OTCPK:YUXX.F

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Yuexiu Real Estate Investment Trust

Executive Summary

Yuexiu Real Estate Investment Trust (“Yuexiu REIT”) was listed on the Hong Kong Stock Exchange of Hong Kong Limited on 21 December 2005 and is the first listed real estate investment trust only investing in properties in the People’s Republic of China (the “PRC”) in the world.


Snowflake Analysis

Fair value second-rate dividend payer.

Share Price & News

How has Yuexiu Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: YUXX.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0%

YUXX.F

4.6%

US REITs

2.8%

US Market


1 Year Return

n/a

YUXX.F

-9.7%

US REITs

9.3%

US Market

Return vs Industry: Insufficient data to determine how YUXX.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how YUXX.F performed against the US Market.


Shareholder returns

YUXX.FIndustryMarket
7 Day0%4.6%2.8%
30 Day9.5%5.6%8.9%
90 Day-25.8%-14.3%-0.5%
1 Yearn/a-5.9%-9.7%11.8%9.3%
3 Year-23.3%-23.3%11.3%-2.5%31.4%22.7%
5 Year-14.8%-14.8%42.0%12.7%58.7%40.9%

Price Volatility Vs. Market

How volatile is Yuexiu Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Yuexiu Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

10.8x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: YUXX.F ($0.46) is trading above our estimate of fair value ($0.26)

Significantly Below Fair Value: YUXX.F is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: YUXX.F is good value based on its PE Ratio (10.8x) compared to the REITs industry average (27.7x).

PE vs Market: YUXX.F is good value based on its PE Ratio (10.8x) compared to the US market (15.7x).


Price to Earnings Growth Ratio

PEG Ratio: YUXX.F's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: YUXX.F is good value based on its PB Ratio (0.7x) compared to the US REITs industry average (1.3x).


Next Steps

Future Growth

How is Yuexiu Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

-20.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: YUXX.F's earnings are forecast to decline over the next 3 years (-20.8% per year).

Earnings vs Market: YUXX.F's earnings are forecast to decline over the next 3 years (-20.8% per year).

High Growth Earnings: YUXX.F's earnings are forecast to decline over the next 3 years.

Revenue vs Market: YUXX.F's revenue (2.4% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: YUXX.F's revenue (2.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: YUXX.F's Return on Equity is forecast to be low in 3 years time (2.9%).


Next Steps

Past Performance

How has Yuexiu Real Estate Investment Trust performed over the past 5 years?

3.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: YUXX.F has a large one-off gain of CN¥948.6M impacting its December 31 2019 financial results.

Growing Profit Margin: YUXX.F's current net profit margins (45.7%) are lower than last year (47.6%).


Past Earnings Growth Analysis

Earnings Trend: YUXX.F's earnings have grown by 3.5% per year over the past 5 years.

Accelerating Growth: YUXX.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: YUXX.F had negative earnings growth (-2.7%) over the past year, making it difficult to compare to the REITs industry average (5.3%).


Return on Equity

High ROE: YUXX.F's Return on Equity (6%) is considered low.


Next Steps

Financial Health

How is Yuexiu Real Estate Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: YUXX.F's short term assets (CN¥1.7B) do not cover its short term liabilities (CN¥4.5B).

Long Term Liabilities: YUXX.F's short term assets (CN¥1.7B) do not cover its long term liabilities (CN¥16.2B).


Debt to Equity History and Analysis

Debt Level: YUXX.F's debt to equity ratio (90.2%) is considered high.

Reducing Debt: YUXX.F's debt to equity ratio has increased from 61.3% to 90.2% over the past 5 years.

Debt Coverage: YUXX.F's debt is not well covered by operating cash flow (5.5%).

Interest Coverage: YUXX.F's interest payments on its debt are not well covered by EBIT (2.2x coverage).


Balance Sheet


Next Steps

Dividend

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

6.46%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: YUXX.F's dividend (6.46%) is higher than the bottom 25% of dividend payers in the US market (1.69%).

High Dividend: YUXX.F's dividend (6.46%) is in the top 25% of dividend payers in the US market (4.55%)


Stability and Growth of Payments

Stable Dividend: YUXX.F's dividend payments have been volatile in the past 10 years.

Growing Dividend: YUXX.F's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (107.8%), YUXX.F's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: YUXX.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.07% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.3yrs

Average management tenure


CEO

Deliang Lin (49yo)

6.42yrs

Tenure

Mr. Deliang Lin serves as Chief Executive Officer and Director of Yuexiu Reit Asset Management Limited - Manager of Yuexiu Real Estate Investment Trust since 2014 and served as its Deputy Chief Executive O ...


