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EC World Real Estate Investment Trust
(SGX:BWCU)
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Rating:42Neutral
Price Target:
S$0.27
▼(-3.93% Downside)
Action:Upgraded
Date:10/02/26
The score is primarily pressured by weak financial performance—shrinking revenue, very large losses, negative equity, and high leverage with modest cash flow coverage. Technical indicators add a neutral-to-weak backdrop with flat moving averages and slightly negative MACD. Valuation provides limited support due to the negative P/E and lack of a stated dividend yield.
Positive Factors
Positive Operating Cash Flow
Positive TTM operating cash flow shows the property portfolio is still producing cash from operations despite weak reported results. That provides some recurring internal liquidity for essential needs, although the amount remains too small to offset the REIT’s broader leverage burden.
Negative Factors
Revenue Contraction
Multi-year revenue contraction, including a roughly 23% TTM decline, indicates weakening income generation from the portfolio. Persistent top-line pressure can reduce operating leverage, make fixed costs harder to absorb, and limit the REIT’s ability to restore profitability without stabilization.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive Operating Cash Flow
Positive TTM operating cash flow shows the property portfolio is still producing cash from operations despite weak reported results. That provides some recurring internal liquidity for essential needs, although the amount remains too small to offset the REIT’s broader leverage burden.
Read all positive factors
EC World Real Estate Investment Trust (BWCU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$226.75M
Dividend Yield14.45%
Average Volume (3M)0.00
Price to Earnings (P/E)―
Beta (1Y)N/A
Revenue Growth-78.24%
EPS Growth-142.26%
CountrySG
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
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 |
|---|---|---|---|---|---|---|---|
69 Neutral | S$5.25B | 26.29 | 4.42% | 6.82% | -6.27% | -41.14% | |
68 Neutral | S$11.08B | 14.00 | 7.00% | 6.76% | 6.53% | 0.82% | |
64 Neutral | S$5.55B | 21.67 | 3.97% | 6.67% | -1.83% | 40.50% | |
61 Neutral | S$1.65B | 100.00 | 1.71% | 10.88% | 4.85% | ― | |
58 Neutral | S$284.14M | 7.89 | 7.78% | 9.78% | 1.11% | 18.18% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
42 Neutral | S$226.75M | -1.67 | 90.13% | 14.45% | -78.24% | -142.26% |
* 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 Cuts Contingent Liability After Sponsor Loan Adjustment
Sep 25, 2026
EC World REIT has received an update from the Sponsor’s Administrator that Fuyang Futoufa obtained RMB 107.3 million from an investor to support the Sponsor Group’s reorganisation using securities provided by entities outside the REIT,...
EC World REIT Faces Final RMB 3.5 Billion Guarantee Ruling, Contemplates Options Amid Beigang Risk
Sep 2, 2026
EC World Real Estate Investment Trust has disclosed that a second-instance court in China has upheld a prior judgment concerning guarantees linked to its sponsor, Forchn Holdings Group Co., Ltd., making a RMB 3.515 billion contingent liability fin...
EC World REIT Fights Unauthorized RMB 3.5 Billion Guarantee Ruling in China
Jul 24, 2026
EC World REIT’s manager has updated unitholders on legal developments surrounding a RMB 3.515 billion guarantee dispute involving its subsidiary Beigang and other entities tied to sponsor Forchn Holdings. A prior court judgment holding Beiga...
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.