Stock 2778 CHAMPION REAL ESTATE INVESTMENT TRUST
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Financials Champion Real Estate Investment Trust

Equities

2778

HK2778034606

Commercial REITs

Market Closed - Hong Kong S.E.
Other stock markets
 01:38:20 26/04/2024 pm IST 		5-day change 1st Jan Change
1.77 HKD +2.91% Intraday chart for Champion Real Estate Investment Trust +17.22% -27.76%
21/02 Champion Real Estate Investment Trust Reports Earnings Results for the Full Year Ended December 31, 2023 CI
21/02 Champion Real Estate Investment Trust Announces Final Distribution for the Year Ended 31 December 2023, Payable on 24 May 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 30,245 26,755 23,689 18,399 14,734 10,708 - -
Enterprise Value (EV) 1 43,450 41,510 37,349 32,250 14,734 24,155 24,060 23,745
P/E ratio -51.5 x -2.14 x -28.5 x -23.7 x 61.3 x 11.7 x 10.6 x 10.8 x
Yield 5.18% 5.52% 5.71% 6.35% - 8.54% 8.49% 8.71%
Capitalization / Revenue 9.82 x 9.16 x 8.55 x 7.01 x 5.72 x 4.23 x 4.33 x 4.25 x
EV / Revenue 14.1 x 14.2 x 13.5 x 12.3 x 5.72 x 9.54 x 9.72 x 9.42 x
EV / EBITDA 20.1 x 20.4 x 19.6 x 18.4 x 8.73 x 14.9 x 15.2 x 14.7 x
EV / FCF 22.2 x 38.6 x 25.4 x 25.6 x - 10.6 x 11.1 x 11.5 x
FCF Yield 4.5% 2.59% 3.93% 3.9% - 9.41% 9.01% 8.7%
Price to Book 0.47 x 0.53 x 0.48 x 0.39 x - 0.23 x 0.23 x 0.23 x
Nbr of stocks (in thousands) 58,72,789 59,06,143 59,37,080 59,73,676 60,13,735 60,49,474 - -
Reference price 2 5.150 4.530 3.990 3.080 2.450 1.770 1.770 1.770
Announcement Date 18/02/20 18/02/21 21/02/22 24/02/23 21/02/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,081 2,920 2,769 2,625 2,576 2,533 2,476 2,520
EBITDA 1 2,159 2,039 1,907 1,757 1,688 1,626 1,587 1,616
EBIT 1 2,159 2,039 1,907 1,757 1,688 1,607 1,583 1,609
Operating Margin 70.08% 69.84% 68.87% 66.94% 65.53% 63.43% 63.94% 63.82%
Earnings before Tax (EBT) 1 -279.5 -12,226 -575.4 -523.9 409 1,143 1,138 1,165
Net income 1 -570.3 -12,497 -831.4 -749.3 220.6 938.1 963.8 1,045
Net margin -18.51% -427.94% -30.02% -28.54% 8.57% 37.03% 38.93% 41.44%
EPS 2 -0.1000 -2.120 -0.1400 -0.1300 0.0400 0.1515 0.1669 0.1646
Free Cash Flow 1 1,954 1,076 1,468 1,258 - 2,274 2,168 2,065
FCF margin 63.43% 36.83% 53% 47.94% - 89.77% 87.58% 81.93%
FCF Conversion (EBITDA) 90.5% 52.74% 76.96% 71.61% - 139.89% 136.59% 127.79%
FCF Conversion (Net income) - - - - - 242.4% 224.94% 197.7%
Dividend per Share 2 0.2666 0.2500 0.2279 0.1956 - 0.1512 0.1503 0.1541
Announcement Date 18/02/20 18/02/21 21/02/22 24/02/23 21/02/24 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2
Net sales 1 1,528 1,488 1,432 1,397 1,372 1,331 1,295 1,300 1,276
EBITDA - - - - - - - - -
EBIT 1 - - - 983.9 923.2 900.4 856.9 862.5 825.4
Operating Margin - - - 70.41% 67.3% 67.66% 66.2% 66.37% 64.68%
Earnings before Tax (EBT) - - - - - - - - -
Net income - - - - - - - - -
Net margin - - - - - - - - -
EPS 2 -0.6400 -1.440 -0.6800 -0.1900 0.0500 0.0100 -0.1400 0.0100 0.0300
Dividend per Share - - - - - - - - -
Announcement Date 18/02/20 20/08/20 18/02/21 10/08/21 21/02/22 19/08/22 24/02/23 18/08/23 21/02/24
1HKD in Million2HKD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,206 14,755 13,660 13,851 - 13,448 13,352 13,037
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.116 x 7.235 x 7.163 x 7.882 x - 8.273 x 8.412 x 8.068 x
Free Cash Flow 1 1,954 1,076 1,468 1,258 - 2,274 2,168 2,065
ROE (net income / shareholders' equity) 2.16% 2.33% 2.65% 2.18% - 2.05% 2.02% 2.14%
ROA (Net income/ Total Assets) 1.69% 1.74% 1.9% 1.58% - 1.45% 1.4% 1.62%
Assets 1 -33,747 -7,19,091 -43,814 -47,576 - 64,848 68,679 64,676
Book Value Per Share 2 11.00 8.610 8.250 7.910 - 7.690 7.730 7.750
Cash Flow per Share 2 0.3400 0.1800 0.2500 0.2100 - 0.1700 0.2000 0.2000
Capex 1 37.4 - 27.4 8.23 - 34 33.9 34.1
Capex / Sales 1.21% - 0.99% 0.31% - 1.34% 1.37% 1.35%
Announcement Date 18/02/20 18/02/21 21/02/22 24/02/23 21/02/24 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Champion Real Estate Investment Trust

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
6
Last Close Price
1.77 HKD
Average target price
1.945 HKD
Spread / Average Target
+9.89%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office REITs

1st Jan change Capi.
CHAMPION REAL ESTATE INVESTMENT TRUST Stock Champion Real Estate Investment Trust
-27.76% 1.37B
BOSTON PROPERTIES, INC. Stock Boston Properties, Inc.
-12.34% 9.66B
NIPPON BUILDING FUND INC. Stock Nippon Building Fund Inc.
-1.80% 6.48B
DEXUS Stock DEXUS
-8.33% 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
+11.51% 4.11B
KDX REALTY INVESTMENT CORPORATION Stock KDX Realty Investment Corporation
-4.73% 4.02B
KILROY REALTY CORPORATION Stock Kilroy Realty Corporation
-16.82% 3.89B
SL GREEN REALTY CORP. Stock SL Green Realty Corp.
+12.04% 3.28B
INMOBILIARIA COLONIAL SOCIMI, S.A. Stock Inmobiliaria Colonial SOCIMI, S.A.
-15.11% 3.16B
Office REITs
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