Stock 1426 SPRING REAL ESTATE INVESTMENT TRUST
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Financials Spring Real Estate Investment Trust

Equities

1426

HK0000174232

Commercial REITs

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:22 2024-04-29 am EDT 		5-day change 1st Jan Change
1.88 HKD -1.05% Intraday chart for Spring Real Estate Investment Trust +1.08% -17.54%
Mar. 21 Spring Real Estate Investment Trust Announces Final Distribution for the Period from 1 July 2023 to 31 December 2023, Payable on 29 April 2024 CI
Mar. 21 Spring Real Estate Investment Trust Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Capitalization 1 3,562 3,866 3,700 3,320 3,095 3,148
Enterprise Value (EV) 2 4,088 4,381 7,296 6,218 5,878 7,653
P/E ratio 62.1 x 826 x 18.8 x -13.6 x 6.06 x 111 x
Yield 0.95% 0.81% 5.87% 7.41% 8.53% 8.85%
Capitalization / Revenue 46.4 x 45.8 x 6.77 x 6.23 x 5.86 x 5.45 x
EV / Revenue 53.3 x 51.9 x 13.3 x 11.7 x 11.1 x 13.2 x
EV / EBITDA - - - - - -
EV / FCF -10,908 x 103 x 55.3 x 27.1 x 30.5 x 24.5 x
FCF Yield -0.01% 0.97% 1.81% 3.69% 3.27% 4.08%
Price to Book 3.56 x 4.18 x 0.57 x 0.52 x 0.46 x 0.48 x
Nbr of stocks (in thousands) 1,257,706 1,272,357 1,285,813 1,460,873 1,472,384 1,484,931
Reference price 3 2.832 3.038 2.878 2.272 2.102 2.120
Announcement Date 4/20/18 4/16/19 4/15/20 4/23/21 4/22/22 4/24/23
1CNY in Million2USD in Million3CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net sales 1 76.7 84.34 546.6 533.2 528.4 577.9
EBITDA - - - - - -
EBIT 1 37.22 51.96 344.8 325.4 331.1 374.1
Operating Margin 48.53% 61.6% 63.08% 61.03% 62.66% 64.74%
Earnings before Tax (EBT) 1 55.34 4.703 225.2 -187.3 516.4 221.9
Net income 1 55.16 4.654 223.1 -189.9 510 28.35
Net margin 71.92% 5.52% 40.81% -35.62% 96.5% 4.91%
EPS 2 0.0456 0.003679 0.1533 -0.1666 0.3470 0.0191
Free Cash Flow 1 -0.3748 42.58 132 229.5 192.4 312.4
FCF margin -0.49% 50.48% 24.16% 43.04% 36.41% 54.06%
FCF Conversion (EBITDA) - - - - - -
FCF Conversion (Net income) - 914.82% 59.19% - 37.73% 1,101.75%
Dividend per Share 2 0.0270 0.0245 0.1690 0.1684 0.1792 0.1875
Announcement Date 4/20/18 4/16/19 4/15/20 4/23/21 4/22/22 4/24/23
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2017 2018 2019 2020 2021 2022
Net Debt 1 526 515 3,596 2,898 2,782 4,506
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 -0.37 42.6 132 229 192 312
ROE (net income / shareholders' equity) 5.91% 0.48% 3.48% -2.95% 7.78% 1.67%
ROA (Net income/ Total Assets) 1.57% 2.11% 2.08% 2.02% 2.11% 2.05%
Assets 1 3,519 220.8 10,720 -9,405 24,147 1,383
Book Value Per Share 2 0.8000 0.7300 5.010 4.400 4.530 4.420
Cash Flow per Share 2 0.0200 0.0100 0.1000 0.1100 0.1100 0.1400
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 4/20/18 4/16/19 4/15/20 4/23/21 4/22/22 4/24/23
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Office REITs

1st Jan change Capi.
SPRING REAL ESTATE INVESTMENT TRUST Stock Spring Real Estate Investment Trust
-17.54% 351M
BOSTON PROPERTIES, INC. Stock Boston Properties, Inc.
-10.45% 9.66B
NIPPON BUILDING FUND INC. Stock Nippon Building Fund Inc.
-1.80% 6.48B
DEXUS Stock DEXUS
-7.94% 4.93B
JAPAN REAL ESTATE INVESTMENT CORPORATION Stock Japan Real Estate Investment Corporation
-8.05% 4.85B
EMBASSY OFFICE PARKS REIT Stock Embassy Office Parks REIT
+9.61% 4.11B
KDX REALTY INVESTMENT CORPORATION Stock KDX Realty Investment Corporation
-4.73% 4.02B
KILROY REALTY CORPORATION Stock Kilroy Realty Corporation
-13.68% 3.89B
SL GREEN REALTY CORP. Stock SL Green Realty Corp.
+14.15% 3.28B
INMOBILIARIA COLONIAL SOCIMI, S.A. Stock Inmobiliaria Colonial SOCIMI, S.A.
-14.73% 3.16B
Office REITs
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