Fortune Real Estate Investment Trust (0778) Fair Value & Analysis
Real Estate · HK · Market cap HK$9.1B
Fair value as of: Aug 13, 2026
From 11 valuation models · updated 2 days ago
Share price +0.3% over the past month.
A solid business, currently priced close to our fair value.
What matters now
- The model range is unusually wide (HK$1.98 to HK$6.46). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range HK$2.90 – HK$6.10 · fair‑value band HK$1.98 – HK$6.46 · the HK$4.64 price screens above the HK$4.22 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Fortune Real Estate Investment Trust (0778) currently trades at HK$4.64, while our model-based Fair Value estimate is HK$4.22, implying the stock looks roughly 9.0% fairly valued today. The Quality Score stands at 56/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Fortune Real Estate Investment Trust generated revenue of HK$1.7B at a net margin of -68.8%. Revenue declined 5.3% year over year. It earns a return on equity of -4.5%. Net debt stands at HK$9.8B. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$1.98 (bear case) to HK$6.46 (bull case); at HK$4.64, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -51% fair-value upside, at -9%, 0778 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 11 models by family
Widest divergence: Asset-Based (HK$8.17) versus Growth DCF (HK$1.65). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 48
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Fortune Real Estate Investment Trust is a real estate investment trust constituted by a trust deed (as amended or otherwise modified from time to time). It is the first REIT to hold assets in Hong Kong and is currently listed on the Main Board of The Stock Exchange of Hong Kong Limited.
Full company description
Fortune Real Estate Investment Trust is a real estate investment trust constituted by a trust deed (as amended or otherwise modified from time to time). It is the first REIT to hold assets in Hong Kong and is currently listed on the Main Board of The Stock Exchange of Hong Kong Limited. Fortune REIT currently holds a portfolio of 17 retail properties, with 16 private housing estate retail properties in Hong Kong and 1 neighborhood mall in Singapore, comprising approximately 3 million sq. ft. of retail space and 2,793 car parking spaces. The retail properties are Fortune City One, +WOO, Ma On Shan Plaza, Metro Town, Belvedere Square, Laguna Plaza, Fortune Metropolis, Waldorf Avenue, Caribbean Square, Jubilee Square, Tsing Yi Square, Smartland, Stars of Kovan Property, Hampton Loft, Centre de Laguna, Lido Avenue and Rhine Avenue. They house tenants from diverse trade sectors such as supermarkets, food and beverage outlets, banks, real estate agencies, and education providers. Fortune Real Estate Investment Trust was established on July 04, 2003 and incorporated in Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Fortune Real Estate Investment Trust reported revenue of HK$1.7B in FY2025 versus HK$1.8B in FY2021, a compound −1.8%/yr. Reported net income was −HK$1.2B in FY2025.
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Peer Group
REIT - Retail · 98 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Retail median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $220.56 | $84.26 | -62% |
| Realty Income Corporation O | $62.59 | $30.45 | -51% |
| Unibail-Rodamco-Westfield SE URW | €103.40 | €98.09 | -5% |
| Kimco Realty Corporation KIM | $24.18 | $12.49 | -48% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.49 SGD | 0.9100 SGD | -63% |
| Scentre Group SCG | A$3.79 | A$3.34 | -12% |
| Regency Centers Corporation REG | $75.74 | $33.37 | -56% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$38.44 | HK$41.98 | +9% |
| Federal Realty Investment Trust FRT | $117.21 | $41.47 | -65% |
| Brixmor Property Group BRX | $29.73 | $12.34 | -58% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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