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STOCK COMPARISON

Spring REIT vs Goodman: Fair Value & Quality

Both stocks run through our valuation models. Here is how Spring REIT (1426) and Goodman (GMG) compare, as of Oct 1, 2026.

As of Oct 1, 2026, Fair Value Calculator sees Goodman as the less overvalued of the two: Spring REIT trades at HK$1.60 versus a fair value of HK$0.63 (−60.6%), while Goodman trades at A$27.18 versus A$12.61 (−53.6%).
Spring REIT
1426.HK · HKD · Real Estate
−60.6%
upside to fair value
overvalued
PriceHK$1.60
Fair ValueHK$0.63
Quality51/100
Goodman
GMG.AU · AUD · Real Estate
−53.6%
upside to fair value
overvalued
PriceA$27.18
Fair ValueA$12.61
Quality66/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Spring REITGoodman
Valuation
n/aP/E (TTM)20.4×
n/aForward P/E (FY2028)17.1×
n/aMedian P/E at FY-end (9 FY, reported earnings)18.6×
0.48×P/S (TTM)14.01×
0.05×P/B2.28×
28.0×EV/EBITDA24.5×
n/aPEG2.72×
−60.6%Fair value upside−53.6%
6.3%Dividend yield1.1%
HK$0.10Dividend per shareA$0.30
Profitability
-7.0%Operating margin61.0%
n/aEBIT margin trend (5Y)1.93×
-2.1%Return on equity11.5%
0.9%Return on assets4.6%
Growth
-12.5%Revenue growth (YoY)65.8%
6.2%Avg. growth/yr (3Y)10.6%
3.2%Avg. growth/yr (5Y)7.3%
n/aValue creation/yr−1.7%
Balance & size
1.0×Interest coverage (EBIT/interest)143.9×
0.75×Debt / equity0.24×
$300MMarket cap$39B
mixedGrowth qualityhealthy
Goodman, median P/E at fiscal year-end, 9 fiscal years (2017 to 2026), reported earnings: 18.6.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Goodman leads: 3 to 9 metric wins.

n/a = 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.

Spring REITof which business quality 54 · market factors 54 Goodmanof which business quality 65 · market factors 38
ProfitabilityMargins and returns on capital today
6
43
Quality GrowthAre margins and returns improving?
19
84
CashflowEarnings quality: real cash, not paper profit
100
78
Fin. StrengthBalance sheet, leverage, solvency risk
38
82
InvestmentDisciplined investing over empire-building
99
61
Low VolatilityCalm price path (market factor)
70
64
MomentumPrice trend over the last 3–12 months (market factor)
41
31
52W MomentumDistance to the 52-week high (market factor)
58
19
Net IssuanceShare count: buybacks or dilution?
77
37

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 familySpring REITPrice HK$1.60GoodmanPrice A$27.18
DCF Models−76.9%below the priceHK$0.37−44.3%below the priceA$15.13
Dividend Discount+17.2%above the priceHK$1.88−80.7%below the priceA$5.24
Multiples−16.3%below the priceHK$1.34−61.7%below the priceA$10.40
Asset-Based+103.8%above the priceHK$3.26−70.1%below the priceA$8.13
Growth DCF−80.0%below the priceHK$0.32−23.6%below the priceA$20.77
Economic Profitn/a−53.4%below the priceA$12.67
Minimum−80.0%below the priceHK$0.32−80.7%below the priceA$5.24
Maximum+103.8%above the priceHK$3.26−23.6%below the priceA$20.77
Median−16.3%below the priceHK$1.34−57.6%below the priceA$11.54
Geometric mean−37.9%below the priceHK$0.99−59.6%below the priceA$10.99

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%.

Spring REIT: 3 of 6 models see the stock below the current price.

Goodman: 15 of 15 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.

Spring REIT
Price HK$1.60
Fair Value HK$0.63
Bear HK$0.63Bull HK$1.51
Goodman
Price A$27.18
Fair Value A$12.61
Bear A$8.30Bull A$17.31

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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.

Spring REIT · Real Estate

Quality score51 · below median
Fair value upside−60.6% · bottom 25%

Goodman · Real Estate

Quality score66 · Top 25%
Fair value upside−53.6% · bottom 25%

Bottom line

As of Oct 1, 2026, Fair Value Calculator sees Goodman as the less overvalued of the two: Spring REIT trades at HK$1.60 versus a fair value of HK$0.63 (−60.6%), while Goodman trades at A$27.18 versus A$12.61 (−53.6%).

Goodman has the higher quality score (66/100).

Open Goodman live analysis →

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