EC World Real Estate Investment Trust
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Listed on 28 July 2016, EC World REIT is the first Chinese specialised logistics and e-commerce logistics REIT listed on Singapore Exchange Securities Trading Limited (“SGX-ST”). The last earnings update was 26 days ago. More info.
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BWCU Share Price and Events
7 Day Returns
1 Year Returns
BWCU Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| EC World Real Estate Investment Trust (BWCU) | 1.3% | 1.9% | 9% | 6.8% | - | - |
| SG REITs | -0.8% | 0.3% | 5.3% | 2.8% | 14.3% | 12% |
| SG Market | 0.6% | 3.2% | 4.6% | -6.1% | 10% | -2.2% |
1 Year Return vs Industry and Market
- BWCU outperformed the REITs industry which returned 2.8% over the past year.
- BWCU outperformed the Market in Singapore which returned -6.1% over the past year.
BWCU Value
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
EC World Real Estate Investment Trust
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for EC World Real Estate Investment Trust.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 3 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.8% |
| 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.
| 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))
= 0.537 (1 + (1- 17%) (75.66%)) |
0.916 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.92 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.916 * 5.96%) |
7.76% |
Discounted Cash Flow Calculation for SGX:BWCU using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for EC World Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (SGD, Millions) | Source |
Present Value Discounted (@ 7.76%) |
|
|---|---|---|---|
| 2019 | 44.23 | Est @ -30.19% | 41.04 |
| 2020 | 35.19 | Est @ -20.44% | 30.30 |
| 2021 | 30.39 | Est @ -13.62% | 24.29 |
| 2022 | 27.71 | Est @ -8.84% | 20.55 |
| 2023 | 26.18 | Est @ -5.5% | 18.02 |
| 2024 | 25.36 | Est @ -3.16% | 16.19 |
| 2025 | 24.97 | Est @ -1.52% | 14.80 |
| 2026 | 24.88 | Est @ -0.37% | 13.68 |
| 2027 | 24.98 | Est @ 0.43% | 12.75 |
| 2028 | 25.23 | Est @ 0.99% | 11.95 |
| Present value of next 10 years cash flows | SGD203.56 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= SGD25.23 × (1 + 2.3%) ÷ (7.76% – 2.3%) |
SGD472.94 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= SGD472.94 ÷ (1 + 7.76%)10 |
SGD223.97 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= SGD203.56 + SGD223.97 |
SGD427.53 |
| Equity Value per Share (SGD) |
= Total value / Shares Outstanding
= SGD427.53 / 794.23 |
SGD0.54 |
| Calculation | Result | |
|---|---|---|
| Value per share (SGD) | From above. | SGD0.54 |
| Current discount | Discount to share price of
SGD0.79
= -1 x (SGD0.79 - SGD0.54) / SGD0.54 |
-45.8% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of EC World Real Estate Investment Trust is above its future cash flow value.
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 EC World Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
EC World Real Estate Investment Trust's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in SGD | SGD0.06 |
| SGX:BWCU Share Price ** | SGX (2019-04-23) in SGD | SGD0.79 |
| Singapore REITs Industry PE Ratio | Median Figure of 39 Publicly-Listed REITs Companies | 13.52x |
| Singapore Market PE Ratio | Median Figure of 328 Publicly-Listed Companies | 13.18x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of EC World Real Estate Investment Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = SGX:BWCU Share Price ÷ EPS (both in SGD) = 0.79 ÷ 0.06 |
13.18x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- EC World Real Estate Investment Trust is good value based on earnings compared to the SG REITs industry average.
- EC World Real Estate Investment Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does
EC World Real Estate Investment Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 13.18x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts |
6.4%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 | 1.53x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 13.18x ÷ 6.4% |
2.07x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- EC World Real Estate Investment Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
EC World Real Estate Investment Trust's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in SGD | SGD0.87 |
| SGX:BWCU Share Price * | SGX (2019-04-23) in SGD | SGD0.79 |
| Singapore REITs Industry PB Ratio | Median Figure of 41 Publicly-Listed REITs Companies | 0.95x |
| Singapore Market PB Ratio | Median Figure of 432 Publicly-Listed Companies | 0.75x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = SGX:BWCU Share Price ÷ Book Value per Share (both in SGD) = 0.79 ÷ 0.87 |
0.9x |
* Primary Listing of EC World Real Estate Investment Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- EC World Real Estate Investment Trust is good value based on assets compared to the SG REITs industry average.
