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EC World Real Estate Investment Trust
(SGX:BWCU)
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Rating:40Underperform
Price Target:
S$0.27
▼(-5.00% Downside)
Action:Downgraded
Date:07/02/26
The score is driven primarily by very weak financial performance (shrinking revenue, extremely large losses, and negative equity with high debt and minimal cash-flow coverage). Technicals add little support given flat moving averages and near-zero MACD, and valuation is constrained by a negative P/E with no dividend yield data.
Positive Factors
Positive operating/free cash flow
Sustained positive operating and free cash flow, even if modest (~$5m TTM), shows the portfolio still generates arrival-level cash from property operations. Over 2–6 months this provides a real cash buffer for operations and limited flexibility for capex or short-term liquidity actions without immediate capital raises.
Negative Factors
Negative equity and stressed balance sheet
Negative equity signals cumulative losses have eroded shareholder capital, raising solvency and covenant risk. With a large debt stock (~$477m), the company faces constrained financing options and higher refinancing or renegotiation pressure, reducing strategic flexibility over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive operating/free cash flow
Sustained positive operating and free cash flow, even if modest (~$5m TTM), shows the portfolio still generates arrival-level cash from property operations. Over 2–6 months this provides a real cash buffer for operations and limited flexibility for capex or short-term liquidity actions without immediate capital raises.
Read all positive factors
EC World Real Estate Investment Trust (BWCU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$226.75M
Dividend YieldN/A
Average Volume (3M)0.00
Price to Earnings (P/E)―
Beta (1Y)N/A
Revenue Growth-59.44%
EPS Growth-264.02%
CountrySG
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.17
Shares Outstanding809,838,260
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)-0.99
Price to Sales (P/S)4.58
P/FCF Ratio91.18
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
EC World Real Estate Investment Trust Business Overview & Revenue Model
Company Description
EC World REIT made its debut on the Singapore Exchange (SGX-ST) on July 28, 2016, becoming the inaugural Chinese real estate investment trust specifically dedicated to logistics and e-commerce. Its holdings comprise eight premium properties, predo...
EC World Real Estate Investment Trust Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
9
Very Negative
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.92M | 49.46M | 92.21M | 107.77M | 121.57M | 125.22M |
| Gross Profit | 18.24M | 37.50M | 78.92M | 95.54M | 106.02M | 106.31M |
| EBITDA | -121.42M | -109.89M | 69.44M | 90.29M | 64.34M | 74.26M |
| Net Income | -140.00M | -130.06M | -64.86M | -449.27M | 10.11M | 24.48M |
Balance Sheet | ||||||
| Total Assets | 526.10M | 518.22M | 887.08M | 1.01B | 1.67B | 1.90B |
| Cash, Cash Equivalents and Short-Term Investments | 5.72M | 6.76M | 4.51M | 100.96M | 113.83M | 169.25M |
| Total Debt | 476.81M | 473.68M | 480.38M | 559.08M | 593.14M | 721.49M |
| Total Liabilities | 760.78M | 748.34M | 855.02M | 910.42M | 1.06B | 1.14B |
| Stockholders Equity | -234.68M | -230.12M | 32.06M | 94.86M | 606.99M | 751.75M |
Cash Flow | ||||||
| Free Cash Flow | 4.98M | 2.49M | 4.78M | 38.95M | 93.56M | 70.21M |
| Operating Cash Flow | 4.98M | 2.49M | 4.78M | 38.95M | 93.56M | 70.21M |
| Investing Cash Flow | -1.04M | -73.00K | -1.64M | 25.84M | 53.62M | -375.00K |
| Financing Cash Flow | -3.41M | -2.08M | -6.06M | -63.79M | -163.14M | -85.98M |
EC World Real Estate Investment Trust Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | S$11.81B | 14.91 | 7.40% | 5.43% | 4.93% | -1.28% | |
66 Neutral | S$5.54B | 25.95 | 4.52% | 6.51% | -4.81% | -37.31% | |
61 Neutral | S$6.20B | 24.25 | 4.03% | 5.83% | -2.59% | 36.34% | |
60 Neutral | S$340.06M | 9.62 | 7.30% | 8.04% | -0.74% | 1.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | S$1.87B | 338.24 | -1.13% | 7.91% | 15.33% | ― | |
40 Underperform | S$226.75M | -1.67 | ― | ― | -59.44% | -264.02% |
* General Sector Average
SG:BWCU
EC World Real Estate Investment Trust
0.28
0.00
0.00%
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EC World Real Estate Investment Trust Corporate Events
EC World REIT AGM Flags China Headwinds, Bad Debt Provision and Strategic Shift
May 22, 2026
EC World REIT held its annual general meeting in Singapore, where the board, management, trustee representatives and auditors met with unitholders to review financial year 2025 performance and governance matters. The meeting noted a challenging ma...
EC World REIT Probed Over Unauthorized Guarantee After RMB3.5 Billion Court Ruling
May 9, 2026
EC World REIT’s manager has disclosed that subsidiary Hangzhou Beigang Logistics has been ruled jointly liable, along with other non-group entities, for RMB3.515 billion in a judgement by the Hangzhou Intermediate Court over guarantees tied ...
EC World REIT faces final court ruling on Fuyang Futoufa guarantees
May 8, 2026
EC World REIT has confirmed that court judgments issued by the Hangzhou Intermediate Court in favour of Fuyang Futoufa, upholding the validity and enforceability of guarantees granted by its subsidiaries, have become final and binding. The manager...
EC World REIT Slides Deeper Into Distress as Earnings, Valuations and Distributions Collapse
Apr 27, 2026
EC World REIT reported a steep deterioration in FY2025 performance, with gross revenue and net property income plunging 61.6% and 69.1% respectively as key master leases expired, rents fell and new leases could not offset lost income. With no inco...
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.