Loading...

Sunlight Real Estate Investment Trust

OTCPK:SHTR.F
Snowflake Description

Established dividend payer with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SHTR.F
OTCPK
HK$8B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Sunlight REIT (Stock Code: 435) is a real estate investment trust authorized by the Securities and Futures Commission and constituted by the trust deed dated 26 May 2006 (as amended and supplemented by six supplemental deeds) (the "Trust Deed"), and has been listed on The Stock Exchange of Hong Kong Limited since 21 December 2006. The last earnings update was 67 days ago. More info.


Add to Portfolio Compare Print
SHTR.F Share Price and Events
7 Day Returns
0%
OTCPK:SHTR.F
-1%
US REITs
-3.4%
US Market
1 Year Returns
-
OTCPK:SHTR.F
-2.3%
US REITs
5%
US Market
SHTR.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sunlight Real Estate Investment Trust (SHTR.F) 0% 0% - - - -
US REITs -1% 0.7% -2.8% -2.3% 13.7% 46.4%
US Market -3.4% -1.4% -8% 5% 46.3% 84.1%
1 Year Return vs Industry and Market
  • No trading data on SHTR.F.
  • No trading data on SHTR.F.
Price Volatility
SHTR.F
Industry
5yr Volatility vs Market

Value

 Is Sunlight 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 Sunlight 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 Sunlight Real Estate Investment Trust.

OTCPK:SHTR.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 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 OTCPK:SHTR.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.475 (1 + (1- 25%) (53.13%))
0.664
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (0.8 * 7.05%)
8.59%

Discounted Cash Flow Calculation for OTCPK:SHTR.F using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Sunlight Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

Sunlight Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:SHTR.F DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Funds From Operations (FFO) (HKD, Millions) 418.00 451.00 494.00 522.51 552.67
Source Analyst x1 Analyst x1 Analyst x1 Est @ 5.77% Est @ 5.77%
Present Value
Discounted (@ 8.59%)
384.93 382.47 385.80 375.78 366.03
Present value of next 5 years cash flows HK$1,895.01
OTCPK:SHTR.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= HK$552.67 × (1 + 2.95%) ÷ (8.59% – 2.95%)
HK$10,088.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= HK$10,088.17 ÷ (1 + 8.59%)5
HK$6,681.33
OTCPK:SHTR.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= HK$1,895.01 + HK$6,681.33
HK$8,576.34
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$8,576.34 / 1,647.14
HK$0.77
OTCPK:SHTR.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:SHTR.F represents 0.13786x of SEHK:435
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.13786x
Value per Share
(Listing Adjusted, USD)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 5.62 x 0.13786
$0.77
Value per share (USD) From above. $0.77
Current discount Discount to share price of $0.67
= -1 x ($0.67 - $0.77) / $0.77
13.5%

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

Current Discount
Amount off the current price Sunlight Real Estate Investment Trust is available for.
Intrinsic value
13%
Share price is $0.67 vs Future cash flow value of $0.77427
Current Discount Checks
For Sunlight Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sunlight Real Estate Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Sunlight Real Estate Investment Trust's share price is below the future cash flow value, but not 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 Sunlight 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 Sunlight 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
OTCPK:SHTR.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in HKD HK$0.88
SEHK:435 Share Price ** SEHK (2018-08-28) in HKD HK$4.86
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 29.29x
United States of America Market PE Ratio Median Figure of 2,994 Publicly-Listed Companies 17.89x

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

** Primary Listing of Sunlight Real Estate Investment Trust.

OTCPK:SHTR.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:435 Share Price ÷ EPS (both in HKD)

= 4.86 ÷ 0.88

5.53x

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

  • Sunlight Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • Sunlight Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Sunlight Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:SHTR.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-47.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 143 Publicly-Listed REITs Companies 1.07x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.23x

*Line of best fit is calculated by linear regression .