Value checks
We assess EC World Real Estate Investment Trust's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) EC World Real Estate Investment Trust has a total score of 3/6, 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.
BWCU Future Performance
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!
Earnings growth vs Low Risk Savings
- EC World Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
- EC World Real Estate Investment Trust's earnings growth is expected to exceed the Singapore market average.
- EC World Real Estate Investment Trust's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| SGX:BWCU Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts | 6.4% |
| SGX:BWCU Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts | 2.6% |
| 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 | 5.9% |
| 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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 3 Analyst Estimates (S&P Global) | See Below |
| Date (Data in SGD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 104 | 59 | 1 | |
| 2020-12-31 | 101 | 72 | 50 | 3 |
| 2019-12-31 | 98 | 89 | 48 | 3 |
| Date (Data in SGD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 96 | 63 | 47 |
| 2018-09-30 | 93 | 70 | 55 |
| 2018-06-30 | 93 | 76 | 53 |
| 2018-03-31 | 92 | 69 | 46 |
| 2017-12-31 | 91 | 61 | 48 |
| 2016-12-31 | 96 | 141 | 29 |
*GAAP earnings excluding extraordinary items.
High Growth Checks
- EC World Real Estate Investment Trust's earnings are expected to grow by 6.4% yearly, however this is not considered high growth (20% yearly).
- EC World Real Estate Investment Trust's revenue is expected to grow by 2.6% yearly, however this is not considered high growth (20% yearly).
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 3 Analyst Estimates (S&P Global) | See Below |
All data from EC World Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SGD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | ||||
| 2020-12-31 | 0.11 | 0.11 | 0.11 | 1.00 |
| 2019-12-31 | 0.08 | 0.08 | 0.08 | 1.00 |
| Date (Data in SGD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.06 |
| 2018-09-30 | 0.07 |
| 2018-06-30 | 0.07 |
| 2018-03-31 | 0.06 |
| 2017-12-31 | 0.06 |
| 2016-12-31 | 0.04 |
*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.
- EC World Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess EC World Real Estate Investment Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
EC World Real Estate Investment Trust has a total score of 2/6, 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.
BWCU Past Performance
How has EC World Real Estate Investment Trust performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Insufficient data to establish if EC World Real Estate Investment Trust's year on year earnings growth rate was positive over the past 5 years.
- EC World Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- EC World Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.
Earnings and Revenue History
All data from EC World Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in SGD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 96.23 | 46.94 | 1.24 | |
| 2018-09-30 | 93.43 | 54.62 | 1.75 | |
| 2018-06-30 | 93.41 | 52.76 | 1.98 | |
| 2018-03-31 | 91.64 | 45.88 | 1.72 | |
| 2017-12-31 | 91.37 | 47.62 | 1.74 | |
| 2016-12-31 | 95.53 | 29.34 | 3.12 | |
| 2015-12-31 | 60.52 | 1,672.35 | 0.48 |
*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.
- EC World Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- EC World Real Estate Investment Trust used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
- EC World Real Estate Investment Trust has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess EC World Real Estate Investment Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
EC World Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
BWCU Health
How is EC World Real Estate Investment Trust's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up EC World Real Estate Investment Trust's finances.
The net worth of a company is the difference between its assets and liabilities.
- EC World Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- EC World Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- 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.
