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Dasin Retail Trust

SGX:CEDU
Snowflake Description

Reasonable growth potential and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CEDU
SGX
SGD492M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

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. The last earnings update was 22 days ago. More info.


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CEDU Share Price and Events
7 Day Returns
0%
SGX:CEDU
0.5%
SG REITs
0.2%
SG Market
1 Year Returns
1.7%
SGX:CEDU
4%
SG REITs
-5.7%
SG Market
CEDU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dasin Retail Trust (CEDU) 0% 1.1% 1.1% 1.7% - -
SG REITs 0.5% 0.8% 4.7% 4% 15% 12.4%
SG Market 0.2% 4.1% 4.4% -5.7% 10.8% -2.6%
1 Year Return vs Industry and Market
  • CEDU underperformed the REITs industry which returned 4% over the past year.
  • CEDU outperformed the Market in Singapore which returned -5.7% over the past year.
Price Volatility
CEDU
Industry
5yr Volatility vs Market

Value

 Is Dasin Retail 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 Dasin Retail 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 Dasin Retail Trust.

SGX:CEDU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
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:CEDU
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%) (101.76%))
0.994
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.994 * 5.96%)
8.23%

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

The calculations below outline how an intrinsic value for Dasin Retail 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:CEDU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 8.23%)
2019 59.03 Est @ 17.68% 54.54
2020 66.74 Est @ 13.07% 56.98
2021 73.30 Est @ 9.84% 57.82
2022 78.86 Est @ 7.58% 57.47
2023 83.59 Est @ 5.99% 56.29
2024 87.67 Est @ 4.89% 54.55
2025 91.28 Est @ 4.11% 52.48
2026 94.53 Est @ 3.57% 50.22
2027 97.55 Est @ 3.19% 47.88
2028 100.40 Est @ 2.92% 45.53
Present value of next 10 years cash flows SGD533.75
SGX:CEDU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD100.40 × (1 + 2.3%) ÷ (8.23% – 2.3%)
SGD1,733.28
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD1,733.28 ÷ (1 + 8.23%)10
SGD786.02
SGX:CEDU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD533.75 + SGD786.02
SGD1,319.77
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD1,319.77 / 558.91
SGD2.36
SGX:CEDU Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD2.36
Current discount Discount to share price of SGD0.88
= -1 x (SGD0.88 - SGD2.36) / SGD2.36
62.7%

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

Current Discount
Amount off the current price Dasin Retail Trust is available for.
Intrinsic value
>50%
Share price is SGD0.88 vs Future cash flow value of SGD2.36
Current Discount Checks
For Dasin Retail Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Dasin Retail Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Dasin Retail Trust's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dasin Retail Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dasin Retail Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:CEDU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD-0.02
SGX:CEDU Share Price ** SGX (2019-04-25) in SGD SGD0.88
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.69x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.19x

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

** Primary Listing of Dasin Retail Trust.

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

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

= 0.88 ÷ -0.02

-42.55x

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

  • Dasin Retail Trust is loss making, we can't compare its value to the SG REITs industry average.
  • Dasin Retail Trust is loss making, we can't compare the value of its earnings to the Singapore market.
Price based on expected Growth
Does Dasin Retail Trust's expected growth come at a high price?
Raw Data
SGX:CEDU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -42.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
36.8%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.07x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Dasin Retail Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Dasin Retail Trust's assets?
Raw Data
SGX:CEDU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD1.39
SGX:CEDU Share Price * SGX (2019-04-25) in SGD SGD0.88
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 0.76x
SGX:CEDU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.88 ÷ 1.39

0.63x

* Primary Listing of Dasin Retail Trust.

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

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

Future Performance

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

  • No analysts cover Dasin Retail Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
36.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dasin Retail Trust expected to grow at an attractive rate?
  • Dasin Retail Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Dasin Retail Trust's earnings growth is expected to exceed the Singapore market average.
  • Dasin Retail Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:CEDU Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:CEDU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 36.8%
SGX:CEDU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 5.7%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.9%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*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:CEDU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:CEDU Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 80 45 1
2019-12-31 76 37 1
SGX:CEDU Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 71 50 -11
2018-09-30 73 53 2
2018-06-30 74 53 4
2018-03-31 66 45 31
2017-12-31 58 34 19
2017-09-30 51 27 3
2017-06-30 41 33 5
2017-03-31 41 33 13
2016-12-31 34 32 26
2016-09-30 32 33 26
2016-06-30 32 23 25
2016-03-31 28 18 10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Dasin Retail Trust's earnings are expected to grow significantly at over 20% yearly.
  • Dasin Retail Trust's revenue is expected to grow by 5.7% 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:CEDU 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 1 Analyst Estimates (S&P Global) See Below

