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$39.00
â–²(6.32% 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 balance sheet
A solid equity base combined with an improving debt-to-equity ratio provides durable financial resilience. This enhances borrowing capacity and liquidity, allowing the REIT to fund asset enhancements, withstand retail cyclical weakness, and support distributions over the medium term.
Negative Factors
Declining revenue trend
Negative revenue growth suggests softer leasing activity or pressure on rental rates. Persistent top-line contraction reduces distributable income and limits funds available for reinvestment and debt reduction, making recovery of margins and distributions more challenging over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet
A solid equity base combined with an improving debt-to-equity ratio provides durable financial resilience. This enhances borrowing capacity and liquidity, allowing the REIT to fund asset enhancements, withstand retail cyclical weakness, and support distributions over the medium term.
Read all positive factors
Link Real Estate Investment (0823) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$95.96B
Dividend Yield7.61%
Average Volume (3M)8.73M
Price to Earnings (P/E)―
Beta (1Y)0.62
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$40.20Price Target Upside9.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)2.5
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 Real Estate Investment generates revenue primarily through rental income from its diversified portfolio of properties. The company leases spaces in shopping malls, office buildings, and residential complexes, which provides a steady cash flow...
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
36.68
Price Trends
36.62
Positive
36.32
Positive
38.36
Negative
Market Momentum
-0.18
Positive
50.26
Neutral
72.64
Neutral
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 36.68 is below the 20-day moving average (MA) of 36.77, above the 50-day MA of 36.62, and below the 200-day MA of 38.36, indicating a neutral trend. The MACD of -0.18 indicates Positive momentum. The RSI at 50.26 is Neutral, neither overbought nor oversold. The STOCH value of 72.64 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$67.65B | -17.53 | -2.32% | 5.04% | -3.87% | -124.27% | |
70 Outperform | HK$139.82B | 24.10 | 1.76% | 6.20% | -19.91% | -6.92% | |
70 Outperform | HK$158.75B | 12.36 | 2.75% | 4.33% | 9.72% | -26.47% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | HK$9.69B | -8.66 | -4.25% | 7.24% | -4.20% | -138.86% | |
55 Neutral | HK$95.96B | -16.01 | -4.22% | 7.61% | -1.84% | -194.03% | |
50 Neutral | HK$14.15B | -4.78 | -6.12% | 5.43% | -6.99% | -176.18% |
* Real Estate Sector Average
HK:0823
Link Real Estate Investment
36.68
5.10
16.15%
HK:1113
CK Asset Holdings
45.36
17.85
64.87%
HK:2778
Champion Real Estate Investment
2.30
0.49
27.42%
HK:0778
Fortune Real Estate Investment
4.70
1.04
28.49%
HK:0012
Henderson Land Development Co
28.88
9.87
51.92%
HK:1997
Wharf Real Estate Investment Co
22.28
6.11
37.81%
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.