OTCPK:SHTR.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.53x ÷ -47.9%

-0.12x

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

  • Sunlight Real Estate Investment Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Sunlight Real Estate Investment Trust's assets?
Raw Data
OTCPK:SHTR.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in HKD HK$9.03
SEHK:435 Share Price * SEHK (2018-08-28) in HKD HK$4.86
United States of America REITs Industry PB Ratio Median Figure of 192 Publicly-Listed REITs Companies 1.67x
United States of America Market PB Ratio Median Figure of 5,004 Publicly-Listed Companies 1.84x
OTCPK:SHTR.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:435 Share Price ÷ Book Value per Share (both in HKD)

= 4.86 ÷ 9.03

0.54x

* Primary Listing of Sunlight Real Estate Investment Trust.

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

  • Sunlight Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Sunlight 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. Sunlight 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.

Future Performance

 How is Sunlight Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 2 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
-47.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sunlight Real Estate Investment Trust expected to grow at an attractive rate?
  • Sunlight Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 3%.
Growth vs Market Checks
  • Sunlight Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Sunlight Real Estate Investment Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:SHTR.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:SHTR.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -47.9%
OTCPK:SHTR.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 0.2%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.2%

*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
OTCPK:SHTR.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:SHTR.F Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 953 686 494 1
2020-06-30 899 637 434 2
2019-06-30 859 597 414 2
OTCPK:SHTR.F Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-06-30 817 517 1,442
2018-03-31 811 518 1,421
2017-12-31 804 518 1,400
2017-09-30 796 517 1,072
2017-06-30 788 517 744
2017-03-31 778 495 630
2016-12-31 768 474 517
2016-09-30 769 485 671
2016-06-30 770 496 825
2016-03-31 769 503 1,230
2015-12-31 769 511 1,635
2015-09-30 762 496 1,769

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sunlight Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Sunlight Real Estate Investment Trust's revenue is expected to grow by 5% 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
OTCPK:SHTR.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Sunlight Real Estate Investment Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:SHTR.F Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 0.30 0.30 0.30 1.00
2020-06-30 0.27 0.27 0.27 1.00
2019-06-30 0.25 0.25 0.25 1.00
OTCPK:SHTR.F Past Financials Data
Date (Data in HKD Millions) EPS *
2018-06-30 0.88
2018-03-31 0.87
2017-12-31 0.85
2017-09-30 0.65
2017-06-30 0.45
2017-03-31 0.39
2016-12-31 0.32
2016-09-30 0.41
2016-06-30 0.50
2016-03-31 0.75
2015-12-31 1.00
2015-09-30 1.08

*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.
  • Sunlight 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 Sunlight 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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
Sunlight Real Estate Investment Trust has a total score of 0/6, 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 Sunlight 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 Sunlight 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.
  • Sunlight Real Estate Investment Trust's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Sunlight Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (94% vs -7.6%)
  • Sunlight Real Estate Investment Trust's earnings growth has exceeded the US REITs industry average in the past year (94% vs 14%).
Earnings and Revenue History
Sunlight 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 Sunlight Real Estate Investment Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:SHTR.F Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 817.39 1,442.28 113.88
2018-03-31 810.64 1,420.97 111.18
2017-12-31 803.89 1,399.65 108.47
2017-09-30 796.01 1,071.58 107.01
2017-06-30 788.12 743.50 105.55
2017-03-31 778.12 630.24 105.15
2016-12-31 768.12 516.99 104.75
2016-09-30 768.93 671.15 104.52
2016-06-30 769.74 825.32 104.29
2016-03-31 769.22 1,230.30 107.35
2015-12-31 768.69 1,635.27 110.41
2015-09-30 761.52 1,768.99 115.21
2015-06-30 754.35 1,902.70 120.01
2015-03-31 738.82 1,705.12 119.01
2014-12-31 723.28 1,507.54 118.01
2014-09-30 706.09 1,368.80 111.54
2014-06-30 688.91 1,230.05 105.08
2014-03-31 673.47 1,224.60 100.15
2013-12-31 658.03 1,219.15 95.22
2013-09-30 644.11 1,446.89 93.57
2013-06-30 630.20 1,674.62 91.91
2013-03-31 617.34 1,625.03 90.25
2012-12-31 604.49 1,575.43 88.59
2012-09-30 593.09 1,301.34 89.13
2012-06-30 581.69 1,027.25 89.67
2012-03-31 568.75 1,349.57 88.88
2011-12-31 555.81 1,671.90 88.08

