail REIT's assets?
Raw Data
SGX:BMGU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD0.81
SGX:BMGU Share Price * SGX (2019-04-18) in SGD SGD0.7
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:BMGU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.7 ÷ 0.81

0.86x

* Primary Listing of BHG Retail REIT.

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

  • BHG Retail REIT is good value based on assets compared to the SG REITs industry average.
X
Value checks
We assess BHG Retail REIT'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. BHG Retail REIT 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.

Future Performance

 How is BHG Retail REIT expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover BHG Retail REIT, future earnings growth has been estimated based on fundamentals.
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
3.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is BHG Retail REIT expected to grow at an attractive rate?
  • BHG Retail REIT's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • BHG Retail REIT's earnings growth is positive but not above the Singapore market average.
  • Unable to compare BHG Retail REIT's revenue growth to the Singapore market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
SGX:BMGU Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:BMGU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 3.8%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:BMGU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:BMGU Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 70 38 31
2018-09-30 69 40 22
2018-06-30 68 41 22
2018-03-31 66 39 21
2017-12-31 65 43 21
2017-09-30 62 25 50
2017-06-30 61 29 50
2017-03-31 61 21 54
2016-12-31 61 23 54

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • BHG Retail REIT's earnings are expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if BHG Retail REIT is high growth as no revenue estimate data is available.
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:BMGU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from BHG Retail REIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BMGU Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.06
2018-09-30 0.04
2018-06-30 0.04
2018-03-31 0.04
2017-12-31 0.04
2017-09-30 0.10
2017-06-30 0.10
2017-03-31 0.11
2016-12-31 0.11

*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.
  • Unable to establish if BHG Retail REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess BHG Retail REIT'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.
BHG Retail REIT 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.

Past Performance

  How has BHG Retail REIT 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 BHG Retail REIT'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.
  • BHG Retail REIT's year on year earnings growth rate has been positive over the past 5 years.
  • BHG Retail REIT's 1-year earnings growth exceeds its 5-year average (48.8% vs 12.4%)
  • BHG Retail REIT's earnings growth has exceeded the SG REITs industry average in the past year (48.8% vs 5.9%).
Earnings and Revenue History
BHG Retail REIT'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 BHG Retail REIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BMGU Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 69.67 31.16 2.65
2018-09-30 69.18 21.90 1.80
2018-06-30 68.34 21.81 1.80
2018-03-31 66.46 21.24 1.79
2017-12-31 64.52 20.94 1.79
2017-09-30 62.16 50.46 1.60
2017-06-30 61.08 49.76 1.60
2017-03-31 60.59 54.37 1.59
2016-12-31 61.14 54.10 1.60
2014-12-31 52.75 7.24 1.85
2013-12-31 38.56 8.38 1.13
2012-12-31 29.89 24.84 0.85

*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.
  • BHG Retail REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • BHG Retail REIT used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • BHG Retail REIT has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess BHG Retail REIT'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.
BHG Retail REIT has a total score of 4/6, 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.

Health

 How is BHG Retail REIT'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 BHG Retail REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • BHG Retail REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • BHG Retail REIT's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of BHG Retail REIT'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 0.3x 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 BHG Retail REIT Company Filings, last reported 3 months ago.

SGX:BMGU Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 579.01 222.22 55.59
2018-09-30 555.10 232.02 59.22
2018-06-30 588.57 236.74 71.22
2018-03-31 592.76 253.41 80.60
2017-12-31 583.05 241.47 72.08
2017-09-30 573.62 240.25 61.51
2017-06-30 575.83 239.48 68.67
2017-03-31 568.57 238.23 62.35
2016-12-31 581.39 230.46 51.67
2014-12-31 533.53 223.49 16.17
2013-12-31
2012-12-31
  • BHG Retail REIT's level of debt (38.4%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if BHG Retail REIT's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (17.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).
X
Financial health checks
We assess BHG Retail REIT'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. BHG Retail REIT has a total score of 3/6, 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.

