SGX:BMGU

Stock Analysis Report

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Executive Summary

BHG Retail REIT is the first pure-play China Retail REIT sponsored by a leading China integrated retail group. More Details


Snowflake Analysis

Fair value unattractive dividend payer.

Share Price & News

How has BHG Retail REIT's share price performed over time and what events caused price changes?


Latest Share Price and Events

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


Market Performance


7 Day Return

-0.9%

BMGU

-0.3%

SG REITs

-0.9%

SG Market


1 Year Return

-19.1%

BMGU

-9.2%

SG REITs

-21.4%

SG Market

Return vs Industry: BMGU underperformed the SG REITs industry which returned -9.7% over the past year.

Return vs Market: BMGU exceeded the SG Market which returned -22.5% over the past year.


Shareholder returns

BMGUIndustryMarket
7 Day-0.9%-0.3%-0.9%
30 Day-5.2%2.7%-2.1%
90 Day-9.8%3.9%-3.6%
1 Year-15.3%-19.1%-4.8%-9.2%-17.2%-21.4%
3 Year-11.4%-26.2%24.0%4.7%-17.9%-27.8%
5 Yearn/a60.5%18.0%0.03%-18.3%

Price Volatility Vs. Market

How volatile is BHG Retail REIT's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is BHG Retail REIT undervalued compared to its fair value and its price relative to the market?

28.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BMGU (SGD0.55) is trading below our estimate of fair value (SGD0.77)

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


Price To Earnings Ratio

PE vs Industry: BMGU is poor value based on its PE Ratio (17.1x) compared to the SG REITs industry average (16.5x).

PE vs Market: BMGU is poor value based on its PE Ratio (17.1x) compared to the SG market (12.7x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BMGU's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BMGU is good value based on its PB Ratio (0.7x) compared to the SG REITs industry average (0.8x).


Next Steps

Future Growth

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

11.8%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as BHG Retail REIT has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has BHG Retail REIT performed over the past 5 years?

-7.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BMGU has a large one-off gain of SGD16.4M impacting its June 30 2020 financial results.

Growing Profit Margin: BMGU's current net profit margins (23.8%) are lower than last year (74.5%).


Past Earnings Growth Analysis

Earnings Trend: BMGU's earnings have declined by 7.2% per year over the past 5 years.

Accelerating Growth: BMGU's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BMGU had negative earnings growth (-69.7%) over the past year, making it difficult to compare to the REITs industry average (-6.7%).


Return on Equity

High ROE: BMGU's Return on Equity (4.9%) is considered low.


Next Steps

Financial Health

How is BHG Retail REIT's financial position?


Financial Position Analysis

Short Term Liabilities: BMGU's short term assets (SGD50.3M) exceed its short term liabilities (SGD45.6M).

Long Term Liabilities: BMGU's short term assets (SGD50.3M) do not cover its long term liabilities (SGD336.8M).


Debt to Equity History and Analysis

Debt Level: BMGU's debt to equity ratio (48.7%) is considered high.

Reducing Debt: BMGU's debt to equity ratio has increased from 41.3% to 48.7% over the past 5 years.

Debt Coverage: BMGU's debt is not well covered by operating cash flow (10.6%).

Interest Coverage: BMGU's interest payments on its debt are not well covered by EBIT (2.6x coverage).


Balance Sheet


Next Steps

Dividend

What is BHG Retail REIT current dividend yield, its reliability and sustainability?

3.24%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BMGU's dividend (3.24%) is higher than the bottom 25% of dividend payers in the SG market (2.59%).

High Dividend: BMGU's dividend (3.24%) is low compared to the top 25% of dividend payers in the SG market (5.69%).


Stability and Growth of Payments

Stable Dividend: BMGU has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BMGU has only been paying a dividend for 4 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.3%), BMGU's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

2.7yrs

Average management tenure


CEO

Iz-Lynn Chan

no data

Tenure

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 ...


Leadership Team

NamePositionTenureCompensationOwnership
Iz-Lynn Chan
Head of Investor Relations & CEO of BHG Retail Trust Management Pte Ltdno datano datano data
Ten Tian Hock
Chief Financial Officer of BHG Retail Trust Management Pte Ltd2.67yrsno datano data
Eric Liu
Investment & Asset Management Manager of BHG Retail Trust Management Pte Ltd2.67yrsno datano data
Isaac Lian
Senior Compliance Manager of BHG Retail Trust Management Pte. Ltd.1.67yrsno datano data
Lee Noi Kiar
Company Secretary of BHG Retail Trust Management Pte Ltd3.25yrsno datano data

2.7yrs

Average Tenure

Experienced Management: BMGU's management team is considered experienced (2.7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Chee Seong Yeo
Independent Director of BHG Retail Trust Management Pte Ltd5.58yrsS$87.00kno data
Teck Sien Lau
Independent Director of BHG Retail Trust Management Pte Ltd4.83yrsS$85.00k0.073%
SGD 206.3k
Wai Keung Siu
Independent Chairman of the Board of BHG Retail Trust Management Pte Ltd4.83yrsS$98.00kno data
Ge Peng
Non-Executive Director of BHG Retail Trust Management Pte Ltd4.83yrsno data0.024%
SGD 68.7k
Zhen Xiong
Non-Executive Director of BHG Retail Trust Management Pte Ltd4.83yrsno data0.024%
SGD 68.7k

4.8yrs

Average Tenure

48yo

Average Age

Experienced Board: BMGU's board of directors are considered experienced (4.8 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: BMGU insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

BHG Retail REIT's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: BHG Retail REIT
  • Ticker: BMGU
  • Exchange: SGX
  • Founded:
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$281.047m
  • Shares outstanding: 511.00m
  • Website: https://www.bhgreit.com

Location

  • BHG Retail REIT
  • 250 North Bridge Road
  • #32-01/04 Raffles City Tower
  • Singapore
  • 179101
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BMGUSGX (Singapore Exchange)YesUnitsSGSGDDec 2015

Biography

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 ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/23 19:42
End of Day Share Price2020/09/23 00:00
Earnings2020/06/30
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.