China Merchants Commercial Real Estate Investment Trust

HKEX

1503

Stock

Yield per half year: -7.09%
Dividend yield: 13.75%
Sector: Real Estate

Reporting China Merchants Commercial Real Estate Investment Trust

Reports

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024
Финансовый отчет	link	link	link	link	link	link

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Капитализация, млрд ¥				3.74	3.04	3.04	2.7	1.98	2.05	2.90	-11.94
Выручка, млрд ¥	0.3669	0.3595	0.3895	0.0288	0.3701	0.4328	0.4317	0.4892	0.4892	0.3505	76.21
Чистая прибыль, млрд ¥	0.3484	0.7253	1.1	0.0285	0.2851	0.2677	-0.2095	-0.1894	-0.1894	0.0365	-246.05
EV, млрд ¥			-0.0202	4.16	4.69	4.77	4.89	4.33	4.33	4.57	0.80
EBIT, млрд ¥	0.2452	0.273	0.2993	0.007	0.2509	0.2883	0.2934			0.2278	-0.40
EBITDA, млрд ¥	0.2457	0.2733	0.2994	0.007	0.251	0.441	-0.0026		-0.0026	0.1992	-138.70
Баланс стоимость, млрд ¥	4.27	1.33	2.43	3.79	3.91	4.01	3.66	3.39	3.39	3.75	-2.21
FCF, млрд ¥	0.2143	0.228	0.2462	0.0079	0.1944	0.2351	0.2004	0.2749	0.2749	0.1825	103.38
Операционный денежный поток, млрд ¥	0.2147	0.2281	0.2462	0.0079	0.1947	0.2351	0.2004	0.2749	0.2749	0.1826	103.38
Операционная прибыль, млрд ¥	0.2452	0.273	0.2993	0.007	0.2509	0.4458	0.0019	0.328	0.328	0.2067	115.85
Операционные расходы, млрд ¥	0.1217	0.0865	0.0902	0.0107	0.1192	0.1445	0.1363	0.1611	0.1611	0.1144	72.01
CAPEX, млрд ¥	0.000447	0.0001	0.000915	0.0015	0.000321		0	0.0000	0.0000	0.0007	-6.41

	2016Q2	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q4	2024Q2	5 quarters average	CAGR 5
Капитализация, млрд ¥											3.74		3.04		2.71		3.06		3.01		2.94		2.06		2.2	1.49		2.34	-13.12
Выручка, млрд ¥									0.0072	0.0072	0.0288		0.1779		0.1922		0.2118		0.221		0.175		0.2567		0.238			0.2205	2.36
Чистая прибыль, млрд ¥																	0.1328	0.0675	0.1349	-0.016	-0.0321	-0.0887	-0.1775	-0.0286	-0.0573	-0.0575		-0.0819	-8.30
EV, млрд ¥													4.1		4.37				4.77		6		5.27		5.02	4.33	4.19	4.96	-6.93
EBIT, млрд ¥																0.0734	0.0734	0.0708	0.0708	0.0575	0.0575	0.0892	0.0892	0.0841	0.0841			0.0808	7.90
EBITDA, млрд ¥	0.0614	0.0683	0.0683	0.0683	0.0749	0.0749	0.0749	0.0017	0.0017	0.0017																		0.0310	-53.10
Баланс стоимость, млрд ¥															3.91		3.94	0.285	4.01	0.1579	3.9		3.66		3.55	3.39	3.2	3.54	-3.88
FCF, млрд ¥	0.0536	0.057	0.057	0.057	0.0615	0.0615	0.0615	0.002	0.002	0.002																		0.0258	-49.60
Операционный денежный поток, млрд ¥																0.0637	0.0637	0.0539	0.0539	0.0667	0.0667	0.0637	0.0637	0.0637	0.0637			0.0643	-0.92
Операционная прибыль, млрд ¥									0.0017	0.0017	0.0434		0.1006		0.3187		0.2261		0.2197		0.0451		-0.0432		0.0128			0.0921	-43.69
Операционные расходы, млрд ¥	0.0098	0.0084	0.0084	0.0084	0.0081	0.0081	0.0081	0.000508	0.000508	0.000508																		0.0035	-42.53
CAPEX, млрд ¥							0.000229	0.000367	0.000367	0.000367		0.000179	0.000179	0.000179	0.000179								0		0.0000			0.0002	-13.38