*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.
  • Sunlight Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sunlight Real Estate Investment Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Sunlight Real Estate Investment Trust's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Sunlight 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.
Sunlight Real Estate Investment Trust has a total score of 3/6, 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 Sunlight 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 Sunlight Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sunlight Real Estate Investment Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sunlight 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 Sunlight 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 0.2x 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 Sunlight Real Estate Investment Trust Company Filings, last reported 4 months ago.

OTCPK:SHTR.F Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 14,856.99 4,253.10 655.04
2018-03-31 14,856.99 4,253.10 655.04
2017-12-31 14,526.40 4,231.17 550.48
2017-09-30 14,526.40 4,231.17 550.48
2017-06-30 13,899.48 3,912.56 1,088.14
2017-03-31 13,899.48 3,912.56 1,088.14
2016-12-31 13,659.60 3,905.65 1,067.74
2016-09-30 13,659.60 3,905.65 1,067.74
2016-06-30 13,518.10 3,936.54 1,134.83
2016-03-31 13,518.10 3,936.54 1,134.83
2015-12-31 13,511.39 3,911.02 1,159.26
2015-09-30 13,511.39 3,911.02 1,159.26
2015-06-30 13,097.14 3,930.59 464.33
2015-03-31 13,097.14 3,930.59 464.33
2014-12-31 12,206.52 3,918.67 320.63
2014-09-30 12,206.52 3,918.67 320.63
2014-06-30 11,494.88 3,922.31 345.25
2014-03-31 11,494.88 3,922.31 345.25
2013-12-31 10,979.46 3,923.82 301.01
2013-09-30 10,979.46 3,923.82 301.01
2013-06-30 10,531.74 3,933.93 329.13
2013-03-31 10,531.74 3,933.93 329.13
2012-12-31 9,938.01 4,006.36 5.47
2012-09-30 9,938.01 4,006.36 5.47
2012-06-30 9,021.96 4,029.49 260.88
2012-03-31 9,021.96 4,029.49 260.88
2011-12-31 8,622.77 3,997.42 0.16
  • Sunlight Real Estate Investment Trust's level of debt (28.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (37.3% vs 28.6% today).
  • Debt is not well covered by operating cash flow (12.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 9x coverage).
X
Financial health checks
We assess Sunlight 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. Sunlight Real Estate Investment Trust has a total score of 4/6, 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 Sunlight 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
5.45%
Current annual income from Sunlight Real Estate Investment Trust dividends. Estimated to be 5.94% next year.
If you bought $2,000 of Sunlight Real Estate Investment Trust shares you are expected to receive $109 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?
  • Sunlight Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Sunlight Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.58%).
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
OTCPK:SHTR.F 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 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 183 Stocks 4.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1981 Stocks 2.6%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:SHTR.F Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.32 1.00
2020-06-30 0.29 2.00
2019-06-30 0.28 2.00
OTCPK:SHTR.F Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2018-09-19 0.265 5.372
2017-09-20 0.255 4.759
2017-09-05 0.255 4.677
2016-09-19 0.246 5.086
2016-09-05 0.246 4.955
2016-02-24 0.240 5.589
2015-09-30 0.230 6.046
2015-02-12 0.210 5.404
2015-02-05 0.210 5.294
2014-09-29 0.208 5.993
2014-09-16 0.208 6.303
2013-09-23 0.177 5.772
2013-09-05 0.177 5.714
2012-09-06 0.174 5.246
2012-02-23 0.166 6.430
2012-02-14 0.166 6.558
2011-09-05 0.157 7.020
2010-09-17 0.120 5.033
2010-09-09 0.120 5.495
2009-09-21 0.175 8.939
2009-09-11 0.175 8.738
2009-02-11 0.212 14.566
2008-11-26 0.171 12.810