Dividends

 What is BHG Retail REIT'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
7.37%
Current annual income from BHG Retail REIT dividends.
If you bought SGD2,000 of BHG Retail REIT shares you are expected to receive SGD147 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?
  • BHG Retail REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • BHG Retail REIT's dividend is above the markets top 25% of dividend payers in Singapore (5.44%).
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:BMGU 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 0 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

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

SGX:BMGU Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-02-26 0.052 7.399
2018-02-26 0.055 7.565
2017-08-08 0.053 7.113
2017-03-20 0.052 7.315
2017-02-23 0.052 7.745
2016-11-11 0.057 8.989
2016-08-16 0.057 8.941
2016-05-17 0.030 4.247

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

  • BHG Retail REIT has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but BHG Retail REIT only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of BHG Retail REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess BHG Retail REIT'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 BHG Retail REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. BHG Retail REIT has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of BHG Retail REIT'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
Iz-Lynn Chan
CEO Bio

Ms. Iz-Lynn Chan serves as Chief Executive Officer and Head of Investor Relations - BHG Retail Trust Management Pte Ltd at BHG Retail REIT. Ms. Chan has 20 years' experience in the real estate and service sector, including 10 years focused exclusively on retail and hospitality real estate at management level. Ms. Chan was the Director of Mall Management in Beijing Hualian Department Store Co., Ltd. since 2013 where she headed the Mall Management Department of it and her duties and responsibilities included active management of its portfolio to ensure that the financial and operational targets were met through the effective and efficient operation of the properties. In her capacity as Director of Mall Management, she held an integral role where all individual Mall General Managers reported to her. She was part of the management team that established the organisational strategy and direction of the business. She also actively managed the leasing of retail spaces and brought in new-to-market brands comprising international and local brands into Beijing Hualian Department's malls. She was also involved in investment initiatives to acquire new properties as well as divestment of properties to streamline the Sponsor's portfolio. Prior to this, from 2005 to 2013, she held various positions in Far East Organization. From 2010 to 2013, Ms Chan held concurrent positions as Assistant Director of the Retail Business Group and Service Quality and Vice President of Far East Retail Consultancy. As Assistant Director of the Retail Business Group, her responsibilities included maximising the business performance of Far East Organization's flagship asset, Orchard Central, by raising the mall's profile and increasing shopper traffic, repositioning and enhancement of the mall through a series of asset enhancement initiatives; the planning and setting of strategic direction including the growth of Far East Organization's retail portfolio as well as the coordination of the Retail Business Group's social media platform and capabilities. As Vice President of Far East Retail Consultancy, she was tasked with exploring the addition of new-to-market brands to the portfolio. From 2005 to 2010, she was in the hospitality real estate arm of Far East Organization. In her capacity as Assistant Director of Hospitality Operations and Service Quality, she was responsible for service and operations standards for the Hospitality Business Group which then comprised six hotels and 11 serviced residences, asset management of the serviced residences portfolio consisting of over 1,200 apartment units, as well as the launch of new properties, asset enhancement initiatives and conversion of existing properties to other uses. She also participated in the planning and setting of strategic directions through her attendance in all of the executive committee meetings of the Hospitality Business Group. In her concurrent role as head of Service Quality organisation-wide, she was responsible for the development of a structured and holistic framework in service and operations management across the major business groups and played an integral role in setting up the Far East Academy. From 1996 to 2005, she was with Singapore Airlines where she became the airline's first female Station Manager and managed overseas stations' airport operations in Frankfurt, Copenhagen, New York and Hong Kong, where her duties involved overseeing operations, finance, staffing, administration and performance. Since July 2014, She serves as a board member on the China Leadership Board of the ICSC. She holds a Bachelor of Arts (Honours) in English from the University of Leicester, United Kingdom and attended the General Management Programme at Harvard Business School, Boston MA, U.S.A.