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

SGX:CEDU Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
SGX:CEDU Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 -0.02
2018-09-30 0.00
2018-06-30 0.01
2018-03-31 0.06
2017-12-31 0.03
2017-09-30 0.01
2017-06-30 0.01
2017-03-31 0.02
2016-12-31
2016-09-30
2016-06-30 0.07
2016-03-31

*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.
  • Dasin Retail Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Dasin Retail 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.
Dasin Retail Trust has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

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

Past Performance

  How has Dasin Retail 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 Dasin Retail 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.
  • Dasin Retail Trust does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Dasin Retail Trust's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Dasin Retail Trust's 1-year growth to the SG REITs industry average as it is not currently profitable.
Earnings and Revenue History
Dasin Retail 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 Dasin Retail Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:CEDU 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 71.29 -11.47 7.23
2018-09-30 72.64 2.20 6.07
2018-06-30 73.51 4.35 11.94
2018-03-31 66.21 31.08 11.48
2017-12-31 57.70 18.86 11.99
2017-09-30 50.85 3.06 9.09
2017-06-30 41.33 4.57 1.72
2017-03-31 41.43 12.63 0.75
2016-12-31 34.23 25.63 0.17
2016-09-30 32.29 26.20 2.40
2016-06-30 32.15 25.12 4.56
2016-03-31 27.89 10.49 5.50
2015-12-31 33.96 2.40 6.71
2014-12-31 21.91 -5.35 3.73
2013-12-31 20.21 -3.75 3.63

*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.
  • It is difficult to establish if Dasin Retail Trust has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Dasin Retail Trust used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • It is difficult to establish if Dasin Retail Trust improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Dasin Retail 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.
Dasin Retail Trust has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

Health

 How is Dasin Retail 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 Dasin Retail Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dasin Retail Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Dasin Retail Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Dasin Retail 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 0.2x 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 Dasin Retail Trust Company Filings, last reported 3 months ago.

SGX:CEDU Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 775.95 500.51 69.19
2018-09-30 778.39 498.49 43.14
2018-06-30 828.49 497.97 37.61
2018-03-31 867.94 489.81 33.69
2017-12-31 848.89 483.21 40.67
2017-09-30 833.64 484.57 69.15
2017-06-30 818.87 483.65 71.29
2017-03-31 585.88 234.92 62.31
2016-12-31 458.14 106.54 16.55
2016-09-30 547.73 242.96 15.60
2016-06-30 547.73 242.96 15.60
2016-03-31
2015-12-31 586.06 261.70 16.81
2014-12-31
2013-12-31
  • Dasin Retail Trust's level of debt (64.5%) compared to net worth is high (greater than 40%).
  • Unable to establish if Dasin Retail Trust's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (10%, less than 20% of total debt).
  • Dasin Retail Trust is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Dasin Retail 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. Dasin Retail Trust has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


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

Dividends

 What is Dasin Retail 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
8.2%
Current annual income from Dasin Retail Trust dividends. Estimated to be 8.47% next year.
If you bought SGD2,000 of Dasin Retail Trust shares you are expected to receive SGD164 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?
  • Dasin Retail Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.49%).
  • Dasin Retail Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.46%).
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:CEDU 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 1 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:CEDU Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.08 1.00
2019-12-31 0.07 1.00
SGX:CEDU Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-02-25 0.072 8.246
2018-08-10 0.077 8.942
2018-02-28 0.083 9.500
2017-11-10 0.060 7.202
2017-08-11 0.060 7.303

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

  • Whilst dividend payments have been stable, Dasin Retail Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Dasin Retail Trust only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Dasin Retail Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.4x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Dasin Retail 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 Dasin Retail Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dasin Retail Trust has a total score of 3/6, see the detailed checks below.


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

Management

 What is the CEO of Dasin Retail 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
Yang Bin
AGE 49
CEO Bio