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Sunlight Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1587.3x coverage).
X
Income/ dividend checks
We assess Sunlight Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Sunlight Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sunlight Real Estate Investment Trust has a total score of 5/6, 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 Sunlight 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
Keith Wu
AGE 54
CEO Bio

Mr. Shiu Kee Wu, also known as Keith, serves as the Chief Executive Officer and Responsible Officer of Henderson Sunlight Asset Management Limited, Manager of Sunlight REIT. Mr. Shiu has over 20 years of experience in the property, corporate finance and research related fields. As Director and owner representative of the Ritz Carlton Hotel (Hong Kong) and of Furama Hotel Enterprises Limited, Mr. Wu was responsible for managing the disposal and refinancing of the group companies of Lai Sun Development's hotel portfolio. In particular, he played a leading role in the disposal of Furama Danang Hotel, Vietnam from 2004 to 2005. Prior to joining Lai Sun Development Company Limited, Mr. Wu was the Head of Hong Kong/China Research at Peregrine Brokerage Limited from 1996 to 1997, where he oversaw the equity research team for Hong Kong and the PRC; the Head of Hong Kong/China Research at Crosby Securities (Hong Kong) Limited from 1995 to 1996, where he oversaw its equity analyst team covering Hong Kong and the PRC markets; General Manager of Dao Heng Fund Management Ltd. from 1991 to 1995, where he was responsible for heading up an investment team to manage funds and launch new investment unit trust products; Senior Research Manager at CitiCorp. Vickers Hong Kong Limited from 1989 to 1991; Assistant Research Manager at Hoare Govett Asia Ltd. from 1988 to 1989; and an Economic Officer with Hang Seng Bank Ltd. from 1987 to 1988. He serves as an Executive Director at Henderson Sunlight Asset Management Limited. He serves as a Director of TeamOne Economist Limited and certain REIT Group Companies. From 1997 to 2005, Mr. Wu served as an Executive Director of Lai Sun Development Company Limited from January 1, 1998 to August 8, 2005, where he was responsible for overseeing corporate finance related matters of the group companies of Lai Sun Development including the initial public offerings of Lai Fung Holdings Limited and SUNDAY Communications Limited in 1997 and 2000 respectively. He served as a Director of Peregrine Brokerage Limited from 1996 to 1997, Crosby Securities from 1995 to 1996 and Dao Heng Fund Management Ltd. from 1991 to 1995. Mr. Wu is also a fellow of the Hong Kong Institute of Directors. He holds a Master of Science degree in Engineering and Economic Systems (being renamed Management Science and Engineering) from Stanford University, the United States and a Bachelor of Science degree in Economics and Statistics (High Distinction) from the University of Toronto in Canada.

CEO Compensation
  • Insufficient data for Keith to compare compensation growth.
  • Insufficient data for Keith to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Sunlight Real Estate Investment Trust management team in years:

4.3
Average Tenure
  • The tenure for the Sunlight Real Estate Investment Trust management team is about average.
Management Team

Keith Wu

TITLE
CEO & Executive Director of Henderson Sunlight Asset Management Limited
AGE
54

Phyllis Lo

TITLE
Chief Financial Officer of Henderson Sunlight Asset Management Limited
TENURE
6.8 yrs

Kelvin Hah

TITLE
Senior Manager of Operations & Administration - Henderson Sunlight Asset Management Limited
TENURE
0.8 yrs

Eddie Hong

TITLE
General Manager of Investment & Investor Relations - Henderson Sunlight Asset Management Limited
AGE
45
TENURE
1.8 yrs