CEO Compensation
  • Insufficient data for Iz-Lynn to compare compensation growth.
  • Insufficient data for Iz-Lynn to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure of the BHG Retail REIT management team in years:

1.5
Average Tenure
  • The average tenure for the BHG Retail REIT management team is less than 2 years, this suggests a new team.
Management Team

Iz-Lynn Chan

TITLE
Head of Investor Relations & CEO of BHG Retail Trust Management Pte Ltd

Victor Hock

TITLE
Chief Financial Officer of BHG Retail Trust Management Pte Ltd
TENURE
1.3 yrs

Eric Liu

TITLE
Investment & Asset Management Manager of BHG Retail Trust Management Pte Ltd
TENURE
1.3 yrs

Nigel Nai Zi

TITLE
Investor Relations Manager of BHG Retail Trust Management Pte Ltd
TENURE
3.3 yrs

Melvyn Alexander Lee

TITLE
Compliance Manager of BHG Retail Trust Management Pte Ltd

Lee Noi Kiar

TITLE
Company Secretary of BHG Retail Trust Management Pte Ltd
TENURE
1.8 yrs
Board of Directors Tenure

Average tenure and age of the BHG Retail REIT board of directors in years:

3.4
Average Tenure
50.5
Average Age
  • The tenure for the BHG Retail REIT board of directors is about average.
Board of Directors

Francis Siu

TITLE
Chairman of the Board of BHG Retail Trust Management Pte Ltd
COMPENSATION
SGD98K
AGE
64
TENURE
3.4 yrs

Ben Yeo

TITLE
Independent Director of BHG Retail Trust Management Pte Ltd
COMPENSATION
SGD87K
AGE
66
TENURE
4.2 yrs

Teck Sien Lau

TITLE
Independent Director of BHG Retail Trust Management Pte Ltd
COMPENSATION
SGD85K
AGE
46
TENURE
3.4 yrs

Zhen Xiong

TITLE
Non-Executive Director of BHG Retail Trust Management Pte Ltd
AGE
43
TENURE
3.4 yrs

Ge Peng

TITLE
Non-Executive Director of BHG Retail Trust Management Pte Ltd
AGE
46
TENURE
3.4 yrs

