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$40.00
▲(4.00% Upside)
Action:ReiteratedDate:11/22/25
The overall stock score reflects a combination of financial resilience and challenges, bearish technical indicators, and a mixed valuation profile. The company's strong equity base and high dividend yield are positive, but profitability issues and negative market momentum weigh heavily on the score.
Positive Factors
Strong equity base & improving leverage
An improved debt-to-equity metric and strong equity ratio provide durable financial flexibility. This stronger capital base supports acquisition or redevelopment activity, cushions rent volatility, and reduces refinancing strain, helping sustain distributions and strategic options over the next several quarters.
Negative Factors
Profitability weakness & negative margins
Persistent declines in net income and inconsistent EBITDA indicate structural profitability pressure. Negative margins limit retained earnings accumulation, constrain distribution growth without external funding, and increase reliance on asset sales or higher leverage to sustain payouts and fund capex.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong equity base & improving leverage
An improved debt-to-equity metric and strong equity ratio provide durable financial flexibility. This stronger capital base supports acquisition or redevelopment activity, cushions rent volatility, and reduces refinancing strain, helping sustain distributions and strategic options over the next several quarters.
Read all positive factors
Link Real Estate Investment (0823) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$102.98B
Dividend Yield7.61%
Average Volume (3M)8.73M
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth-1.84%
EPS Growth-194.03%
CountryHK
Employees1,300
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)-0.62
Shares Outstanding2,616,275,600
10 Day Avg. Volume6,596,149
30 Day Avg. Volume8,732,903
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.57
Price to Sales (P/S)6.58
P/FCF Ratio10.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$39.88Price Target Upside3.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)2.48
Revenue Forecast (FY)HK$13.82B
Link Real Estate Investment Business Overview & Revenue Model
Company Description
Link Real Estate Investment Trust (Hong Kong stock code: 823), managed by Link Asset Management Limited, is a leading retail-focused REIT in the world and Asia's largest REIT in terms of market capitalisation. Listed in 2005 as the first REIT in H...
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
65
Positive
Balance Sheet
75
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.14B | 14.22B | 13.58B | 12.34B | 11.69B | 10.87B |
| Gross Profit | 10.29B | 10.62B | 10.07B | 9.21B | 8.78B | 8.27B |
| EBITDA | 9.64B | -6.66B | 1.40B | 17.98B | 9.15B | 8.32B |
| Net Income | -6.79B | -8.86B | -1.98B | 15.45B | 6.89B | 1.19B |
Balance Sheet | ||||||
| Total Assets | 225.98B | 229.18B | 252.31B | 268.16B | 225.90B | 210.06B |
| Cash, Cash Equivalents and Short-Term Investments | 3.14B | 3.23B | 9.68B | 17.89B | 2.95B | 2.53B |
| Total Debt | 54.53B | 52.93B | 59.29B | 69.10B | 53.61B | 42.48B |
| Total Liabilities | 67.86B | 65.78B | 73.87B | 79.10B | 62.91B | 51.37B |
| Stockholders Equity | 158.31B | 163.47B | 178.82B | 188.94B | 162.69B | 158.72B |
Cash Flow | ||||||
| Free Cash Flow | 8.21B | 8.94B | 8.40B | -11.17B | -3.20B | -478.00M |
| Operating Cash Flow | 8.23B | 9.01B | 8.48B | 6.27B | 5.84B | 6.29B |
| Investing Cash Flow | 521.00M | 1.52B | -509.00M | -24.69B | -10.70B | -10.68B |
| Financing Cash Flow | -8.09B | -14.36B | -14.71B | 29.85B | 5.12B | -1.13B |
Link Real Estate Investment Technical Analysis
Positive
38.46
Price Trends
37.03
Positive
36.15
Positive
38.29
Positive
Market Momentum
0.45
Negative
61.08
Neutral
84.10
Negative
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 38.46 is above the 20-day moving average (MA) of 37.11, above the 50-day MA of 37.03, and above the 200-day MA of 38.29, indicating a bullish trend. The MACD of 0.45 indicates Negative momentum. The RSI at 61.08 is Neutral, neither overbought nor oversold. The STOCH value of 84.10 is Negative, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$172.82B | 12.36 | 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$46.42B | 23.45 | 1.35% | 5.92% | -11.49% | -20.93% | |
61 Neutral | HK$20.09B | 9.50 | 1.20% | 5.77% | 1.06% | 799.41% | |
58 Neutral | HK$73.96B | -17.53 | -2.32% | 5.04% | -0.75% | -577.88% | |
55 Neutral | HK$102.98B | -16.01 | -4.22% | 7.61% | -1.84% | -194.03% | |
51 Neutral | HK$73.59B | 1,328.75 | 0.03% | 1.76% | -9.23% | ― |
* Real Estate Sector Average
HK:0823
Link Real Estate Investment
39.20
5.24
15.42%
HK:1113
CK Asset Holdings
48.86
18.74
62.21%
HK:0101
Hang Lung Properties
9.20
3.31
56.30%
HK:0014
Hysan Development Co
19.60
7.68
64.37%
HK:0004
Wharf (Holdings)
25.86
6.73
35.17%
HK:1997
Wharf Real Estate Investment Co
24.34
6.77
38.57%
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.