EC World Real Estate Investment Trust (BWCU) AI Stock Analysis

• Market Cap: S$226.75M
• Dividend Yield: 14.45%
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.48
• Revenue Growth: -23.02%
• EPS Growth: 84.15%
• Country: SG
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 52
• Industry: REIT - Industrial
• EPS (TTM): 0.00
• Shares Outstanding: 809,838,260
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: -0.04
• Price to Book (P/B): 7.07
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 47.49
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 46 Neutral
• Price Target: ―

The overall stock score for EC World Real Estate Investment Trust is driven by its weak financial performance and poor valuation metrics. The financial challenges, including declining revenues and high leverage, are significant concerns. The technical analysis provides a neutral perspective, with no momentum indicated. The lack of profitability and absence of a dividend yield further impact the stock's attractiveness, resulting in a low overall score.

EC World Real Estate Investment Trust Business Overview & Revenue Model

Company Description

Listed on 28 July 2016, EC World REIT is the first Chinese specialised logistics and e-commerce logistics REIT listed on Singapore Exchange Securities Trading Limited (SGX-ST). With its portfolio of eight quality properties located predominantly in one of the largest e-commerce clusters in the Yangtze River Delta, EC World REIT offers investors unique exposure to the logistics and e-commerce sectors in Hangzhou and Wuhan, the People's Republic of China (PRC). EC World REIT's investment strategy is to invest principally, directly or indirectly, in a diversified portfolio of income-producing real estate which is used primarily for e-commerce, supply-chain management and logistics purposes, as well as real estate-related assets, with an initial geographical focus on the PRC. EC World REIT is listed in several indices. These include the FTSE ASEAN All-Share Index, FTSE ST All-Share Index, FTSE ST China Index and FTSE ST Singapore Shariah Index. EC World REIT is managed by EC World Asset Management Pte. Ltd., which is an indirect wholly-owned subsidiary of the Sponsor – Forchn Holdings Group Co., Ltd. Established in 1992 and headquartered in Shanghai, the Sponsor is a conglomerate with businesses in supply chain, intelligent manufacturing, medical care and healthcare, finance and other sectors.

How the Company Makes Money

EC World REIT makes money primarily through leasing its properties to tenants in the logistics and e-commerce sectors. The trust's revenue model is based on collecting rental income from its tenants who occupy its portfolio of logistics and e-commerce properties. These properties are strategically located to serve major logistics hubs in China, attracting a diverse range of tenants involved in supply chain and logistics operations. Additionally, EC World REIT benefits from long-term lease agreements, which provide a stable and predictable income stream. The trust may also engage in asset enhancement initiatives to improve the value and rental potential of its properties. Significant partnerships with established logistics providers and e-commerce companies contribute to the trust's earnings by ensuring high occupancy rates and steady demand for its properties.

EC World Real Estate Investment Trust Financial Statement Overview

Summary

EC World Real Estate Investment Trust faces significant financial challenges with declining revenues, negative profitability, and high leverage. The balance sheet shows decreasing equity, while cash flow statements reflect reduced operational cash generation. These issues suggest financial instability and highlight the need for strategic improvements to regain profitability and financial health.

Income Statement

The company's revenue has been decreasing over the years, with a significant drop in the latest year. The gross profit margin has remained relatively stable, but the net profit margin is negative due to substantial losses. The shift from positive EBIT and EBITDA to negative figures in the latest year indicates deteriorating profitability.

Balance Sheet

The debt-to-equity ratio is high, reflecting significant leverage, which is a potential risk. The equity ratio has decreased over the years, indicating declining financial stability. Return on equity has turned negative recently due to net losses, which is concerning for the company's financial health.

Cash Flow

The operating cash flow has declined significantly, and free cash flow has also decreased. The ratios of operating cash flow and free cash flow to net income are not meaningful due to negative net income, which highlights cash flow challenges.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	92.21M	107.77M	121.57M	125.49M	109.73M
Gross Profit	76.42M	95.54M	110.63M	112.68M	99.98M
EBITDA	-21.09M	90.29M	64.34M	74.26M	76.54M
Net Income	-64.86M	-449.27M	10.11M	24.48M	15.42M
Balance Sheet
Total Assets	887.08M	1.01B	1.67B	1.90B	1.82B
Cash, Cash Equivalents and Short-Term Investments	4.51M	100.96M	20.48M	38.74M	53.65M
Total Debt	480.38M	559.08M	593.14M	721.49M	683.83M
Total Liabilities	855.02M	910.42M	1.06B	1.14B	1.10B
Stockholders Equity	32.06M	94.86M	606.99M	751.75M	715.51M
Cash Flow
Free Cash Flow	4.78M	38.95M	93.56M	70.21M	81.06M
Operating Cash Flow	4.78M	38.95M	93.56M	70.21M	81.06M
Investing Cash Flow	-1.64M	25.84M	53.62M	-375.00K	1.06M
Financing Cash Flow	-6.06M	-63.79M	-163.14M	-85.98M	-80.03M

EC World Real Estate Investment Trust Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DHLU	69 Neutral	S$395.18M	11.60	6.78%	8.28%	-7.68%	-20.20%
Sector *	63 Neutral	$6.99B	18.83	-1.16%	6.86%	4.65%	-25.28%
CMOU	62 Neutral	$219.33M	―	-0.96%	24.56%	-2.52%	89.81%
UD1U	56 Neutral	S$383.28M	30.65	1.60%	13.92%	16.79%	―
OXMU	56 Neutral	$210.63M	26.39	1.13%	1.39%	-11.42%	―
BTOU	47 Neutral	$119.03M	―	-34.26%	―	-19.44%	53.13%
BWCU	46 Neutral	S$226.75M	―	-109.63%	14.45%	-23.02%	84.15%

EC World Real Estate Investment Trust Corporate Events

EC World REIT Announces Board Reshuffle Amid Succession Planning

EC World Real Estate Investment Trust has announced significant changes to its Board of Directors as part of its succession planning. Four Independent Directors, who have served for nine years, will step down by June 2025, and Mr. Koh Kew Siong will join as an Independent Non-Executive Director. The company is actively seeking candidates to fill the remaining vacancies to comply with governance requirements.

EC World REIT Conducts Successful Annual General Meeting

EC World REIT held its Annual General Meeting on April 30, 2025, at the Oasia Hotel Downtown in Singapore. The meeting was presided over by Mr. Chan Heng Wing, the Acting Chairman and Lead Independent Director. The meeting was attended by the Board of Directors, the Trustee, and other professionals. The meeting’s proceedings were conducted smoothly with the necessary quorum present, ensuring the trust’s governance and operational transparency.

EC World REIT Director Resigns Amid Bankruptcy

EC World Real Estate Investment Trust announced the resignation of Mr. Zhang Guobiao as a non-independent and non-executive director following his bankruptcy declaration by the Singapore High Court. Mr. Zhang’s significant equity interest in the sponsor could lead to a change in control of the sponsor and potentially EC World REIT, impacting its operations and stakeholders.

EC World REIT Faces Legal Challenges Over Unauthorized Mortgages

EC World Asset Management Pte. Ltd., the manager of EC World Real Estate Investment Trust, has been involved in legal proceedings concerning unauthorized mortgages imposed on its properties, including Fuzhou E-Commerce, Fuheng Warehouse, and Hengde Logistics. The ongoing legal issues have prompted multiple updates throughout 2024, highlighting the company’s efforts to address the unauthorized mortgages and the associated revocation lawsuits, which could impact its operational stability and stakeholder confidence.