All data from EC World Real Estate Investment Trust Company Filings, last reported 3 months ago.
| Date (Data in SGD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 688.55 | 474.71 | 142.35 |
| 2018-09-30 | 689.02 | 453.92 | 116.70 |
| 2018-06-30 | 726.08 | 449.04 | 113.36 |
| 2018-03-31 | 731.21 | 438.70 | 138.02 |
| 2017-12-31 | 717.62 | 436.71 | 138.64 |
| 2016-12-31 | 726.12 | 398.83 | 103.81 |
| 2015-12-31 | 682.87 | 267.14 | 16.03 |
- EC World Real Estate Investment Trust's level of debt (68.9%) compared to net worth is high (greater than 40%).
- Unable to establish if EC World Real Estate Investment Trust's debt level has increased without past 5-year debt data.
- Debt is not well covered by operating cash flow (13.3%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 4.4x coverage).
Financial health checks
We assess EC World Real Estate Investment Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) EC World Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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.
BWCU Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
SGD2,000 of
EC World Real Estate Investment Trust
shares you are expected to receive
SGD157
in your first year as a dividend.
Dividend Amount
- EC World Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
- EC World Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.47%).
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.
| 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 3 Analyst Estimates (S&P Global) | See Below |
| Singapore REITs Industry Average Dividend Yield | Market Cap Weighted Average of 41 Stocks | 5.6% |
| 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 | 5.5% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in SGD) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 0.07 | 1.00 |
| 2020-12-31 | 0.06 | 3.00 |
| 2019-12-31 | 0.06 | 3.00 |
| Date (Data in SGD) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-22 | 0.062 | 8.061 |
| 2018-04-03 | 0.060 | 8.498 |
| 2018-02-28 | 0.060 | 8.086 |
| 2017-11-08 | 0.058 | 7.517 |
| 2017-08-03 | 0.062 | 7.895 |
| 2017-05-11 | 0.062 | 7.823 |
| 2017-04-05 | 0.059 | 7.692 |
| 2017-02-23 | 0.059 | 7.822 |
| 2016-10-28 | 0.056 | 7.696 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- EC World Real Estate Investment Trust 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 EC World Real Estate Investment Trust only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of
EC World Real Estate Investment Trust's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.3x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
Income/ dividend checks
We assess EC World Real Estate Investment Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can EC World Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) EC World Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
BWCU Management
CEO
| COMPENSATION | SGD5,417 |
| AGE | 61 |
| TENURE AS CEO | 1.2 years |
CEO Bio
Mr. Toh Sim Goh, also known as Eric, serves as an Executive Director and Chief Executive Officer of EC World Asset Management Pte. Ltd., Manager of EC World Real Estate Investment Trust since March 23, 2018. Mr. Goh served as President of Investment & Asset Management at EC World Asset Management Pte Ltd. Manager of EC World REIT. Mr. Goh served as Chief Representative of China at Keppel Corporation Limited until February 2016, where he was responsible for government relations and business development. Mr. Goh has over 20 years of experience in the management of industrial parks, real estate development and business management in China. He served as the Chief Executive Officer of Evergro Properties Limited from July 1, 2006 to November 2009. Mr Goh was appointed the Chief Executive Officer of Forchn International Pte. Ltd (“Forchn International”), a wholly owned subsidiary of the Sponsor and the sole shareholder of the – EC World Asset Management Pte. Ltd. Mr. Goh served as the Chief Executive Officer of Ascendas (China) Pte Ltd, a subsidiary of Vision Century Corp. Ltd. from January 1, 2004 to June 2006. From August 1994 to December 2003, he was the Deputy Chief Executive Officer of China-Singapore Suzhou Industrial Park Development Group Co., Ltd. (formerly known as China-Singapore Suzhou Industrial Park Development Co., Ltd.) where he was responsible for infrastructure development, finance and government relations. He served as an Executive Vice President of China-Singapore Suzhou Industrial Park Development Co., Ltd. ("CSSD"), where his responsibilities included infrastructure development, finance and administration. Mr. Goh joined CSSD in 1994. Prior to this, he was a civil servant in Singapore. Mr. Goh worked as an Assistant Director managing computerization and a computer security unit in the Ministry of Home Affairs. He has been a Director of Evergro Properties Limited since April 5, 2004. Mr. Goh was awarded Honorary Citizenship by Suzhou Municipal Government in 2002, the Friends of Jiangsu Award by the Jiangsu Provincial Government in the same year and the Labour Model Award by Jiangsu Province on 1 May 2003. Mr. Goh holds a Diplôme d' Ingénieur (French engineering degree which is equivalent to a Master's degree) in Telecommunications from the Ecole Nationale Supérieure des Télécommunications, Paris, France in 1981. He also holds an MBA degree from INSEAD, France in 1991 and University of Bradford, U.K. He holds Bachelor of Science in Building from National University of Singapore.
