China Merchants Commercial Real Estate Investment Trust (HK:1503)
:1503
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China Merchants Commercial Real Estate Investment Trust
(1503)
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Rating:53Neutral
Price Target:
HK$1.00
▼(-19.35% Downside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by mixed financial performance: consistently positive free cash flow is a key support, but it is offset by sustained net losses, weakening 2025 revenue, and a worsening leverage profile. Technical indicators are broadly neutral with slightly weak trend signals, while valuation is helped by a very high dividend yield but constrained by negative earnings (negative P/E).
Positive Factors
Consistent cash generation
Reliable operating and free cash flow across multiple years gives the REIT durable internal funding to cover distributions, maintenance capex and interest. For a property owner, recurring FCF is more durable than accounting earnings and supports mid-term liquidity and payout capacity.
Negative Factors
Sustained net losses
Repeated net losses erode retained equity and limit the firm's ability to build reserves. Over the medium term this weakens creditworthiness, constrains reinvestment, and raises the risk that cash distributions must be reduced if underlying profitability does not recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Reliable operating and free cash flow across multiple years gives the REIT durable internal funding to cover distributions, maintenance capex and interest. For a property owner, recurring FCF is more durable than accounting earnings and supports mid-term liquidity and payout capacity.
Read all positive factors
China Merchants Commercial Real Estate Investment Trust (1503) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.26B
Dividend Yield8.62%
Average Volume (3M)289.60K
Price to Earnings (P/E)―
Beta (1Y)0.39
Revenue Growth-19.28%
EPS Growth46.62%
CountryHK
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.08
Shares Outstanding1,127,819,600
10 Day Avg. Volume221,949
30 Day Avg. Volume289,598
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)0.43
Price to Sales (P/S)2.91
P/FCF Ratio6.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
China Merchants Commercial Real Estate Investment Trust Business Overview & Revenue Model
Company Description
China Merchants Commercial REIT is a Hong Kong collective investment scheme constituted as a unit trust and authorised under section 104 of the SFO. China Merchants Commercial REIT is a REIT formed to primarily own and invest in high quality incom...
How the Company Makes Money
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China Merchants Commercial Real Estate Investment Trust Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
44
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 432.24M | 529.36M | 489.16M | 431.70M | 432.83M |
| Gross Profit | 301.36M | 383.72M | 355.23M | 318.29M | 320.30M |
| EBITDA | 286.33M | -22.11M | -39.87M | -2.64M | 441.13M |
| Net Income | -98.61M | -178.35M | -189.39M | -209.54M | 267.70M |
Balance Sheet | |||||
| Total Assets | 9.73B | 10.08B | 10.39B | 10.82B | 7.56B |
| Cash, Cash Equivalents and Short-Term Investments | 1.01B | 1.09B | 1.08B | 1.14B | 734.09M |
| Total Debt | 4.11B | 4.09B | 4.05B | 4.05B | 2.21B |
| Total Liabilities | 5.44B | 5.52B | 5.51B | 6.78B | 3.56B |
| Stockholders Equity | 2.90B | 3.10B | 3.39B | 3.66B | 4.01B |
Cash Flow | |||||
| Free Cash Flow | 196.85M | 268.08M | 274.87M | 200.36M | 235.09M |
| Operating Cash Flow | 196.85M | 268.10M | 274.91M | 200.37M | 235.09M |
| Investing Cash Flow | -68.00M | -96.81M | -67.55M | -1.07B | 119.28M |
| Financing Cash Flow | -219.35M | -263.73M | -269.07M | 1.27B | 24.40M |
China Merchants Commercial Real Estate Investment Trust Technical Analysis
Negative
1.24
Price Trends
1.14
Negative
1.18
Negative
1.21
Negative
Market Momentum
>-0.01
Negative
43.54
Neutral
25.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1503, the sentiment is Negative. The current price of 1.24 is above the 20-day moving average (MA) of 1.12, above the 50-day MA of 1.14, and above the 200-day MA of 1.21, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.54 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1503.
China Merchants Commercial Real Estate Investment Trust Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | HK$4.02B | -9.94 | ― | 7.90% | ― | ― | |
57 Neutral | HK$2.33B | -6.72 | -2.04% | 8.01% | -7.10% | -226.73% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | HK$1.26B | -12.74 | -3.21% | 8.62% | -19.28% | 46.62% | |
52 Neutral | HK$3.95B | -6.03 | -4.08% | 7.40% | -9.48% | -99.42% | |
51 Neutral | HK$1.90B | -3.94 | -2.11% | 9.27% | -5.49% | -283.38% | |
47 Neutral | ¥2.87B | -4.55 | -3.49% | 0.54% | 3.75% | 2.18% |
* General Sector Average
HK:1503
China Merchants Commercial Real Estate Investment Trust
1.12
0.04
3.42%
HK:0808
Prosperity Real Estate Investment
1.46
0.26
21.97%
HK:1426
Spring Real Estate Investment
1.28
-0.31
-19.34%
HK:0435
Sunlight Real Estate Investment
2.29
0.39
20.59%
HK:0405
Yuexiu Real Estate Investment
0.74
0.05
6.94%
HK:87001
Hui Xian Real Estate Investment Trust
0.44
-0.03
-7.37%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.