Fortune Real Estate Investment Trust

0778.HK

0778.HKFortune Real Estate Investment Trust HK flag

Hong Kong Stock Exchange

3.93

HKD

-0.03

(-0.76%)

-0.26EPS

-15.12P/E

8.03BMarket Cap

May 23Next Earn

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ISIN

SG1O33912138

Return %

Stock

S&P500

13.58

6.57

-43.29

22.75

-45.42

93.55

Use logarithmic scale

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	TTM
Revenue per Share	0.54	0.66	0.75	0.89	1	1.04	1.01	1.01	1.01	0.95	0.92	0.89	0.89	1
Basic EPS, GAAP	2	1.32	2.07	2.1	1.32	0.66	1.68	3.12	0.76	-1.64	0.67	0.25	-0.08	1.32
Free Cash Flow per Basic Share	0.38	0.43	0.46	0.55	0.62	0.68	0.67	0.66	0.72	0.5	0.55	0.59	0.58	0.63
Dividend per Share	0.25	0.29	0.33	0.39	0.44	0.48	0.5	0.51	0.51	0.48	0.49	0.43	0.43	0.44
Book Value per Share	7.93	8.89	10.85	11.98	12.8	12.94	14.09	16.66	16.86	14.68	14.84	14.58	14.01	12.83
Tangible Book Value per Share	7.88	8.84	10.82	11.96	12.8	12.94	14.09	16.66	16.86	14.68	14.84	14.58	14.01	12.82
Basic Weighted Avg Shares	1,678	1,695	1,765	1,870	1,883	1,897	1,909	1,921	1,935	1,951	1,967	1,984	2,004	1,880
Sales/Revenue/Turnover	909	1,114	1,317	1,656	1,882	1,975	1,935	1,940	1,960	1,844	1,806	1,764	1,786	1,882
Operating Margin (%)	64.25	64.64	64.19	63.62	63.71	64.92	68.56	68.69	67.85	67.22	66.92	66.08	65.68	65.67
Depreciation Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	3,363	2,238	3,649	3,931	2,486	1,258	3,201	5,991	1,477	-3,193	1,318	503	-155	2,486
Effective Tax Rate (%)	2.67	4.77	3.5	4.17	7.32	14.4	6.41	3.56	12.9	- -	13.39	35.33	- -	7.32
Profit Margin (%)	369.81	200.99	277	237.41	132.09	63.68	165.39	308.79	75.36	-173.17	72.94	28.49	-8.67	132.09
Working Capital	-71	-1,013	-1,048	-1,180	-4,141	-1,212	-1,146	-1,075	-4,703	-4,568	-2,474	-2,922	-1,539	-4,141
LT Debt	2,794	3,879	8,860	8,881	7,229	10,230	9,286	8,459	4,980	5,165	7,241	7,480	8,998	7,229
Total Equity	13,228	14,978	19,109	22,376	24,106	24,545	26,888	32,013	32,624	28,632	29,183	28,927	28,080	24,106
Return on Invested Capital (%)	3.84	3.78	3.34	3.3	3.3	3.11	3.4	3.27	2.82	- -	2.78	1.97	- -	3.4
Return on Capital (%)	35.19	12.67	15.3	13.31	7.85	3.99	9.23	15.81	4.15	- -	3.74	1.69	- -	7.77
Return on Common Equity (%)	50.57	15.78	21.32	18.91	10.69	5.17	12.45	20.34	4.57	-10.43	4.56	1.73	-0.54	10.69

Capital Structure

•

in mil. unless spec.

Working Capital

•

in mil. unless spec.

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)	10 years	5 years	1 year
Sales/Revenue/Turnover	3.45%	-1.61%	1.22%
Net Income, GAAP	-56.23%	-145.1%	-130.82%
Free Cash Flow	4.83%	-0.55%	-0.72%
Total Cash Common Dividend	4.41%	-2.36%	2.23%
Total Equity	4.3%	-2.44%	-2.93%

Growth Rates

•

in mil. unless spec.

Quarterly Revenue

•

in mil. unless spec.

Quarterly Earnings Per Share

•

in mil. unless spec.

Quarterly Dividends Per Share

•

in mil. unless spec.

Company Description

CEO: Ms. Yu Chiu CFA
Sector: Real Estate
Industry: REIT - Retail
Address: 5 Temasek Boulevard Singapore Singapore 038985
IPO Date: Apr 20, 2010
Website: fortunereit.com
Similar Companies: Curbline Properties Corp. (CURB)
Tanger Inc. (SKT)
Charter Hall Retail REIT (CQR.AX)
Weingarten Realty Investors (WRI)
Phillips Edison & Company, Inc. (PECO)
Fairvest Limited (FTB.JO)
Business: Established in 2003, Fortune REIT is a real estate investment trust constituted by a trust deed (as amended, supplemented or otherwise modified from time to time). It is the first REIT to hold assets in Hong Kong and is currently listed on the Main Board of The Stock Exchange of Hong Kong Limited. Fortune REIT currently holds a portfolio of 16 private housing estate retail properties in Hong Kong, comprising of 3 million sq. ft. of retail space and 2,713 car parking spaces. The retail properties are Fortune City One, +WOO, Ma On Shan Plaza, Metro Town, Fortune Metropolis, Belvedere Square, Laguna Plaza, Waldorf Avenue, Caribbean Square, Jubilee Square, Smartland, Tsing Yi Square, Centre de Laguna, Hampton Loft, Lido Avenue and Rhine Avenue. They house tenants from diverse trade sectors such as supermarkets, food and beverage outlets, banks, real estate agencies, and education providers.