CEO Compensation
- Eric's compensation has been consistent with company performance over the past year.
- Eric's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure
Average tenure of the EC World Real Estate Investment Trust management team in years:
- The average tenure for the EC World Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team
Eric Goh
CEO & Executive Director of EC World Asset Management Pte. Ltd.
SGD5K
61
1.2 yrs
Johnnie Tng
Chief Financial Officer of EC World Asset Management Pte. Ltd.
50
2.3 yrs
Jinbo Li
Head of Investment
1.3 yrs
Feng Wang
Senior Manager of Risk Management & Compliance - EC World Asset Management Pte. Ltd.
1.3 yrs
Josephine Toh
Company Secretary of EC World Asset Management Pte Ltd.
Victor Lai
Company Secretary of EC World Asset Management Pte. Ltd.
Board of Directors Tenure
Average tenure and age of the EC World Real Estate Investment Trust board of directors in years:
- The average tenure for the EC World Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors
Guobiao Zhang
Non-Executive Chairman of EC World Asset Management Pte. Ltd.
SGD100K
58
2.8 yrs
Eric Goh
CEO & Executive Director of EC World Asset Management Pte. Ltd.
SGD5K
61
2.9 yrs
David Wong
Independent Non-Executive Director of EC World Asset Management Pte. Ltd.
SGD90K
65
2.8 yrs
Guosheng Li
Independent Non-Executive Director of EC World Asset Management Pte. Ltd.
SGD75K
52
2.8 yrs
Heng Wing Chan
Lead Non-Executive Independent Director of EC World Asset Management Pte. Ltd.
SGD99K
71
2.8 yrs
Yew Boon Chia
Independent Non-Executive Director of EC World Asset Management Pte. Ltd.
SGD70K
60
2.8 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (SGD) | Value (SGD) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 03. Sep 18 | Buy | Heng Wing Chan | Individual | 31. Aug 18 | 31. Aug 18 | 100,000 | SGD0.69 | SGD69,000 | ||
| 04. May 18 | Sell | Yuqing Hu | Individual | 02. May 18 | 02. May 18 | -3,000,000 | SGD0.74 | SGD-2,205,000 | ||
Management checks
We assess EC World Real Estate Investment Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) EC World Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
BWCU News
Simply Wall St News
Something To Consider Before Buying EC World Real Estate Investment Trust (SGX:BWCU) For The 8.0% Dividend
Is EC World Real Estate Investment Trust (SGX:BWCU) a good dividend stock? … Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. … In this case, EC World Real Estate Investment Trust pays a decent-sized 8.0% dividend yield, and has been distributing cash to shareholders for the past two years.
Simply Wall St - – Full articleEC World Real Estate Investment Trust (SGX:BWCU) Insiders Have Been Selling
So before you buy or sell EC World Real Estate Investment Trust (SGX:BWCU), you may well want to know whether insiders have been buying or selling. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … The Last 12 Months Of Insider Transactions At EC World Real Estate Investment Trust.
Simply Wall St - – Full articleWhat Should We Expect From EC World Real Estate Investment Trust's (SGX:BWCU) Earnings In The Next Couple Of Years?
EC World Real Estate Investment Trust's (SGX:BWCU) released its most recent earnings update in December 2018, whicha
Simply Wall St - – Full articleTaking A Look At EC World Real Estate Investment Trust's (SGX:BWCU) ROE
We'll use ROE to examine EC World Real Estate Investment Trust (SGX:BWCU), by way of a worked example. … Our data shows EC World Real Estate Investment Trust has a return on equity of 7.9% for the last year. … View our latest analysis for EC World Real Estate Investment Trust?
