Link Real Estate Investment (HK:0823)
:0823
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Link Real Estate Investment
(0823)
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Rating:55Neutral
Price Target:
HK$41.00
▲(6.60% Upside)
Action:Reiterated
Date:05/29/26
The score is held back primarily by weak financial performance driven by multi-year net losses and declining equity, despite strong gross margins and positive cash generation. Valuation is supported by a high dividend yield, but the negative P/E reflects loss-making results. Technicals are mildly constructive but not strong enough to outweigh the fundamental profitability risk.
Positive Factors
Strong Operating Cash Flow
Consistent positive operating cash flow and recovering free cash flow indicate the business converts rental receipts into real cash. Over 2–6 months this durable cash generation supports distributions, funds maintenance and AEI, and provides a buffer for servicing debt even when accounting profits are weak.
Negative Factors
Sustained Net Losses
Multi-year net losses are a durable concern: they erode retained earnings and distributable income, weaken investor confidence, and can force adjustments to payout policy. Persisting losses also reduce internal capital for asset investment and make the trust more dependent on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Operating Cash Flow
Consistent positive operating cash flow and recovering free cash flow indicate the business converts rental receipts into real cash. Over 2–6 months this durable cash generation supports distributions, funds maintenance and AEI, and provides a buffer for servicing debt even when accounting profits are weak.
Read all positive factors
Link Real Estate Investment (0823) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$94.66B
Dividend Yield7.61%
Average Volume (3M)8.73M
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue Growth-3.07%
EPS Growth17.04%
CountryHK
Employees1,300
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)-2.85
Shares Outstanding2,616,275,600
10 Day Avg. Volume6,596,149
30 Day Avg. Volume8,732,903
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$40.22Price Target Upside4.57% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)2.48
Revenue Forecast (FY)HK$13.71B
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 earning recurring income from its property portfolio. Its main revenue stream is rental income collected from tenants leasing retail shops and other spaces in its properties, typically under lease agreements that...
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
Negative
38.46
Price Trends
37.95
Negative
36.75
Negative
36.56
Negative
Market Momentum
-0.75
Positive
29.09
Positive
10.95
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0823, the sentiment is Negative. The current price of 38.46 is above the 20-day moving average (MA) of 37.00, above the 50-day MA of 37.95, and above the 200-day MA of 36.56, indicating a bearish trend. The MACD of -0.75 indicates Positive momentum. The RSI at 29.09 is Positive, neither overbought nor oversold. The STOCH value of 10.95 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$156.16B | 14.39 | 2.75% | 4.33% | 27.01% | -20.16% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | HK$37.67B | 19.57 | 1.35% | 5.92% | -11.49% | -20.93% | |
61 Neutral | HK$17.48B | 56.17 | 1.20% | 5.77% | 1.06% | 799.41% | |
58 Neutral | HK$68.50B | -16.11 | -2.32% | 5.04% | -0.75% | -577.88% | |
55 Neutral | HK$94.66B | -12.69 | -4.80% | 7.61% | -3.07% | 17.04% | |
52 Neutral | HK$56.41B | 923.00 | 0.03% | 1.76% | -9.23% | ― |
* Real Estate Sector Average
HK:0823
Link Real Estate Investment
36.18
-3.48
-8.77%
HK:1113
CK Asset Holdings
44.62
10.99
32.69%
HK:0101
Hang Lung Properties
7.24
0.12
1.71%
HK:0014
Hysan Development Co
17.02
3.68
27.62%
HK:0004
Wharf (Holdings)
18.46
-4.62
-20.01%
HK:1997
Wharf Real Estate Investment Co
22.56
1.50
7.13%
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.