	Jun'15	Sep'15	Dec'15
ST Debt	3,792	3,594	3,780
LT Borrowings	7,217	7,223	7,229
LT Finance Leases	- -	- -	- -
Preferred Equity and Hybrid Capital	- -	- -	- -
Shares Outstanding	1,879	1,883	1,886
Market Capitalization	8,075	7,746	8,498

	Jun'15	Sep'15	Dec'15
Total Current Assets	907	517	784
Accounts Receivable, Net	42	77	39
Cash, Cash Equivalents & STI	836	440	710
Inventories	- -	- -	- -
Total Current Liabilities	5,023	4,652	4,925
Payables & Accruals	1,091	914	1,096
ST Debt	3,792	3,594	3,780
Deferred Revenue	32	- -	22

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	TTM
Revenue per Share	0.54	0.66	0.75	0.89	1	1.04	1.01	1.01	1.01	0.95	0.92	0.89	0.89	1
Basic EPS, GAAP	2	1.32	2.07	2.1	1.32	0.66	1.68	3.12	0.76	-1.64	0.67	0.25	-0.08	1.32
Free Cash Flow per Basic Share	0.38	0.43	0.46	0.55	0.62	0.68	0.67	0.66	0.72	0.5	0.55	0.59	0.58	0.63
Dividend per Share	0.25	0.29	0.33	0.39	0.44	0.48	0.5	0.51	0.51	0.48	0.49	0.43	0.43	0.44
Book Value per Share	7.93	8.89	10.85	11.98	12.8	12.94	14.09	16.66	16.86	14.68	14.84	14.58	14.01	12.83
Tangible Book Value per Share	7.88	8.84	10.82	11.96	12.8	12.94	14.09	16.66	16.86	14.68	14.84	14.58	14.01	12.82
Basic Weighted Avg Shares	1,678	1,695	1,765	1,870	1,883	1,897	1,909	1,921	1,935	1,951	1,967	1,984	2,004	1,880
Sales/Revenue/Turnover	909	1,114	1,317	1,656	1,882	1,975	1,935	1,940	1,960	1,844	1,806	1,764	1,786	1,882
Operating Margin (%)	64.25	64.64	64.19	63.62	63.71	64.92	68.56	68.69	67.85	67.22	66.92	66.08	65.68	65.67
Depreciation Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	3,363	2,238	3,649	3,931	2,486	1,258	3,201	5,991	1,477	-3,193	1,318	503	-155	2,486
Effective Tax Rate (%)	2.67	4.77	3.5	4.17	7.32	14.4	6.41	3.56	12.9	- -	13.39	35.33	- -	7.32
Profit Margin (%)	369.81	200.99	277	237.41	132.09	63.68	165.39	308.79	75.36	-173.17	72.94	28.49	-8.67	132.09
Working Capital	-71	-1,013	-1,048	-1,180	-4,141	-1,212	-1,146	-1,075	-4,703	-4,568	-2,474	-2,922	-1,539	-4,141
LT Debt	2,794	3,879	8,860	8,881	7,229	10,230	9,286	8,459	4,980	5,165	7,241	7,480	8,998	7,229
Total Equity	13,228	14,978	19,109	22,376	24,106	24,545	26,888	32,013	32,624	28,632	29,183	28,927	28,080	24,106
Return on Invested Capital (%)	3.84	3.78	3.34	3.3	3.3	3.11	3.4	3.27	2.82	- -	2.78	1.97	- -	3.4
Return on Capital (%)	35.19	12.67	15.3	13.31	7.85	3.99	9.23	15.81	4.15	- -	3.74	1.69	- -	7.77
Return on Common Equity (%)	50.57	15.78	21.32	18.91	10.69	5.17	12.45	20.34	4.57	-10.43	4.56	1.73	-0.54	10.69

Fortune Real Estate Investment Trust

Growth Rates

(avg. rate of change)

Company Description

Growth Rates

(avg. rate of change)

Capital Structure

Working Capital

Quarterly Dividends Per Share

Year

Quarterly Revenue

Year

Quarterly Earnings Per Share

Year

Year	Q1	Q2	Q3	Q4	FY
2021	- -	- -	- -	- -	0.49
2022	- -	- -	- -	- -	0.43
2023	- -	- -	- -	- -	0.43