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	LTM	5 year average	CAGR 5
Наличность, млрд ¥	0.2363	0.2196	0.0202	1.46	0.3553	0.7341	1.14	1.08	1.08	0.9539	-5.85
Short Term Investments ¥		0.0629			0.1295		0.0553	0.0501	0.0501	0.0745	-5.53
Total Receivables ¥	0.0432	0.5431	1.04	0.0066	0.0779	0.0127	0.0127	0.0025	0.0025	0.0225	-17.65
Total Current Assets ¥	0.5924	0.8258	1.06	1.47	0.5628	0.8175	1.28	1.13	1.13	1.05	-5.12
Чистые активы, млрд ¥	4.23	4.93	6.14	6.61	6.64	6.75	9.55	1.28	0.000695	6.17	-27.99
Активы, млрд ¥	4.82	5.76	7.19	8.08	7.21	7.56	10.82	10.39	10.39	8.81	5.16
Short Term Debt ¥					0.00062					0.0006	0.00
Long Term Debt ¥				1.89	2.01		4.05	4.05	4.05	3.00	20.99
Задолженность, млрд ¥	0.5445	4.43	4.76	4.29	3.3	3.56	7.17	5.51	5.51	4.77	5.13
Чистый долг, млрд ¥	-0.2363	-0.2196	-0.0202	0.4263	1.66	1.48	2.91	2.97	2.97	1.89	47.44
Долг, млрд ¥				1.89	2.01				4.05	1.95	3.13
Interest income ¥	0.003	0.0057	0.0224	0.0022	0.0065	0.0545	0.0903	0.016		0.0339	48.71
Расходы на обслуживание долга ¥	0.219	0.7128	0.0224	0.0022	0.0552	0.0545	0.2915	0.1372	0.1372	0.1081	128.55
Чист. проц. доходы, млрд ¥	0.0025	0.0051	-0.0203	-0.0017	-0.0535	-0.049	-0.083	-0.1212	0.0175	-0.0617	134.75
Амортизация, млрд ¥	0.000512	0.00023	0.000179	0	0.0001					0.0003	-33.52
Себестоимость, млрд ¥	0.0794	0.0504	0.0541	0.0111	0.0962	0.1125	0.0541	0.1339	0.1339	0.0816	64.55

	2016Q2	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q4	2020Q2	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q4	2024Q2	5 quarters average	CAGR 5
Наличность, млрд ¥											1.46	0.9936	0.3553		0.6285		0.7341		1.14		1.14		0.9593	1.08	1.07	1.08	-1.26
Short Term Investments ¥													0.1295						0.0825		0.0553		0.2025	0.0501	0.1011	0.0983	4.15
Total Receivables ¥																0.0835	0.0835	0.0977	0.0977	0.0807	0.0807	0.02	0.02	0.0025	0.0301	0.0307	-17.90
Total Current Assets ¥																0.8175	0.8175	1.32	1.32	1.28	1.28	1.18	1.18	1.13	1.21	1.20	-1.12
Чистые активы, млрд ¥														6.71	6.71	6.75	6.75	9.5	9.5	9.55	9.55	9.42	9.42			9.49	-0.17
Активы, млрд ¥											8.08	7.66	7.21		7.37		7.56		10.87		10.82		10.61	10.39	10.29	10.60	-1.09
Short Term Debt ¥												0.00052	0.00062												0.0645	0.0219	398.71
Long Term Debt ¥											1.89	2.05	2.01		2.12						4.05		4.05	4.05	4.03	3.66	13.71
Задолженность, млрд ¥											4.29	3.9	3.3		3.42		3.56		6.97		7.17		7.05	5.51	5.61	6.46	-4.25
Чистый долг, млрд ¥											0.4263	1.06	1.66		1.5		1.48		2.66		2.91		3.09	2.97	3.02	2.93	2.57
Долг, млрд ¥												2.05	2.01												4.1	2.72	25.99
Interest income ¥							0.0099	0.0125			0.0022	0.0272	0.028		0.0271		0.0274		0.0281		0.0621		0.0663			0.0422	19.59
Расходы на обслуживание долга ¥									0.000545	0.000545	0.0361	0.0264	0.1896		0.0744		0.0716		0.0762		0.2208		0.1602			0.1206	16.58
Чист. проц. доходы, млрд ¥																	0.0335		0.0303		0.0669		0.0714			0.0505	20.83
Амортизация, млрд ¥	0.000128	0.0001	0.0001	0.0001	0.0000	0.0000	0.0000	0	0	0																0.0001	-5.98
Себестоимость, млрд ¥									0.0028	0.0028	0.0111	0.0217	0.057		0.0508		0.0617		0.05		0.0282		0.0212			0.0424	-16.04

