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SF Real Estate Investment Trust
(2191)
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Rating:61Neutral
Price Target:
HK$3.00
▲(15.83% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by weakened financial performance (net losses in 2024–2025 and a revenue decline) partially offset by strong, improving cash flow and moderate leverage. Technicals are supportive with the stock trading above key moving averages and a positive MACD, though momentum indicators are near overbought levels. Valuation is mixed: an attractive ~9.86% dividend yield helps, but a negative P/E reflects loss-making results and adds risk.
Positive Factors
Improving cash generation
Positive and improving free cash flow provides internal funding for operations, debt service and distributions. This resilience can support the REIT through weaker earnings, although the cash-flow quality must remain consistent.
Negative Factors
Persistent net losses
Two consecutive years of sizable net losses weaken retained capital and raise uncertainty about normalized earnings. If non-operating costs or valuation effects persist, they could reduce financial flexibility and constrain sustainable distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Positive and improving free cash flow provides internal funding for operations, debt service and distributions. This resilience can support the REIT through weaker earnings, although the cash-flow quality must remain consistent.
Read all positive factors
SF Real Estate Investment Trust (2191) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.08B
Dividend Yield10.03%
Average Volume (3M)861.41K
Price to Earnings (P/E)16.1
Beta (1Y)0.43
Revenue Growth-7.31%
EPS GrowthN/A
CountryHK
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.16
Shares Outstanding820,355,700
10 Day Avg. Volume1,151,100
30 Day Avg. Volume861,407
Financial Highlights & Ratios
PEG Ratio-0.49
Price to Book (P/B)0.72
Price to Sales (P/S)5.46
P/FCF Ratio8.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$2.88Price Target Upside11.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.25
Revenue Forecast (FY)HK$415.00M
SF Real Estate Investment Trust Business Overview & Revenue Model
Company Description
SF Real Estate Investment Trust primarily acquires revenue-generating logistics properties. Its corporate headquarters are located in Hong Kong....
How the Company Makes Money
null...
SF Real Estate Investment Trust Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
55
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 408.36M | 420.20M | 445.99M | 444.92M | 421.47M | 252.64M |
| Gross Profit | 323.43M | 336.94M | 343.25M | 357.65M | 343.56M | 303.08M |
| EBITDA | 251.59M | -298.09M | -248.04M | 388.61M | 317.88M | 174.93M |
| Net Income | 127.65M | -332.32M | -294.53M | 219.47M | 439.67M | 174.27M |
Balance Sheet | ||||||
| Total Assets | 6.45B | 6.41B | 6.98B | 7.69B | 7.82B | 7.01B |
| Cash, Cash Equivalents and Short-Term Investments | 159.77M | 168.49M | 133.52M | 190.25M | 274.14M | 397.45M |
| Total Debt | 2.49B | 2.47B | 2.50B | 2.56B | 2.65B | 2.14B |
| Total Liabilities | 3.25B | 3.23B | 3.30B | 3.46B | 3.56B | 2.92B |
| Stockholders Equity | 3.20B | 3.18B | 3.68B | 4.23B | 4.26B | 4.09B |
Cash Flow | ||||||
| Free Cash Flow | 148.37M | 257.74M | 247.73M | 241.27M | 161.42M | 108.59M |
| Operating Cash Flow | 148.12M | 257.87M | 249.30M | 245.87M | 163.77M | 108.77M |
| Investing Cash Flow | -41.75M | 124.02M | 36.77M | 93.46M | -187.09M | -1.42B |
| Financing Cash Flow | -228.32M | -357.75M | -382.38M | -422.84M | -98.87M | 1.71B |
SF Real Estate Investment Trust Technical Analysis
Positive
2.59
Price Trends
2.48
Positive
2.47
Positive
2.50
Positive
Market Momentum
<0.01
Positive
55.27
Neutral
19.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2191, the sentiment is Positive. The current price of 2.59 is above the 20-day moving average (MA) of 2.51, above the 50-day MA of 2.48, and above the 200-day MA of 2.50, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 55.27 is Neutral, neither overbought nor oversold. The STOCH value of 19.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2191.
SF Real Estate Investment Trust Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | HK$2.08B | 16.10 | 4.00% | 10.03% | -7.31% | ― | |
56 Neutral | HK$3.80B | -13.53 | -2.22% | 8.27% | -5.15% | -145.75% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | HK$1.14B | -7.63 | -4.64% | 8.09% | -18.29% | -37.39% | |
53 Neutral | HK$1.82B | -2.74 | -10.74% | 9.17% | 8.69% | -216.81% | |
48 Neutral | HK$7.87B | -1.79 | -25.15% | 13.43% | -68.98% | 42.97% |
* General Sector Average
HK:2191
SF Real Estate Investment Trust
2.53
-0.04
-1.48%
HK:3380
Logan Property Holdings Co
1.39
0.45
47.34%
HK:1426
Spring Real Estate Investment
1.23
-0.38
-23.68%
HK:0435
Sunlight Real Estate Investment
2.17
0.12
5.76%
HK:1503
China Merchants Commercial Real Estate Investment Trust
1.02
-0.19
-15.77%
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.