Siu Wah Chung

TITLE
Compliance Manager & Company Secretary of Henderson Sunlight Asset Management Limited
TENURE
7.1 yrs

Hung Poon

TITLE
Deputy General Manager of Property Management - Henderson Sunlight Asset Management Limited

Kiu Ming Lee

TITLE
General Manager of Henderson Sunlight Asset Management Limited

Kuk Fong Ho

TITLE
Assistant General Manager of Leasing -Henderson Sunlight Asset Management Limited
Board of Directors Tenure

Average tenure and age of the Sunlight Real Estate Investment Trust board of directors in years:

12.8
Average Tenure
65
Average Age
  • The average tenure for the Sunlight Real Estate Investment Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Alexander Au

TITLE
Non-Executive Chairman of the Board of Henderson Sunlight Asset Management Limited
AGE
71
TENURE
8.4 yrs

Keith Wu

TITLE
CEO & Executive Director of Henderson Sunlight Asset Management Limited
AGE
54

Kai Cheong Kwan

TITLE
Independent Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
68
TENURE
12.8 yrs

Kwok Sang Tse

TITLE
Independent Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
61
TENURE
12.8 yrs

Kwong Wing Ma

TITLE
Independent Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
72
TENURE
12.8 yrs

Patrick Kwok

TITLE
Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
65

Chester Kwok

TITLE
Independent Non-Executive Director of Henderson Sunlight Asset Management Limited
AGE
54
TENURE
2.8 yrs

Patrick Kwok

TITLE
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 ($) Value ($)
26. Oct 18 Buy Henderson Development Limited Company 25. Oct 18 25. Oct 18 4,564,300 $0.69 $3,137,267
25. Apr 18 Buy Henderson Development Limited Company 24. Apr 18 24. Apr 18 4,365,963 $0.68 $2,950,636
05. Dec 17 Buy Henderson Development Limited Company 30. Nov 17 30. Nov 17 149,000 $0.68 $100,921
05. Dec 17 Buy Henderson Development Limited Company 01. Dec 17 01. Dec 17 435,000 $0.68 $294,830
X
Management checks
We assess Sunlight 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. Sunlight 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.

News

External News
Loading...
Simply Wall St News

Company Info

Map
Description

Sunlight REIT (Stock Code: 435) is a real estate investment trust authorized by the Securities and Futures Commission and constituted by the trust deed dated 26 May 2006 (as amended and supplemented by six supplemental deeds) (the "Trust Deed"), and has been listed on The Stock Exchange of Hong Kong Limited since 21 December 2006. Sunlight REIT offers investors the opportunity to invest in a diversified portfolio of 11 office and five retail properties in Hong Kong with a total gross rentable area of approximately 1.2 million sq. ft.. The office properties are primarily located in core business areas, including Wan Chai and Sheung Wan/Central, as well as in decentralized business areas such as Mong Kok and North Point. The retail properties are primarily situated in regional transportation hubs and new towns including Sheung Shui, Tseung Kwan O and Yuen Long, as well as in urban areas with high population density.

Details
Name: Sunlight Real Estate Investment Trust
SHTR.F
Exchange: OTCPK
Founded: 2006
HK$1,023,109,591
1,647,139,077
Website: http://www.sunlightreit.com
Address: Sunlight Real Estate Investment Trust
Sunlight Tower,
30th Floor,
Wan Chai,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 435 Units The Stock Exchange of Hong Kong Ltd. HK HKD 21. Dec 2006
OTCPK SHTR.F Units Pink Sheets LLC US USD 21. Dec 2006
DB Q9R Units Deutsche Boerse AG DE EUR 21. Dec 2006
Number of employees
Current staff
Staff numbers
0
Sunlight Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/11/25 22:42
End of day share price update: 2018/08/28 00:00
Last estimates confirmation: 2018/10/12
Last earnings filing: 2018/09/19
Last earnings reported: 2018/06/30
Last annual earnings reported: 2018/06/30


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.