Share

IFRS

Reporting Annual Quarterly

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS				0.9746	0.0253	0.2527	0.2905	-0.1858	-0.1679			-0.1679	0.0430	-246.01
Цена акции ао					3.33	2.45	2.61	1.99	1.34	1.21	1.18	1.18	1.67	-14.68
Число акций ао, млн	1127.82	1127.82	1127.82	1127.82	1127.82	1127.82	1127.82	1127.82	1127.82			1127.82	1127.82	0.00
FCF/акцию		0.19	0.2021	0.2183	0.007	0.1724	0.2085	0.1777	0.2437			0.2437	0.1619	103.40

	2016Q2	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2025Q2	5 quarters average	CAGR 5
EPS															0.1464		-0.0333		-0.1693		-0.0508				-0.0267	-176.75
Цена акции ао															2.67	2.75	2.61	2.42	1.83	2.11	1.95	1.65	1.32	1.18	1.64	-10.97
Число акций ао, млн										1127.82	1127.82	1127.82	1127.82	1127.82	1127.82		1127.82		1127.82		1127.82		1127.82		1127.82	0.00
FCF/акцию	0.0475	0.0505	0.0505	0.0505	0.0546	0.0546	0.0546	0.0018	0.0018	0.0018															0.0229	-49.46

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	8.15	54.36	45.17	0.753	7.29	6.68	-5.47	-5.37			-5.37	3.22	0.7766	-248.13
ROA, %	7.23	12.59	15.28	0.353	3.96	3.54	-2.28	-1.79			-1.79	1.95	0.7566	-238.36
ROIC, %				2.08	6.43								4.25	75.82
ROS, %		201.76	282.23	99.16	77.02	61.85	-48.54	-38.72	-38.72	-38.72	-38.72	12.03	-20.5700	-191.06
ROCE, %	5.74	20.46	12.3	0.1846	6.42	7.2	2.83			0	0	1.88	5.79	-25.46
Ebit margin, %				24.31	67.79	66.62	67.96			0	0		56.67	29.31
Рентаб EBITDA, %	66.97	76.01	76.88	24.32	67.81	101.89	-0.6111			-0.5315	-0.5315	35.21	38.58	-146.55
Чистая рентаб, %	94.97	201.76	282.23	99.16	77.02	61.85	-48.54	-38.72			-38.72	12.03	30.15	-182.86
Operation Margin, %		75.95	76.84	24.31	67.79	103	0.4357	67.06	67.06	67.06	67.06	30.78	60.92	-8.22
Доходность FCF, %				0.2119	6.4	7.73	7.41	13.89					7.13	130.84

	2016Q4	2017Q1	2017Q2	2017Q4	2018Q1	2018Q2	2018Q4	2019Q1	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %									0.2437	0.753	1.22	6.12	3.37	3.37	-0.823	-4.85	-3.18	-1.7		3.22	-1.4366	-187.21
ROA, %									0.0924	0.353	0.5959	3.32	1.8	1.78	-0.2951	-1.64	-1.08	-0.5537		1.95	-0.3578	-179.17
ROIC, %											1.61	4.85									3.23	73.56
ROS, %									99.16	99.16	25.64	124.56	62.68	61.05	-18.33	-69.14	-24.06		-38.72	12.03	-17.8400	-191.30
ROCE, %							0.0718		0.0597		1.68	1.58	1.86	1.77	1.47	2.44	0.8176			1.88	1.67	-15.16
Ebit margin, %															32.84	34.76	35.33				34.31	2.47
Рентаб EBITDA, %	76.01	76.01	76.01	76.88	76.88	76.88	24.32	24.32	24.32										-0.5315	35.21	29.86	-136.98
Чистая рентаб, %								99.16	99.16	99.16	25.64	124.56	62.68	61.05	-18.33	-69.14	-24.06			12.03	2.44	-182.57
Operation Margin, %									24.31	150.98	56.56	165.82	106.74	99.42	25.76	-16.83	5.38		67.06	30.78	36.16	-7.57

