SGX:CEDU

Stock Analysis Report

Executive Summary

Dasin Retail Trust specializes in the investments and owns, develops, and operates land, uncompleted developments, and income-producing real estate properties in Greater China, mainly for retail use.

Rewards

Trading at 58.9% below its fair value

Revenue is forecast to grow 40.42% per year

Risk Analysis

Earnings have declined by -36.86% per year over past 5 years

Unstable dividend track record



Snowflake Analysis

Fair value second-rate dividend payer.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.2%

CEDU

-0.8%

SG REITs

0.2%

SG Market


1 Year Return

-4.6%

CEDU

15.1%

SG REITs

2.4%

SG Market

Return vs Industry: CEDU underperformed the SG REITs industry which returned 15.1% over the past year.

Return vs Market: CEDU underperformed the SG Market which returned 2.4% over the past year.


Shareholder returns

CEDUIndustryMarket
7 Day-1.2%-0.8%0.2%
30 Day-1.2%1.8%-1.3%
90 Day-2.9%-0.9%-0.1%
1 Year5.1%-4.6%22.1%15.1%6.6%2.4%
3 Yearn/a50.4%24.0%17.3%4.7%
5 Yearn/a59.1%14.7%14.6%-4.7%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CEDU (SGD0.83) is trading below our estimate of fair value (SGD2.01)

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


Price To Earnings Ratio

PE vs Industry: CEDU is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: CEDU is unprofitable, so we can't compare its PE Ratio to the SG market.


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: CEDU is good value based on its PB Ratio (0.6x) compared to the SG REITs industry average (1x).


Next Steps

Future Growth

How is Dasin Retail Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

40.4%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if CEDU's forecast earnings growth is above the savings rate (1.8%).

Earnings vs Market: Insufficient data to determine if CEDU's earnings are forecast to grow faster than the SG market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CEDU's revenue (40.4% per year) is forecast to grow faster than the SG market (5.6% per year).

High Growth Revenue: CEDU's revenue (40.4% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if CEDU's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Dasin Retail Trust performed over the past 5 years?

-36.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CEDU is currently unprofitable.

Growing Profit Margin: CEDU is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CEDU is unprofitable, and losses have increased over the past 5 years at a rate of -36.9% per year.

Accelerating Growth: Unable to compare CEDU's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CEDU is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (4.6%).


Return on Equity

High ROE: CEDU has a negative Return on Equity (-1.21%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Dasin Retail Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CEDU has a high level of physical assets or inventory.

Debt Coverage by Assets: CEDU's debt is not covered by short term assets (assets are 0.2x debt).


Financial Institutions Analysis

Asset Level: CEDU's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CEDU has a sufficient allowance for bad loans.

Low Risk Liabilities: CEDU reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CEDU has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CEDU has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CEDU has an appropriate level of bad loans.


Next Steps

Dividend

What is Dasin Retail Trust's current dividend yield, its reliability and sustainability?

8.75%

Current Dividend Yield


Dividend Yield vs Market

company8.8%marketbottom25%2.6%markettop25%5.5%industryaverage5.3%forecastin3Years8.5%

Current dividend yield vs market & industry

Notable Dividend: CEDU's dividend (8.75%) is higher than the bottom 25% of dividend payers in the SG market (2.56%).

High Dividend: CEDU's dividend (8.75%) is in the top 25% of dividend payers in the SG market (5.46%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, CEDU has been paying a dividend for less than 10 years.

Growing Dividend: CEDU's dividend payments have increased, but the company has only paid a dividend for 2 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (44.2%), CEDU's dividend payments are well 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

What is the CEO of Dasin Retail Trust's salary, the management and board of directors tenure and is there insider trading?


CEO

Wen Li 0

0yrs

Tenure

0

Mr. Wen Li serves as Chief Executive Officer of Dasin Retail Trust Management Pte. Ltd. and serves as Chief Executive Officer of Dasin Retail Trust Management Pte. Ltd at Dasin Retail Trust. Mr. Li is resp ...


Insider Trading

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


Recent Insider Transactions

BuyS$41,549,88917 Sep 19
Glory Class Ventures Limited
EntityCompany
Shares49,700,900
Max PriceS$0.84

Ownership Breakdown

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


Management Team

  • Steven Ng (44yo)

    Chief Financial Officer of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 0yrs
  • Wen Li

    Chief Executive Officer of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 0yrs
  • Zhiqi Lu

    General Manager of the Investment Division of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 0yrs
  • Chee Lun

    Company Secretary of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 0yrs

Board Members

  • Yong Cao (65yo)

    Lead Independent Director of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 0yrs
    • Compensation: S$120.00k
  • Huay Lim Tan (62yo)

    Independent Director of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 0yrs
    • Compensation: S$120.00k
  • Zhencheng Zhang (48yo)

    Chairman of the Board of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 0yrs
  • Zhongming Zhang (29yo)

    Deputy Chairman of the Board of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 1.3yrs
    • Compensation: S$40.00k
  • Shu Sun (66yo)

    Independent Director of Dasin Retail Trust Management Pte. Ltd.

    • Tenure: 0yrs
    • Compensation: S$120.00k

Company Information

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


Key Information

  • Name: Dasin Retail Trust
  • Ticker: CEDU
  • Exchange: SGX
  • Founded:
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$538.590m
  • Shares outstanding: 645.02m
  • Website: https://dasintrust.com

Number of Employees


Location

  • Dasin Retail Trust
  • 8 Marina Boulevard No. 14-02
  • Marina Bay Financial Centre Tower 1
  • Singapore
  • 18981
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CEDUSGX (Singapore Exchange)YesUnitsSGSGDJan 2017

Biography

Dasin Retail Trust specializes in the investments and owns, develops, and operates land, uncompleted developments, and income-producing real estate properties in Greater China, mainly for retail use. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/13 13:10
End of Day Share Price2019/12/13 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.