Feng Yang

TITLE
Non-Executive Director of BHG Retail Trust Management Pte Ltd
AGE
55
TENURE
2 yrs
Who owns this company?
Recent Insider Trading
  • BHG Retail REIT insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
18. Apr 19 Buy Beijing Hualian Department Store Co., Ltd Company 17. Apr 19 17. Apr 19 625,000 SGD0.70 SGD437,500
18. Apr 19 Sell Wai Keung Siu Individual 17. Apr 19 17. Apr 19 -625,000 SGD0.70 SGD-437,500
18. Apr 19 Sell BHG Retail Trust Management Pte Ltd Company 17. Apr 19 17. Apr 19 -600,000 SGD0.68 SGD-411,000
15. Apr 19 Sell BHG Retail Trust Management Pte Ltd Company 12. Apr 19 12. Apr 19 -10,600 SGD0.70 SGD-7,420
10. Apr 19 Sell BHG Retail Trust Management Pte Ltd Company 09. Apr 19 09. Apr 19 -33,000 SGD0.70 SGD-23,163
09. Apr 19 Sell BHG Retail Trust Management Pte Ltd Company 08. Apr 19 08. Apr 19 -29,700 SGD0.70 SGD-20,642
22. Mar 19 Sell BHG Retail Trust Management Pte Ltd Company 06. Mar 19 06. Mar 19 -70,300 SGD0.72 SGD-50,265
07. Mar 19 Sell BHG Retail Trust Management Pte Ltd Company 06. Mar 19 06. Mar 19 -100,300 SGD0.72 SGD-71,715
23. Jan 19 Sell BHG Retail Trust Management Pte Ltd Company 22. Jan 19 22. Jan 19 -30,000 SGD0.69 SGD-20,700
22. Jan 19 Sell BHG Retail Trust Management Pte Ltd Company 21. Jan 19 21. Jan 19 -1,900 SGD0.69 SGD-1,311
16. Jan 19 Sell BHG Retail Trust Management Pte Ltd Company 15. Jan 19 15. Jan 19 -3,900 SGD0.69 SGD-2,691
21. Aug 18 Buy BHG Retail Trust Management Pte Ltd Company 21. Aug 18 21. Aug 18 710,228 SGD0.72 SGD511,719
17. Jul 18 Sell BHG Retail Trust Management Pte Ltd Company 17. Jul 18 17. Jul 18 -2,000,000 SGD0.75 SGD-1,499,999
03. Jul 18 Sell BHG Retail Trust Management Pte Ltd Company 02. Jul 18 02. Jul 18 -20,300 SGD0.74 SGD-15,022
12. Jun 18 Sell BHG Retail Trust Management Pte Ltd Company 11. Jun 18 11. Jun 18 -100 SGD0.76 SGD-76
07. Jun 18 Sell BHG Retail Trust Management Pte Ltd Company 06. Jun 18 06. Jun 18 -37,100 SGD0.75 SGD-27,825
05. Jun 18 Sell BHG Retail Trust Management Pte Ltd Company 04. Jun 18 04. Jun 18 -7,400 SGD0.76 SGD-5,624
01. Jun 18 Sell BHG Retail Trust Management Pte Ltd Company 31. May 18 31. May 18 -5,300 SGD0.78 SGD-4,111
31. May 18 Sell BHG Retail Trust Management Pte Ltd Company 30. May 18 30. May 18 -19,000 SGD0.78 SGD-14,820
30. May 18 Sell BHG Retail Trust Management Pte Ltd Company 28. May 18 28. May 18 -19,300 SGD0.79 SGD-15,151
25. May 18 Sell BHG Retail Trust Management Pte Ltd Company 23. May 18 23. May 18 -20,000 SGD0.78 SGD-15,500
25. May 18 Sell BHG Retail Trust Management Pte Ltd Company 24. May 18 24. May 18 -20,000 SGD0.78 SGD-15,600
23. May 18 Sell BHG Retail Trust Management Pte Ltd Company 22. May 18 22. May 18 -10,000 SGD0.77 SGD-7,700
15. May 18 Sell BHG Retail Trust Management Pte Ltd Company 14. May 18 14. May 18 -20,000 SGD0.76 SGD-15,200
27. Apr 18 Sell BHG Retail Trust Management Pte Ltd Company 25. Apr 18 25. Apr 18 -25,000 SGD0.78 SGD-19,375
X
Management checks
We assess BHG Retail REIT'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. BHG Retail REIT 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.

News

Simply Wall St News

The BHG Retail REIT (SGX:BMGU) Share Price Is Down 12% So Some Shareholders Are Getting Worried

Many investors define successful investing as beating the market average over the long term. … We regret to report that long term BHG Retail REIT (SGX:BMGU) shareholders have had that experience, with the share price dropping 12% in three years, versus a market return of about 25%. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Simply Wall St -

What Kind Of Shareholder Owns Most BHG Retail REIT (SGX:BMGU) Stock?

Every investor in BHG Retail REIT (SGX:BMGU) should be aware of the most powerful shareholder groups. … BHG Retail REIT is not a large company by global standards. … See our latest analysis for BHG Retail REIT

Simply Wall St -

How Should You Analyze REIT Stock BHG Retail REIT (SGX:BMGU)?

real estate investment trust (REIT) based in Singapore, Singapore. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much BMGU 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 -

What Kind Of Shareholder Owns Most BHG Retail REIT (SGX:BMGU) Stock?

