Fortune Real Estate Investment Trust (0778) fair value: what the stock is really worth
As of Nov 13, 2026: fair value (intrinsic value) of Fortune Real Estate Investment Trust stock HK$2.70, price HK$4.52, that is 40.3% below the price, quality 57 out of 100. Rating: strongly overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
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Fortune Real Estate Investment Trust
0778 · HKFar too expensive (fair value 40% below the price) and price moving sideways, but solid company: meets 1 of 3 rules.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 14, 2026.
How to read this chart
60‑month range HK$2.79 – HK$5.87 · fair‑value band HK$1.58 – HK$5.02 · the HK$4.52 price screens above the HK$2.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 14, 2026.
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Company profile
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.
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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.
Stock analysis
Fortune Real Estate Investment Trust (0778) currently trades at HK$4.52, while our model-based Fair Value estimate is HK$2.70, 40% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of HK$8.13 per share, and 3 of the 11 models we run sit above the HK$4.52 price.
Bear case: the Growth DCF group reads lowest at HK$2.62, and 8 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: HK$1.58 (bear) to HK$5.02 (bull), the price of HK$4.52 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
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.
Key figures
Market cap HK$9.3B (≈ $1.2B) Small · P/E ex one-offs 15.2 · P/S ratio 5.68 · Dividend yield 7.6% · Net margin −68.8% · Return on equity −0.3% · Return on assets (EBIT) 3.0% (5-year average) · Operating margin 63.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 11% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −30% fair-value upside, at −40%, 0778 screens richer than that median.
Fair Value models
All 11 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
0778 screens overvalued: fair value 40% below the price. Compare with Simon Property Group →
Compare Fortune Real Estate Investment Trust with another stock
Price, fair value, quality and upside side by side.
Peer Groupⓘ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.REIT - Retail · 88 stocks
Valuation Multiplesvs REIT - Retail median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Quality Score by industry
- Return on equity by industry
- Stock screener with 62 metrics
- Undervalued stocks: Real Estate
- Undervalued stocks: Hong Kong Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Realty Income Corporation O | $58.82 | $88.46 | +50% | vs 0778 |
| Scentre Group SCG | A$3.52 | A$3.48 | −1% | vs 0778 |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$41.50 | HK$38.24 | −8% | vs 0778 |
| Unibail-Rodamco-Westfield SE URW | €93.16 | €71.26 | −24% | vs 0778 |
| Kimco Realty Corporation KIM | $25.55 | $17.89 | −30% | vs 0778 |
| Brixmor Property Group BRX | $30.30 | $18.82 | −38% | vs 0778 |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.33 SGD | 1.38 SGD | −41% | vs 0778 |
| Regency Centers Corporation REG | $76.11 | $38.70 | −49% | vs 0778 |
| Simon Property Group SPG | $232.97 | $98.44 | −58% | vs 0778 |
| Federal Realty Investment Trust FRT | $112.92 | $40.47 | −64% | vs 0778 |
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Frequently asked questions
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Key figures of Fortune Real Estate Investment Trust
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