Leadership Team

NamePositionTenureCompensationOwnership
Deliang Lin
Chairman & CEO of Yuexiu REIT Asset Management Limited6.42yrsno datano data
Chi Fai Kwan
Chief Financial Officer of Yuexiu REIT Asset Management Limited13.42yrsno datano data
Patrick Cheng
Deputy GM of Investment & Investor Relationsno datano datano data
Bihong Liu
GM of Internal Audit Dept & Dy GM of Compliance Dept - Yuexiu REIT Asset Mgmt Ltdno datano data0.000010% CN¥147.5
Jiuzhou Cheng
Deputy CEO & Executive Director of Yuexiu REIT Asset Management Limited3.67yrsno data0.000010% CN¥147.5
Ou Haijing
Deputy Chief Executive Officer of Yuexiu REIT Asset Management Limited1.17yrsno data0.000030% CN¥442.4
Tat Fung Yu
Secretary & Compliance Manager of Yuexiu REIT Asset Mgmt Ltdno datano datano data

6.3yrs

Average Tenure

49yo

Average Age

Experienced Management: YUXX.F's management team is seasoned and experienced (6.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Deliang Lin
Chairman & CEO of Yuexiu REIT Asset Management Limited6.42yrsno datano data
Jiuzhou Cheng
Deputy CEO & Executive Director of Yuexiu REIT Asset Management Limited3.67yrsno data0.000010% CN¥147.5
Chi On Chan
Independent Non-Executive Director of Yuexiu REIT Asset Management Limitedno datano datano data
Yuk Tong Cheung
Independent Non-Executive Director of Yuexiu REIT Asset Management Limited5.67yrsno datano data
Danqing Liang
Non-Executive Director of Yuexiu REIT Asset Management Limited1.83yrsno datano data
Feng Li
Non-Executive Director of Yuexiu REIT Asset Management Limited8yrsno data0.000060% CN¥884.8
Xiaoou Chen
Independent Non-Executive Director of Yuexiu REIT Asset Management Limited3.67yrsno datano data
Chi Fai Chan
Independent Non-Executive Director of Yuexiu REIT Asset Management Limitedno datano datano data

3.7yrs

Average Tenure

49.5yo

Average Age

Experienced Board: YUXX.F's board of directors are considered experienced (3.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.2%.


Top Shareholders

Company Information

Yuexiu Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Yuexiu Real Estate Investment Trust
  • Ticker: YUXX.F
  • Exchange: OTCPK
  • Founded: 2005
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: HK$11.430b
  • Listing Market Cap: HK$1.475b
  • Shares outstanding: 3.22b
  • Website: https://www.yuexiureit.com

Number of Employees


Location

  • Yuexiu Real Estate Investment Trust
  • Yue Xiu Building
  • 17th Floor, Flat B
  • Wanchai
  • Hong Kong

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
D3NDB (Deutsche Boerse AG)YesTrust UnitsDEEURDec 2005
405SEHK (The Stock Exchange of Hong Kong Ltd.)YesTrust UnitsHKHKDDec 2005
YUXX.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDDec 2005

Biography

Yuexiu Real Estate Investment Trust (“Yuexiu REIT”) was listed on the Hong Kong Stock Exchange of Hong Kong Limited on 21 December 2005 and is the first listed real estate investment trust only investing in properties in the People’s Republic of China (the “PRC”) in the world. Yuexiu REIT focuses on office, retail and other commercial purposes, strives for properties which can bring considerable cash flows and returns and identifies business opportunities for achieving higher revenue growth through the optimization of its operations. The current property portfolio comprises eight high quality properties, namely White Horse Building, Fortune Plaza, City Development Plaza, Victory Plaza, Guangzhou International Finance Center in Guangzhou, Yuexiu Tower in Shanghai, Wuhan Properties in Wuhan and Victory Business Centre in Hangzhou, with a total area of ownership of approximately 969,488 square metres. All properties are located in the central business district (“CBD”) of Guangzhou, Shanghai, Wuhan and Hangzhou respectively. The categories of the properties include professional clothing market, Grade-A offices, multiple functional commercial offices, retail business, hotel and serviced apartments etc. The Manager of Yuexiu REIT is Yuexiu REIT Asset Management Limited (“Manager”). Yuexiu REIT is managed by an experienced professional team with extensive experience in real estate management, asset management and the securities market and brings long-term and steady investment incomes to the Unitholders (“Unitholders”) of Yuexiu REIT through actively managing its assets and expanding its operations. While the real estate investment trust market is flourishing, the Manager is committed to becoming a professional asset management institution with a focus on the PRC commercial property market, continuing asset appreciation capability, commercial operation capability, capital operation capability and a leading position in the industry. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/02 03:56
End of Day Share Price2020/05/12 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.