Simply Wall St - – Full articleEC World Real Estate Investment Trust (SGX:BWCU): The Best Of Both Worlds
I've been keeping an eye on EC World Real Estate Investment Trust (SGX:BWCU) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe BWCU has a lot to offer. … that has been a rockstar for income investors, currently trading at an attractive share price
Simply Wall St - – Full articleDid EC World Real Estate Investment Trust (SGX:BWCU) Insiders Sell Shares?
So shareholders might well want to know whether insiders have been buying or selling shares in EC World Real Estate Investment Trust (SGX:BWCU). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … EC World Real Estate Investment Trust Insider Transactions Over The Last Year.
Simply Wall St - – Full articleShould You Invest In EC World Real Estate Investment Trust (SGX:BWCU)?
EC World Real Estate Investment Trust is a S$549m. … real estate investment trust (REIT) based in Singapore, Singapore. … Check out our latest analysis for EC World Real Estate Investment Trust
Simply Wall St - – Full articleDo You Know Who Else Invests In EC World Real Estate Investment Trust (SGX:BWCU)?
A look at the shareholders of EC World Real Estate Investment Trust (SGX:BWCU) can tell us which group is most powerful. … EC World Real Estate Investment Trust is not a large company by global standards. … See our latest analysis for EC World Real Estate Investment Trust
Simply Wall St - – Full articleWith An ROE Of 6.28%, Can EC World Real Estate Investment Trust (SGX:BWCU) Catch Up To The Industry?
and want a simplistic look at the return on EC World Real Estate Investment Trust (SGX:BWCU) stock. … EC World Real Estate Investment Trust (SGX:BWCU) performed in line with its industrial reits industry on the basis of its ROE – producing a return of 6.28% relative to the peer average of 7.25% over the past 12 months. … But what is more interesting is whether BWCU can sustain or improve on this level of return
Simply Wall St - – Full articleShould You Invest In EC World Real Estate Investment Trust (SGX:BWCU)?
EC World Real Estate Investment Trust is a S$570.50M small-cap real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for EC World Real Estate Investment Trust REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … Next Steps: As a REIT, EC World Real Estate Investment Trust offers some unique characteristics which could help diversify your portfolio.
Simply Wall St - – Full articleBWCU Company Info
Description
Listed on 28 July 2016, EC World REIT is the first Chinese specialised logistics and e-commerce logistics REIT listed on Singapore Exchange Securities Trading Limited (“SGX-ST”). With its portfolio of seven quality properties located predominantly in one of the largest e-commerce clusters in the Yangtze River Delta, EC World REIT offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou and Wuhan, the People’s Republic of China (“PRC”). EC World REIT’s investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on the PRC. EC World REIT is listed in several indices. These include the FTSE ASEAN All-Share Index, FTSE ST All-Share Index, FTSE ST China Index and FTSE ST Singapore Shariah Index. EC World REIT is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of the Sponsor – Forchn Holdings Group Co., Ltd. Established in 1992 and headquartered in Shanghai, the Sponsor is a diversified enterprise group specialising in the real estate sector, industrial sector, e-commerce, logistics and finance.
Details
| Name: | EC World Real Estate Investment Trust |
| BWCU | |
| Exchange: | SGX |
| Founded: | 2015 |
| SGD627,440,693 | |
| 794,228,726 | |
| Website: | http://www.ecwreit.com |
| Address: |
EC World Real Estate Investment Trust Republic Plaza, Suite 45-02, Singapore, 048619, Singapore |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| SGX | BWCU | Units | Singapore Exchange | SG | SGD | 28. Jul 2016 |
Number of employees
Current staff
Industry
| Industrial REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/23 13:02 |
| End of day share price update: | 2019/04/23 00:00 |
| Last estimates confirmation: | 2019/03/01 |
| Last earnings filing: | 2019/03/28 |
| 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.