A look at the shareholders of BHG Retail REIT (SGX:BMGU) can tell us which group is most powerful. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … With a market capitalization of S$342m, BHG Retail REIT is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

Investing In Property Through BHG Retail REIT (SGX:BMGU)

real estate investment trust (REIT) based in Singapore, Singapore. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

How Did BHG Retail REIT's (SGX:BMGU) 5.40% ROE Fare Against The Industry?

and want to better understand how you can grow your money by investing in BHG Retail REIT (SGX:BMGU). … BHG Retail REIT (SGX:BMGU) delivered an ROE of 5.40% over the past 12 months, which is relatively in-line with its industry average of 7.25% during the same period. … Metrics such as financial leverage can impact the level of ROE which in turn can affect the sustainability of BMGU's returns

Simply Wall St -

Why You Shouldn't Look At BHG Retail REIT's (SGX:BMGU) Bottom Line

The structure of BMGU is unique and it has to adhere to different requirements compared to other non-REIT stocks. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks. … Next Steps: BHG Retail REIT can bring diversification into your portfolio due to its unique REIT characteristics.

Simply Wall St -

BHG Retail REIT (SGX:BMGU): What You Have To Know Before Buying For The Upcoming Dividend

Check out our latest analysis for BHG Retail REIT 5 questions to ask before buying a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is their annual yield among the top 25% of dividend payers? … SGX:BMGU Historical Dividend Yield Mar 5th 18 How well does BHG Retail REIT fit our criteria? … If dividend is a key criteria in your investment consideration, then you need to make sure the dividend stock you're eyeing out is reliable in its payments.

Simply Wall St -

Location, Location, Location: BHG Retail REIT (SGX:BMGU)’s Relative Position In The Real Estate Sector

Unsuprisingly, this is below the growth rate of the Singapore stock market as a whole. … Below, I will examine the sector growth prospects, as well as evaluate whether BHG Retail REIT is lagging or leading its competitors in the industry. … In the previous year, the industry saw growth of 7.61%, though still underperforming the wider Singapore stock market.

Simply Wall St -

Should BHG Retail REIT (SGX:BMGU) Be Part Of Your Dividend Portfolio?

See our latest analysis for BHG Retail REIT 5 questions I ask before picking a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is it paying an annual yield above 75% of dividend payers? … SGX:BMGU Historical Dividend Yield Jan 24th 18 Does BHG Retail REIT pass our checks? … The reality is that it is too early to consider BHG Retail REIT as a dividend investment.

Simply Wall St -

Company Info

Description

BHG Retail REIT is the first pure-play China Retail REIT sponsored by a leading China integrated retail group. The REIT was listed on the Main Board of the Singapore Exchange Securities Trading Limited on 11 December 2015. The principal investment strategy of BHG Retail REIT is to invest, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for retail purposes (whether either wholly or partially), as well as real estate-related assets in relation to the foregoing, with an initial focus on China. Its portfolio comprises five retail properties, Beijing Wanliu (60%), Chengdu Konggang, Hefei Mengchenglu, Xining Huayuan, Dalian Jinsanjiao located in Tier 1, Tier 2 and other cities of significant economic potential in China. As at 31 December 2018, the portfolio gross floor area of about 264,000 sqm, has a committed occupancy of 98.7%. As at 31 December 2018 (date of latest valuation), total appraised value was approximately RMB 4,081.1 million. Under voluntary right of first refusal agreements, properties may potentially be offered to BHG Retail REIT as future pipeline assets.

Details
Name: BHG Retail REIT
BMGU
Exchange: SGX
Founded:
SGD353,754,731
505,363,902
Website: http://www.bhgreit.com
Address: BHG Retail REIT
No. 25-11 Shaw Tower,
100 Beach Road,
Singapore,
189702,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX BMGU Units Singapore Exchange SG SGD 11. Dec 2015
Number of employees
Current staff
Staff numbers
0
BHG Retail REIT employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/20 12:55
End of day share price update: 2019/04/18 00:00
Last earnings filing: 2019/04/07
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.