Regal Real Estate Investment Trust reports 137% Net Income growth in 2016
27/03/2017 • About Regal Real Estate Investment Trust (
$1881) • By InTwits
Regal Real Estate Investment Trust reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: in FY2016 vs. -118.2% in FY2015 vs. 447.8% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Regal Real Estate Investment Trust ($1881) key annual financial indicators
| mln. HKD | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 845 | 904 | 1,029 | 1,002 | 973 | -2.8% |
| EBITDA | 3,783 | 668 | 584 | -1,184 | | |
| Net Income | 3,549 | 343 | 238 | -1,528 | 564 | |
Balance Sheet
|
|---|
| Cash | 25 | 48 | 59 | 37 | | -100.0% |
| Short Term Debt | 5 | 155 | 63 | 70 | | -100.0% |
| Long Term Debt | 4,776 | 6,685 | 8,097 | 8,116 | | -100.0% |
Cash flow
|
|---|
| Capex | 70 | 179 | 3,315 | 101 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 13.6% | 7.0% | 13.8% | -2.7% | -2.8% | |
| EBITDA growth | 16.2% | -82.4% | -12.5% | -302.7% | | |
| EBITDA Margin | 447.8% | 73.8% | 56.7% | -118.2% | 0.0% | 118.2% |
| Net Income Margin | 420.1% | 37.9% | 23.2% | -152.5% | 57.9% | 210.5% |
| CAPEX, % of revenue | 8.3% | 19.8% | 322.0% | 10.1% | | -10.1% |
| ROIC | 19.4% | 3.0% | 2.4% | -5.2% | | 5.2% |
| ROE | 24.8% | 2.2% | 1.5% | -10.6% | | 10.6% |
| Net Debt/EBITDA | 1.3x | 10.2x | 13.9x | | | 0.0x |
Revenue and profitability
Regal Real Estate Investment Trust's Revenue decreased on 2.8%.
Net Income marign surged on 210 pp from -153% to 57.9% in FY2016.
Appendix 1: Peers in REITS
Below we provide Regal Real Estate Investment Trust benchmarking against other companies in REITS industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| New Century Real Estate Investment Trust ($1275) | 1.2% | -41.7% | -41.7% | 16.5% | |
| Fortune Real Estate Investment Trust ($778) | | 28.6% | 15.6% | 13.7% | 5.0% |
| Sunlight Real Estate Investment Trust ($435) | | 8.3% | 9.3% | 9.5% | 2.1% |
| Yuexiu Real Estate Investment Trust ($405) | | 92.5% | 14.6% | 8.8% | 7.5% |
| Prosperity REIT ($808) | | 10.8% | 18.0% | 8.8% | 3.2% |
| |
|---|
| Median (8 companies) | 7.5% | 10.3% | 12.3% | 8.8% | 6.2% |
|---|
| Regal Real Estate Investment Trust ($1881) | | 7.0% | 13.8% | -2.7% | -2.8% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Link REIT/The ($823) | 179.0% | 340.1% | 257.8% | 362.0% | 199.4% |
| Sunlight Real Estate Investment Trust ($435) | 202.4% | 293.6% | 203.4% | 275.0% | 131.7% |
| New Century Real Estate Investment Trust ($1275) | 31.3% | 33.2% | 82.5% | 77.8% | |
| Yuexiu Real Estate Investment Trust ($405) | 56.0% | 50.4% | 50.7% | 46.9% | 56.0% |
| |
|---|
| Median (4 companies) | 117.5% | 50.4% | 142.9% | 176.4% | 131.7% |
|---|
| Regal Real Estate Investment Trust ($1881) | 447.8% | 73.8% | 56.7% | -118.2% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Link REIT/The ($823) | 43.9% | 13.4% | 14.0% | 107.2% | 129.0% |
| Fortune Real Estate Investment Trust ($778) | 180.5% | 400.4% | 9.4% | 99.9% | 3.7% |
| Sunlight Real Estate Investment Trust ($435) | 1.4% | 0.7% | 5.1% | 3.1% | 2.5% |
| Prosperity REIT ($808) | 4.3% | 4.5% | 6.4% | 3.0% | |
| Yuexiu Real Estate Investment Trust ($405) | 1.8% | 0.6% | 1.4% | 2.9% | 2.8% |
| |
|---|
| Median (8 companies) | 1.6% | 3.5% | 5.4% | 3.0% | 3.2% |
|---|
| Regal Real Estate Investment Trust ($1881) | 8.3% | 19.8% | 322.0% | 10.1% | |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Link REIT/The ($823) | 14.8% | 25.5% | 17.7% | 22.3% | 11.6% |
| Champion REIT ($2778) | 8.9% | 4.0% | 4.0% | 6.2% | 5.8% |
| Sunlight Real Estate Investment Trust ($435) | 9.2% | 13.3% | 9.2% | 12.6% | 5.8% |
| Fortune Real Estate Investment Trust ($778) | 13.6% | 16.0% | 14.0% | 8.6% | 4.6% |
| Yuexiu Real Estate Investment Trust ($405) | 2.4% | 2.4% | 2.8% | 2.5% | 3.0% |
| |
|---|
| Median (7 companies) | 6.5% | 3.7% | 4.0% | 4.8% | 5.2% |
|---|
| Regal Real Estate Investment Trust ($1881) | 19.4% | 3.0% | 2.4% | -5.2% | |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Yuexiu Real Estate Investment Trust ($405) | 19.0x | 10.4x | 8.9x | 12.8x | 10.4x |
| New Century Real Estate Investment Trust ($1275) | 4.3x | 6.5x | 6.1x | 8.0x | |
| Sunlight Real Estate Investment Trust ($435) | 3.3x | 2.1x | 2.7x | 1.9x | 3.4x |
| Link REIT/The ($823) | 1.2x | 0.5x | 0.6x | 0.6x | 1.7x |
| |
|---|
| Median (4 companies) | 3.8x | 4.3x | 4.4x | 4.9x | 3.4x |
|---|
