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China Merchants Commercial Real Estate Investment Trust
(1503)
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Rating:55Neutral
Price Target:
HK$1.00
▼(-3.85% Downside)
Action:Reiterated
Date:08/10/26
The score is held back mainly by weak financial performance—multi-year net losses, a 2025 revenue decline, and rising leverage—despite the stabilizing benefit of consistently positive free cash flow. Technical indicators show modest near-term improvement but a still-weak longer-term trend. Valuation is mixed: a high dividend yield is attractive, but negative earnings (negative P/E) increase uncertainty.
Positive Factors
Consistent Free Cash Flow
Consistent positive operating and free cash flow provides a durable cash cushion for a REIT structure. Reliable FCF supports distributions, capex and debt servicing even with accounting losses, improving resilience over the next 2–6 months and aiding liquidity management.
Negative Factors
Multi-year Net Losses
Sustained net losses erode retained earnings and signal recurring profitability issues beyond accounting volatility. Persistent negative earnings reduce reinvestment capacity, constrain payout sustainability and raise the bar for operational improvements over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Free Cash Flow
Consistent positive operating and free cash flow provides a durable cash cushion for a REIT structure. Reliable FCF supports distributions, capex and debt servicing even with accounting losses, improving resilience over the next 2–6 months and aiding liquidity management.
Read all positive factors
China Merchants Commercial Real Estate Investment Trust (1503) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.14B
Dividend Yield8.13%
Average Volume (3M)231.72K
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue Growth-18.29%
EPS Growth-37.39%
CountryHK
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-0.11
Shares Outstanding1,127,819,600
10 Day Avg. Volume421,500
30 Day Avg. Volume231,721
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 operates as a Hong Kong-domiciled collective investment scheme, legally structured as a unit trust, and holds authorization pursuant to Section 104 of the Securities and Futures Ordinance (SFO). Its primary objectiv...
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 395.57M | 432.24M | 529.36M | 489.16M | 431.70M | 432.83M |
| Gross Profit | 265.36M | 301.36M | 383.72M | 355.23M | 318.29M | 320.30M |
| EBITDA | 93.49M | -20.77M | -22.11M | -39.87M | -2.64M | 441.13M |
| Net Income | -131.80M | -98.61M | -178.35M | -189.39M | -209.54M | 267.70M |
Balance Sheet | ||||||
| Total Assets | 9.74B | 9.73B | 10.08B | 10.39B | 10.82B | 7.56B |
| Cash, Cash Equivalents and Short-Term Investments | 996.30M | 1.01B | 1.09B | 1.08B | 1.14B | 734.09M |
| Total Debt | 4.26B | 4.11B | 4.09B | 4.05B | 4.05B | 2.21B |
| Total Liabilities | 5.59B | 5.44B | 5.52B | 5.51B | 6.78B | 3.56B |
| Stockholders Equity | 2.79B | 2.90B | 3.10B | 3.39B | 3.66B | 4.01B |
Cash Flow | ||||||
| Free Cash Flow | 14.94M | 196.85M | 268.08M | 274.87M | 200.36M | 235.09M |
| Operating Cash Flow | 14.94M | 196.85M | 268.10M | 274.91M | 200.37M | 235.09M |
| Investing Cash Flow | -35.29M | -68.00M | -96.81M | -67.55M | -1.07B | 119.28M |
| Financing Cash Flow | -63.88M | -219.35M | -263.73M | -269.07M | 1.27B | 24.40M |
China Merchants Commercial Real Estate Investment Trust Technical Analysis
Positive
1.04
Price Trends
0.99
Positive
1.02
Negative
1.09
Negative
Market Momentum
<0.01
Positive
57.60
Neutral
-55.93
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1503, the sentiment is Positive. The current price of 1.04 is above the 20-day moving average (MA) of 1.01, above the 50-day MA of 0.99, and below the 200-day MA of 1.09, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 57.60 is Neutral, neither overbought nor oversold. The STOCH value of -55.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$2.24B | -115.70 | -0.29% | 8.07% | -7.14% | 85.78% | |
56 Neutral | HK$3.80B | -13.53 | -2.22% | 8.33% | -5.15% | -145.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | HK$1.14B | -7.65 | -4.64% | 8.13% | -18.29% | -37.39% | |
53 Neutral | HK$1.82B | -2.74 | -10.74% | 9.20% | 8.69% | -216.81% | |
49 Neutral | HK$3.51B | -6.04 | -3.65% | 8.12% | -10.89% | 22.45% | |
48 Neutral | ¥2.19B | -2.75 | -3.88% | 1.29% | 1.62% | -1.59% |
* General Sector Average
HK:1503
China Merchants Commercial Real Estate Investment Trust
1.01
-0.20
-16.18%
HK:0808
Prosperity Real Estate Investment
1.40
0.16
13.09%
HK:1426
Spring Real Estate Investment
1.22
-0.39
-23.99%
HK:0435
Sunlight Real Estate Investment
2.15
0.10
5.03%
HK:0405
Yuexiu Real Estate Investment
0.65
-0.26
-28.96%
HK:87001
Hui Xian Real Estate Investment Trust
0.34
-0.15
-31.17%
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.