Yang Bin is the Chief Executive Officer of Dasin Retail Trust. From August 2003 to November 2007, he joined China Aviation Oil (Singapore) Co. Ltd. as an assistant to the CEO. He was also a member of the restructuring team tasked to rebuild the company between October 2004 and March 2006. After leaving China Aviation Oil (Singapore) Co. Ltd. In November 2007, he took on the role of CEO of an investment group based in Munich, Germany, between January 2008 and August 2010. From August 2010 to October 2011, he was the Chief Financial Officer of China BOCO Oil, a Hong Kong-incorporated company, where he was responsible for leading a team tasked to handle the company’s listing on the Canadian Stock Exchange. From November 2011 to December 2012, he was the President of Titan Shipyard Ltd in PRC, where he was responsible for the overall management of the company and led a successful equity and liability restructuring of the company. Between April 2013 and May 2014, he helped to establish the Fosun Energy Group in PRC and was the Deputy General Manager and Chief Financial Officer of Fosun Energy Group, where he was responsible for leading investment teams dealing in industries ranging from oil and gas, renewable energy, chemicals and finance. At Fosun Energy Group, He also oversaw global mergers and acquisitions and investments, completed successfully the privatisation of a listed company of considerable size, and completed the equity investments in a number of PRC state-owned companies and the acquisition of projects inside and outside of PRC. From June 2014 to May 2015, He was a private investor focusing on venture capital investments in companies in the real estate and internet business. From June 2015 to the present, he has been an IPO team member of the Sponsor, where he assists the Sponsor in the listing of Dasin Retail Trust. He graduated with a Bachelor of Economics from Guangdong Commercial College, PRC, in June 1992. In July 2003, he obtained his Masters of Business Administration from Sun Yat-Sen University in PRC. He received the Senior Accountant accreditation from PRC Examination and Appraisal Committee for Professional and Technical Titles in December 2002.

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

Yang Bin

TITLE
Chief Executive Officer
AGE
49

Steven Ng

TITLE
Chief Financial Officer
AGE
43

Chee Lun

TITLE
Company Secretary of Dasin Retail Trust Management Pte. Ltd - Management Company
Board of Directors

Zhang Zhencheng

TITLE
Chairman of the Board
AGE
47

Zhongming Zhang

TITLE
Deputy Chairman
AGE
28
TENURE
0.7 yrs

Huay Lim Tan

TITLE
Independent Director
AGE
61

Yong Cao

TITLE
Lead Independent Director
AGE
64

Sun Shu

TITLE
Independent Director
AGE
65
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)
24. Oct 18 Buy Zhang Zhencheng Individual 17. Oct 18 17. Oct 18 3,500,000 SGD0.87 SGD3,027,498
X
Management checks
We assess Dasin Retail 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. Dasin Retail 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.

News

Simply Wall St News

How Does Dasin Retail Trust (SGX:CEDU) Stand Up To These Simple Dividend Safety Checks?

Today we'll take a closer look at Dasin Retail Trust (SGX:CEDU) from a dividend investor's perspective. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … SGX:CEDU Historical Dividend Yield, April 15th 2019

Simply Wall St -

Could Dasin Retail Trust's (SGX:CEDU) Investor Composition Influence The Stock Price?

A look at the shareholders of Dasin Retail Trust (SGX:CEDU) can tell us which group is most powerful. … Dasin Retail Trust is a smaller company with a market capitalization of S$500m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for Dasin Retail Trust

Simply Wall St -

Have Insiders Been Buying Dasin Retail Trust (SGX:CEDU) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Dasin Retail Trust (SGX:CEDU). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … The Last 12 Months Of Insider Transactions At Dasin Retail Trust.

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Investing In Property Through Dasin Retail Trust (SGX:CEDU)

Dasin Retail Trust is a S$470m. … real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for Dasin Retail Trust

Simply Wall St -

What Percentage Of Dasin Retail Trust (SGX:CEDU) Shares Do Insiders Own?

If you want to know who really controls Dasin Retail Trust (SGX:CEDU), then you'll have to look at the makeup of its share registry. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Dasin Retail Trust is a smaller company with a market capitalization of S$481m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

With An ROE Of 0.5%, Can Dasin Retail Trust (SGX:CEDU) Catch Up To The Industry?

Dasin Retail Trust (SGX:CEDU) delivered a less impressive 0.5% ROE over the past year, compared to the 6.6% return generated by its industry. … Knowing these components can change your views on CEDU's below-average returns. … See our latest analysis for Dasin Retail Trust

Simply Wall St -

Is Dasin Retail Trust (SGX:CEDU) A Healthy REIT?

Dasin Retail Trust is a S$482.95m. … real estate investment trust (REIT) based in Singapore, Singapore. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.

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Company Info

Description

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.

Details
Name: Dasin Retail Trust
CEDU
Exchange: SGX
Founded:
SGD491,837,373
558,906,106
Website: http://dasintrust.com
Address: Dasin Retail Trust
8 Marina Boulevard No. 14-02,
Marina Bay Financial Centre Tower 1,
Singapore,
018981,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX CEDU Units Singapore Exchange SG SGD 20. Jan 2017
Number of employees
Current staff
Staff numbers
0
Dasin Retail Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 13:54
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/02/28
Last earnings filing: 2019/04/03
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.