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E			131.13	10.65	11.35	-12.9	-10.45			21.68	20.25	25.96	-160.30
P/BV			0.9874	0.7768	0.7586	0.5418	0.277			0.277	0.67	0.6683	-22.45
P/S			130.03	8.21	7.02	4.59	2.76			2.76	3.58	30.52	-53.72
P/FCF			471.92	15.62	12.93	13.49	7.2	7.46	7.46	7.46	62.96	9.71	-10.42
E/P			0.0076	0.0939	0.0881	-0.0775	-0.0957	-0.0924	-0.0924	-0.0924	0.03	-0.0540	-200.96
EV/EBIT			594.96	17.64	13.46	16.68		0	0	0		160.69	-59.08
EV/EBITDA		-0.0675	594.7	18.7	8.84	-1855.32				-1946.07	17.56	-246.6295	672.37
EV/S			144.63	12.68	8.96	11.34	8.84	8.84	8.84	8.84	5.20	9.36	-0.27
EV/FCF			524.9	24.15	16.5	24.43	15.74	15.74	15.74	15.74	8.46	17.63	-0.94
Debt/EBITDA			269.89	8.02			-1557.69	-1557.69	-1557.69	-1557.69	4.36	-879.0320	-241.99
Netdebt/Ebitda	-0.8038	-0.0675	60.95	6.6	3.35	-1103.84	-1119.23	-1144.12	-1144.12	-1144.12	2.60	-901.5920	-421.13
Debt/Ratio			0.2337	0.2792			0.3743	0.3899	0.3899	0.3899	0.18	0.3334	10.78
Debt/Equity			0.4984	0.5148			5827.34	5827.34	1.13	1.13	0.87	2331.36	17.79
Debt/Net Income			66.19	7.06			-19.33	-21.38	-21.38	-21.38	1.81	2.23	-179.77
PEG									95.85	95.85		95.85	0.00
Бета							3.24	0.0183	-0.0939	-0.0939	0.63	1.05	-130.72
Индекс Альтмана			9.87	3.13	3.52	2.28	0.3316	0.2605	0.2605	0.2605	1.59	1.33	-40.59

	2018Q4	2019Q2	2019Q4	2020Q2	2020Q4	2021Q2	2021Q4	2022Q2	2022Q4	2023Q2	2023Q4	2024Q2	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E			131.13	66.68	11.33	23.06	22.32	-91.62	-11.6	-38.37	-25.9				20.25	-29.0340	-203.02
P/BV			0.9874	0.811	0.6939	0.776	0.7516	0.7541	0.5628	0.5413	0.277	0.2487			0.67	0.4768	-19.90
P/S			130.03	17.1	14.11	14.45	13.63	16.8	8.02	3.89					3.58	11.36	-23.08
P/FCF														7.46	62.96	7.46	0.00
E/P			0.0076	0.015	0.0883	0.0434	0.0448	-0.0109	-0.0862	-0.0261	-0.0386			-0.0924	0.03	-0.0508	53.34
EV/EBIT									54.87	59.66						57.27	4.27
EV/S				23.03	22.74				19.07	21.08				8.84	5.20	18.95	-17.43
EV/FCF														15.74	8.46	15.74	0.00
Debt/EBITDA														-1557.69	4.36	-1557.6900	0.00
Netdebt/Ebitda	-11.56	-14.76												-1144.12	2.60	-390.1467	362.56
Debt/Ratio				0.2677	0.2792							0.3982		0.3899	0.18	0.3337	9.86
Debt/Equity				0.5464	0.5148							1.28		1.13	0.87	0.8678	19.92
Debt/Net Income				44.92	8.41									-21.38	1.81	10.65	-178.08
PEG														95.85		95.85	0.00
Бета													0.1307	-0.0939	0.63	0.0184	-184.76
Индекс Альтмана													0.2605	0.2605	1.59	0.2605	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.0956	0.0956	0.0956	0.0956	0.2395	0.182	0.182					0.1589	13.74
Дивиденд				0.0809	0.259	0.2809	0.1782	0.105	0.052	0.112		0.1750	-27.47
Див доход, ао, %				3	9.61	16.24	22.88	13.62	13.89	13.75	6.67	15.25	7.65
Дивиденды / прибыль, %	13.18	8.7	335.22	33.54	89.46	-86.83	-96.07				88.28	55.06	-177.88

	2020Q3	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		0.071	0.071	0.0487	0.0487	0.0699	0.0699	0.0664	0.0664	0.0664	0.0664			0.0671	-1.02
Дивиденд	0.0809		0.1551	0.1039			0.1502	0.1307			0.1307	0.0475		0.1126	-14.49
Див доход, ао, %	3.11		5.71	3.65			5.76	5.39			6.71	2.88	6.67	4.88	-4.63
Дивиденды / прибыль, %		107.01	53.5	72.2	36.1	-435.45	-217.73	-74.84	-37.42	-231.86	-115.93		88.28	-135.5560	-11.84

	Industry average	5 quarters average	CAGR 5

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