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EC World Real Estate Investment Trust

SGX:BWCU
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BWCU
SGX
SGD627M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company 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”). The last earnings update was 26 days ago. More info.


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BWCU Share Price and Events
7 Day Returns
1.3%
SGX:BWCU
-0.8%
SG REITs
0.6%
SG Market
1 Year Returns
6.8%
SGX:BWCU
2.8%
SG REITs
-6.1%
SG Market
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.
Price Volatility
BWCU
Industry
5yr Volatility vs Market

BWCU Value

 Is EC World Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of 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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for EC World Real Estate Investment Trust.

SGX:BWCU Discounted Cash Flow Data Sources
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.

Calculation of Discount Rate/ Cost of Equity for SGX:BWCU
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.

SGX:BWCU DCF 1st Stage: Next 10 year cash flow forecast
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
SGX:BWCU DCF 2nd Stage: Terminal Value
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
SGX:BWCU Total Equity Value
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
SGX:BWCU Discount to Share Price
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.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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?
Raw Data
SGX:BWCU PE (Price to Earnings) Ratio Data Sources
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.

SGX:BWCU PE (Price to Earnings) Ratio Calculation
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?
Raw Data
SGX:BWCU PEG (Price to Earnings to Growth) Ratio Data Sources
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 .

SGX:BWCU PEG (Price to Earnings to Growth) Ratio Calculation
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?
Raw Data
SGX:BWCU PB (Price to Book) Ratio Data Sources
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
SGX:BWCU PB (Price to Book) Ratio Calculation
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.
X
Value checks
We assess EC World Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. 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

 How is EC World Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is EC World Real Estate Investment Trust expected to grow at an attractive rate?
  • 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
Raw Data
SGX:BWCU Future Growth Rates Data Sources
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
Raw Data
SGX:BWCU Analysts Growth Expectations Data Sources
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 numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:BWCU Future Estimates Data
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
SGX:BWCU Past Financials Data
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.

Super high growth metrics
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
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:BWCU 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.

SGX:BWCU Future Estimates Data
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
SGX:BWCU Past Financials Data
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%).
X
Future performance checks
We assess EC World Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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
Below we compare EC World Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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
EC World Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from EC World Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:BWCU 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 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).
X
Past performance checks
We assess EC World Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of EC World Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from EC World Real Estate Investment Trust Company Filings, last reported 3 months ago.

SGX:BWCU Past Debt and Equity Data
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).
X
Financial health checks
We assess EC World Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. EC World Real Estate Investment Trust has a total score of 1/6, 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.

BWCU Dividends

 What is EC World Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.87%
Current annual income from EC World Real Estate Investment Trust dividends. Estimated to be 8.11% next year.
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
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?
  • 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.
Raw Data
SGX:BWCU 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 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.

SGX:BWCU Future Dividends Estimate Data
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
SGX:BWCU Past Annualized Dividends Data
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).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess EC World Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can 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)
  7. 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

 What is the CEO of EC World Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Eric Goh
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:

1.3
Average Tenure
  • 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

TITLE
CEO & Executive Director of EC World Asset Management Pte. Ltd.
COMPENSATION
SGD5K
AGE
61
TENURE
1.2 yrs

Johnnie Tng

TITLE
Chief Financial Officer of EC World Asset Management Pte. Ltd.
AGE
50
TENURE
2.3 yrs

Jinbo Li

TITLE
Head of Investment
TENURE
1.3 yrs

Feng Wang

TITLE
Senior Manager of Risk Management & Compliance - EC World Asset Management Pte. Ltd.
TENURE
1.3 yrs

Josephine Toh

TITLE
Company Secretary of EC World Asset Management Pte Ltd.

Victor Lai

TITLE
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:

2.8
Average Tenure
60.5
Average Age
  • 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

TITLE
Non-Executive Chairman of EC World Asset Management Pte. Ltd.
COMPENSATION
SGD100K
AGE
58
TENURE
2.8 yrs

Eric Goh

TITLE
CEO & Executive Director of EC World Asset Management Pte. Ltd.
COMPENSATION
SGD5K
AGE
61
TENURE
2.9 yrs

David Wong

TITLE
Independent Non-Executive Director of EC World Asset Management Pte. Ltd.
COMPENSATION
SGD90K
AGE
65
TENURE
2.8 yrs

Guosheng Li

TITLE
Independent Non-Executive Director of EC World Asset Management Pte. Ltd.
COMPENSATION
SGD75K
AGE
52
TENURE
2.8 yrs

Heng Wing Chan

TITLE
Lead Non-Executive Independent Director of EC World Asset Management Pte. Ltd.
COMPENSATION
SGD99K
AGE
71
TENURE
2.8 yrs

Yew Boon Chia

TITLE
Independent Non-Executive Director of EC World Asset Management Pte. Ltd.
COMPENSATION
SGD70K
AGE
60
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
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
X
Management checks
We assess EC World Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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 -

EC 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 -

What 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 -

Taking 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 -

EC 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 -

Did 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 -

Should 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 -

Do 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 -

With 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 -

Should 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 -

BWCU 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
Staff numbers
0
EC World Real Estate Investment Trust employees.
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.