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STOCK COMPARISON

Link Real Estate Investment Trust vs Simon Property Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Link Real Estate Investment Trust (0823) and Simon Property Group (SPG) compare, as of Sep 22, 2026.

As of Sep 22, 2026, Fair Value Calculator sees Link Real Estate Investment Trust as the less overvalued of the two: Link Real Estate Investment Trust trades at HK$37.02 versus a fair value of HK$28.78 (-22%), while Simon Property Group trades at $205 versus $84.26 (-59%).
Link Real Estate Investment Trust
0823.HK · HKD · Real Estate
-22%
upside to fair value
overvalued
PriceHK$37.02
Fair ValueHK$28.78
Quality58/100
Simon Property Group
SPG · USD · Real Estate
-59%
upside to fair value
overvalued
Price$205
Fair Value$84.26
Quality57/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Link Real Estate Investment TrustSimon Property Group
Valuation
P/E (TTM)14.9×
0.92×P/S (TTM)12.26×
0.09×P/B15.65×
5.6×EV/EBITDA22.2×
12.63×PEG8.74×
−22.3%Fair value upside−59.0%
6.8%Dividend yield4.1%
HK$2.64Dividend per share$8.65
Profitability
68%Operating margin43%
0.98×EBIT margin trend (5Y)1.17×
-5%Return on equity114%
3%Return on assets6%
Growth
-0%Revenue growth (YoY)19%
4.3%Avg. growth/yr (3Y)6.3%
5.2%Avg. growth/yr (5Y)6.7%
Value creation/yr+9.9%
Balance & size
4.8×Interest coverage (EBIT/interest)3.3×
0.30×Debt / equity5.46×
$13BMarket cap$82B
mixedGrowth qualityhealthy

Link Real Estate Investment Trust leads: 8 to 6 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Link Real Estate Investment Trustof which business quality 57 · market factors 53 Simon Property Groupof which business quality 54 · market factors 59
ProfitabilityMargins and returns on capital today
3
59
Quality GrowthAre margins and returns improving?
49
70
CashflowEarnings quality: real cash, not paper profit
100
77
Fin. StrengthBalance sheet, leverage, solvency risk
54
9
InvestmentDisciplined investing over empire-building
100
35
Low VolatilityCalm price path (market factor)
81
63
MomentumPrice trend over the last 3–12 months (market factor)
44
52
52W MomentumDistance to the 52-week high (market factor)
36
66
Net IssuanceShare count: buybacks or dilution?
52
83

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyLink Real Estate Investment TrustPrice HK$37.02Simon Property GroupPrice $205
DCF Models-14%close to the priceHK$31.80-53%below the price$96.96
Dividend Discount+12%close to the priceHK$41.48-30%below the price$144
Multiples+13%close to the priceHK$41.97-38%below the price$128
Asset-Based+5%close to the priceHK$38.74-95%below the price$10.76
Growth DCF-22%below the priceHK$28.70-62%below the price$77.98
Economic Profitn/a-55%below the price$92.53
Minimum-22%below the priceHK$28.70-95%below the price$10.76
Maximum+13%close to the priceHK$41.97-30%below the price$144
Median+5%close to the priceHK$38.74-54%below the price$94.75
Geometric mean-2%close to the priceHK$36.13-65%below the price$71.94

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Link Real Estate Investment Trust: 6 of 13 models see the stock below the current price.

Simon Property Group: 16 of 16 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Link Real Estate Investment Trust
Price HK$37.02
Fair Value HK$28.78
Bear HK$13.32Bull HK$52.33
Simon Property Group
Price $205
Fair Value $84.26
Bear $61.87Bull $159

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Link Real Estate Investment Trust · Real Estate

Quality score58 · above median
Fair value upside-22% · below median

Simon Property Group · Real Estate

Quality score57 · above median
Fair value upside-59% · bottom 25%

Bottom line

As of Sep 22, 2026, Fair Value Calculator sees Link Real Estate Investment Trust as the less overvalued of the two: Link Real Estate Investment Trust trades at HK$37.02 versus a fair value of HK$28.78 (-22%), while Simon Property Group trades at $205 versus $84.26 (-59%).

Link Real Estate Investment Trust has the higher quality score (58/100).

See the full analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.