Financials Yuexiu Real Estate Investment Trust

Equities

Delayed Hong Kong S.E. Other stock markets 09:52:41 2024-05-12 pm EDT			5-day change	1st Jan Change
1.01 ^HKD	+2.02%		+7.45%	-19.84%

Mar. 11	Yuexiu Real Estate Investment Trust Announces Final Ordinary Cash Dividend for the Period from 1 July 2023 to 31 December 2023, Payable May 24, 2024	CI
Mar. 07	Yuexiu Real Estate Investment Trust Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	13,693	15,127	10,509	8,994	8,323	4,573	4,573	-
Enterprise Value (EV) ¹	26,110	28,090	22,727	25,173	26,875	5,630	4,573	4,573
P/E ratio	14.7 x	16.9 x	19.9 x	15.5 x	-14.5 x	1,145 x	-	-
Yield	6.27%	5.1%	6.24%	9.31%	7.51%	11%	8.95%	10%
Capitalization / Revenue	6.74 x	7.35 x	5.98 x	5.01 x	4.44 x	2.7 x	2.25 x	2.22 x
EV / Revenue	12.9 x	13.6 x	12.9 x	14 x	14.3 x	2.7 x	2.25 x	2.22 x
EV / EBITDA	20.9 x	22.7 x	20.7 x	23.2 x	25.4 x	4.52 x	3.75 x	3.66 x
EV / FCF	34,331,473 x	-	-	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-	-	-
Price to Book	0.95 x	1.04 x	0.72 x	0.61 x	0.52 x	0.28 x	0.28 x	0.29 x
Nbr of stocks (in thousands)	3,106,450	3,205,857	3,303,114	3,417,224	4,783,780	4,995,738	4,995,738	-
Reference price ²	4.408	4.719	3.181	2.632	1.740	0.9155	0.9155	0.9155
Announcement Date	2/25/19	3/5/20	3/4/21	3/7/22	3/9/23	3/7/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	2,032	2,058	1,759	1,797	1,873	2,087	2,035	2,056
EBITDA ¹	1,249	1,238	1,096	1,083	1,058	1,247	1,220	1,251
EBIT ¹	1,119	1,108	963.5	948.6	921	1,107	1,072	1,062
Operating Margin	55.07%	53.83%	54.78%	52.8%	49.17%	53.03%	52.69%	51.66%
Earnings before Tax (EBT) ¹	1,425	1,382	-	938.2	-273	247.5	225.4	327.7
Net income ¹	966.5	940.4	587.1	645	-529	4.625	-170	20
Net margin	47.57%	45.69%	33.38%	35.9%	-28.25%	0.22%	-8.36%	0.97%
EPS ²	0.3000	0.2800	0.1600	0.1700	-0.1200	0.001000	-	-
Free Cash Flow	760.5	-	-	-	-	-	-	-
FCF margin	37.43%	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	60.91%	-	-	-	-	-	-	-
FCF Conversion (Net income)	78.69%	-	-	-	-	-	-	-
Dividend per Share ²	0.2765	0.2406	0.1985	0.2451	0.1306	0.1010	0.0820	0.0916
Announcement Date	2/25/19	3/5/20	3/4/21	3/7/22	3/9/23	3/7/24	-	-

¹CNY in Million²CNY

Estimates

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	12,417	12,963	12,218	16,179	18,551	18,730	-	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	9.945 x	10.47 x	11.15 x	14.94 x	17.54 x	14.43 x	-	-
Free Cash Flow	761	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	6.72%	6.47%	4.02%	4.4%	-3.43%	3.65%	2.64%	2.64%
ROA (Net income/ Total Assets)	2.72%	2.6%	1.62%	1.61%	-1.21%	0.2%	-	-
Assets ¹	35,585	36,130	36,343	40,061	43,868	-93,000	-	-
Book Value Per Share ²	4.650	4.550	4.420	4.310	3.370	3.330	3.250	3.180
Cash Flow per Share	0.2200	-	0.1900	0.2100	-	-	-	-
Capex ¹	34.2	126	44.3	70.3	69.7	126	126	127
Capex / Sales	1.68%	6.1%	2.52%	3.91%	3.72%	5.97%	6.19%	6.18%
Announcement Date	2/25/19	3/5/20	3/4/21	3/7/22	3/9/23	3/7/24	-	-

¹CNY in Million²CNY

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.9155 CNY

Average target price

1.205 CNY

Spread / Average Target

+31.66%

	1st Jan change	Capi.
YUEXIU REAL ESTATE INVESTMENT TRUST	-19.84%	633M
REALTY INCOME CORPORATION	-4.20%	47.9B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-4.09%	21.26B
SEGRO PLC	-0.70%	13.52B
UNIBAIL-RODAMCO-WESTFIELD SE	+18.68%	11.9B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-5.83%	9.69B
FEDERAL REALTY INVESTMENT TRUST	-1.29%	8.44B
CAPITALAND ASCENDAS REIT	-14.52%	8.43B
KLÉPIERRE	+3.08%	7.83B
FIBRA UNO	-16.42%	5.72B