Link Real Estate Investment Trust (0823) Fair Value & Analysis
Real Estate · HK · Market cap HK$102B (≈ $13.0B) · ISIN HK0823032773
What is Link Real Estate Investment Trust really worth?
A solid business, currently priced close to our fair value of HK$41.98.
Strengths
Risks
For context
Fair value as of: Aug 22, 2026
From 13 valuation models · updated 14 days ago
Share price −0.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- A fairly wide model range (HK$26.41 to HK$57.54) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.
How to read this chart
60‑month range HK$25.67 – HK$56.13 · fair‑value band HK$26.41 – HK$57.54 · the HK$38.84 price screens below the HK$41.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.
Analysis
Link Real Estate Investment Trust (0823) currently trades at HK$38.84, while our model-based Fair Value estimate is HK$41.98, implying the stock looks roughly 7.5% fairly valued today. The Quality Score stands at 56/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of HK$41.97 per share, and 4 of the 13 models we run sit above the HK$38.84 price. Bear case: the Growth DCF group reads lowest at HK$27.31, and 9 of the 13 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Link Real Estate Investment Trust generated revenue of HK$14.1B at a net margin of −52.4%. Revenue declined 0.3% year over year. It earns a return on equity of −5.0%. Net debt stands at HK$52.6B. Fundamentals as of Aug 22, 2026
Our scenario range runs from HK$26.41 (bear case) to HK$57.54 (bull case); at HK$38.84, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 14% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −51% fair-value upside, at 8%, 0823 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: Multiples (HK$41.97) versus Growth DCF (HK$27.31). Highest evidence: FCF DCF (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 56
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Link Real Estate Investment Trust (Link REIT) is the largest REIT in Asia by many measures including asset value. Managed by Link Asset Management Limited (Link), a leading, independent and fully integrated real estate investor and manager focusing on the APAC region, Link REIT has been entirely owned by independent investors since its listing in November …
Full company description
Link Real Estate Investment Trust (Link REIT) is the largest REIT in Asia by many measures including asset value. Managed by Link Asset Management Limited (Link), a leading, independent and fully integrated real estate investor and manager focusing on the APAC region, Link REIT has been entirely owned by independent investors since its listing in November 2005 as the first REIT in Hong Kong. After initially acquiring a portfolio of shopping centres and car parks in Hong Kong valued at around 33 billion Hong Kong dollars at the time of its IPO, Link has grown and diversified the Link REIT's property portfolio. Today, the portfolio includes retail facilities, car parks, offices, and logistics assets which span Hong Kong, Mainland China, Australia, Singapore, and the UK, with a total valuation of around 226 billion Hong Kong dollars (As at 31 March 2025). Link aims to further grow and diversify the Link REIT portfolio to continue delivering resilient returns and growth to Unitholders. Link REIT is a constituent of the Hong Kong securities market benchmark Hang Seng Index, as well as a component of the Dow Jones Sustainability Asia Pacific Index, the FTSE4Good Index Series and the Hang Seng Corporate Sustainability Index. Asset management, portfolio management and capital management are three pillars of our management strengths. We are committed to integrating Environment, Social and Governance (ESG) considerations into our strategy and daily operations. Link Real Estate Investment Trust was incorporated in 2005 in Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Link Real Estate Investment Trust reported revenue of HK$14.0B in FY2026 versus HK$11.7B in FY2022, a compound +4.6%/yr. Reported net income was −HK$7.4B in FY2026.
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Peer Group
REIT - Retail · 94 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Retail median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $212.32 | $84.26 | −60% |
| Realty Income Corporation O | $61.98 | $30.45 | −51% |
| Unibail-Rodamco-Westfield SE URW | €103.40 | €98.09 | −5% |
| Kimco Realty Corporation KIM | $23.71 | $12.49 | −47% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.38 SGD | 0.9100 SGD | −62% |
| Scentre Group SCG | A$3.56 | A$3.34 | −6% |
| Regency Centers Corporation REG | $75.92 | $33.37 | −56% |
| Federal Realty Investment Trust FRT | $116.75 | $41.47 | −64% |
| Brixmor Property Group BRX | $29.50 | $12.34 | −58% |
| Agree Realty Corporation ADC | $73.20 | $38.85 | −47% |
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