Want to see HK:0823 full AI Analyst Report?
Top Page
Link Real Estate Investment
(0823)
Select Model
Select Model
Rating:58Neutral
Price Target:
HK$41.00
▲(4.22% Upside)
Action:Reiterated
Date:08/29/26
The score is held back primarily by the sharp deterioration into large net losses over the past three years and a slightly weakening revenue trend, despite strong gross margins. Support comes from positive operating/free cash flow and moderate leverage, while technicals are modestly positive with the price above key moving averages. Valuation is mixed: an attractive dividend yield is offset by a negative P/E tied to recent losses.
Positive Factors
Strong Gross Margins
Sustained gross margins around 72%–76% indicate attractive underlying property economics and meaningful income retained after direct costs. This supports recurring cash generation and provides some resilience against softer rents or occupancy.
Negative Factors
Deep Profitability Deterioration
The sustained shift from profits to large losses materially weakens earnings quality and creates uncertainty around distributable income. Even with strong gross economics, recurring or non-operating pressures may continue to impair reported profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Gross Margins
Sustained gross margins around 72%–76% indicate attractive underlying property economics and meaningful income retained after direct costs. This supports recurring cash generation and provides some resilience against softer rents or occupancy.
Read all positive factors
Link Real Estate Investment (0823) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$102.61B
Dividend Yield6.55%
Average Volume (3M)6.98M
Price to Earnings (P/E)―
Beta (1Y)0.50
Revenue Growth-3.07%
EPS Growth17.04%
CountryHK
Employees1,300
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)-2.85
Shares Outstanding2,644,648,700
10 Day Avg. Volume6,975,591
30 Day Avg. Volume6,981,163
Financial Highlights & Ratios
PEG Ratio0.74
Price to Book (P/B)0.62
Price to Sales (P/S)6.66
P/FCF Ratio13.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$43.65Price Target Upside10.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.48
Revenue Forecast (FY)HK$13.68B
Link Real Estate Investment Business Overview & Revenue Model
Company Description
Managed by Link Asset Management Limited, Link Real Estate Investment Trust (Link REIT) holds the distinction of being the world's foremost retail-centric REIT and Asia's largest by market capitalization. Since its pioneering launch in Hong Kong i...
How the Company Makes Money
Link REIT makes money primarily by owning and operating investment properties and collecting recurring income from them. Its key revenue streams include: (1) Rental income from retail properties: the trust leases shop space and related retail prem...
Link Real Estate Investment Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
66
Positive
Cash Flow
57
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.00B | 14.22B | 13.58B | 12.34B | 11.69B |
| Gross Profit | 10.12B | 10.62B | 10.07B | 9.21B | 8.78B |
| EBITDA | -4.79B | -6.66B | 1.40B | 17.98B | 9.15B |
| Net Income | -7.40B | -8.86B | -1.98B | 15.45B | 6.89B |
Balance Sheet | |||||
| Total Assets | 219.78B | 229.18B | 252.31B | 268.16B | 225.90B |
| Cash, Cash Equivalents and Short-Term Investments | 3.81B | 3.23B | 9.68B | 17.89B | 2.95B |
| Total Debt | 56.30B | 52.93B | 59.29B | 69.10B | 53.61B |
| Total Liabilities | 69.90B | 65.78B | 73.87B | 79.10B | 62.91B |
| Stockholders Equity | 150.10B | 163.47B | 178.82B | 188.94B | 162.69B |
Cash Flow | |||||
| Free Cash Flow | 6.78B | 8.94B | 8.40B | -11.17B | -3.20B |
| Operating Cash Flow | 6.82B | 9.01B | 8.48B | 6.27B | 5.84B |
| Investing Cash Flow | -1.91B | 1.52B | -509.00M | -24.69B | -10.70B |
| Financing Cash Flow | -4.65B | -14.36B | -14.71B | 29.85B | 5.12B |
Link Real Estate Investment Technical Analysis
Positive
39.34
Price Trends
38.64
Positive
38.28
Positive
36.64
Positive
Market Momentum
-0.02
Positive
49.92
Neutral
44.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0823, the sentiment is Positive. The current price of 39.34 is above the 20-day moving average (MA) of 38.88, above the 50-day MA of 38.64, and above the 200-day MA of 36.64, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 49.92 is Neutral, neither overbought nor oversold. The STOCH value of 44.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0823.
Link Real Estate Investment Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$164.21B | 12.44 | 3.39% | 3.79% | 47.69% | 16.48% | |
68 Neutral | HK$94.97B | -46.98 | -1.12% | 5.10% | -0.55% | -337.48% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | HK$36.79B | 21.41 | 1.21% | 7.36% | 9.89% | -22.12% | |
62 Neutral | HK$16.76B | 54.23 | 1.29% | 6.61% | -1.87% | ― | |
58 Neutral | HK$102.61B | -13.59 | -4.80% | 6.55% | -3.07% | 17.04% | |
52 Neutral | HK$58.22B | -131.81 | -0.30% | 2.06% | -0.74% | -741.18% |
* Real Estate Sector Average
HK:0823
Link Real Estate Investment
38.72
-0.32
-0.83%
HK:1113
CK Asset Holdings
47.02
10.90
30.18%
HK:0101
Hang Lung Properties
7.07
-1.03
-12.73%
HK:0014
Hysan Development Co
16.33
1.41
9.46%
HK:0004
Wharf (Holdings)
19.02
-4.08
-17.66%
HK:1997
Wharf Real Estate Investment Co
31.38
9.57
43.91%
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.