SF Real Estate Investment Trust (2191) AI Stock Analysis

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SF Real Estate Investment Trust

(HKEX:2191)

Select Model

Rating:58Neutral

Price Target:HKD 3.00▼(-1.96% Downside)

Action:reiterated

Date:10/31/26

Overall score reflects a tug-of-war between weak profitability (recent net losses and soft revenue) and supportive cash flow/leverage fundamentals. Technicals are trending positively but look overheated (very high RSI), while valuation is helped by a high dividend yield but not clearly cheap on P/E given the earnings volatility.

Positive Factors

Improving cash generationPositive and improving operating and free cash flow support the REIT’s ability to fund property operations, meet financial obligations, and potentially sustain distributions. The close relationship between free cash flow and reported earnings also indicates that cash conversion has remained a meaningful operating strength.

Negative Factors

Declining revenueRecent revenue contraction indicates weakening income momentum across the property portfolio, which can constrain rental growth and reduce the resources available for maintenance or reinvestment. A second year of little or negative growth would make sustained earnings improvement more difficult.

SF Real Estate Investment Trust (2191) vs. iShares MSCI Hong Kong ETF (EWH)

Market Cap: HKD 2.51B
Dividend Yield: 8.29%
Average Volume (3M): 1.12M
Price to Earnings (P/E): 19.5
Beta (1Y): 0.46
Revenue Growth: -7.31%
EPS Growth: ―
Country: Hong Kong
Employees: ―
Sector: General
Sector Strength: 55
Industry: REIT - Industrial

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

SF Real Estate Investment Trust (2191) primarily makes money from rental-related income generated by leasing space within its investment property portfolio. Key revenue streams typically include (1) base rental income paid by tenants under lease agre...

SF Real Estate Investment Trust Financial Statement Overview

Summary

Mixed fundamentals: revenue has been flat-to-down recently and the company swung from profits (2021–2023) to sizable net losses in 2024–2025, which is a major negative. Offsetting this, leverage appears moderate for a REIT (debt-to-equity below 1.0 recently) and cash generation is strong with improving free cash flow in 2025. The key risk is the durability of equity/book value if accounting losses persist.

Income Statement

34Negative

Balance Sheet

55Neutral

Cash Flow

74Positive

Financial statement breakdown
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

Technical Analysis SentimentPositive

Last Price3.06

Price Trends

50DMA2.59Positive

100DMA2.53Positive

200DMA2.51Positive

Market Momentum

MACD0.06Negative

RSI82.90Negative

STOCH67.84Neutral

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 3.06 is above the 20-day moving average (MA) of 2.65, above the 50-day MA of 2.59, and above the 200-day MA of 2.51, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 82.90 is Negative, neither overbought nor oversold. The STOCH value of 67.84 is Neutral, 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

HK:2191 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HK:2191	58Neutral	HKD 2.51B	19.48	4.00%	8.29%	-7.31%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
HK:1503	55Neutral	HKD 1.14B	-7.58	-4.64%	8.09%	-17.95%	-41.45%
HK:0435	53Neutral	HKD 3.71B	-13.19	-2.22%	8.52%	-5.15%	-145.75%
HK:3380	43Neutral	HKD 6.45B	-1.46	-25.15%	―	-68.62%	42.97%
HK:1426	40Underperform	HKD 2.06B	-3.09	-10.74%	5.51%	8.69%	-216.81%

* General Sector Average

Performance Comparison

HK:2191 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
HK:2191	SF Real Estate Investment Trust	3.06	0.52	20.43%
HK:3380	Logan Property Holdings Co	1.14	-0.47	-29.06%
HK:1426	Spring Real Estate Investment Trust	1.38	-0.17	-11.08%
HK:0435	Sunlight Real Estate Investment Trust	2.10	-0.07	-3.09%
HK:1503	China Merchants Commercial Real Estate Investment Trust	1.01	-0.16	-13.76%

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.

Date of analysis: Oct 31, 2026

SF Real Estate Investment Trust AI Stock Analysis

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