Fortune Real Estate Investment Trust (0778) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Fortune Real Estate Investment Trust HK$2.70, price HK$4.34, upside -37.7%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Fortune Real Estate Investment Trust
0778 · HKStretched ValuationStrong overvaluation with only moderate quality.
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, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range HK$2.79 – HK$5.87 · fair‑value band HK$1.57 – HK$5.02 · the HK$4.34 price screens above the HK$2.70 fair value. Dashed = 300-day average. As of Sep 27, 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 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.
Stock analysis
Fortune Real Estate Investment Trust (0778) currently trades at HK$4.34, while our model-based Fair Value estimate is HK$2.70, 37.7% 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$8.15 per share, and 4 of the 11 models we run sit above the HK$4.34 price.
Bear case: the Growth DCF group reads lowest at HK$2.71, and 7 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$1.57 (bear) to HK$5.02 (bull), the price of HK$4.34 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 56/100 (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$8.9B (≈ $1.1B) · P/E ex one-offs 14.6 · P/S ratio 5.40 · Dividend yield 7.9% · Net margin −68.8% · Return on equity −0.3% · Return on assets (EBIT) 3.0% · Operating margin 64.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at −38%, 0778 screens richer than that median.
Fair Value models
All 11 models by family
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Set up alert →Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 46
Revenue & earnings trend
Growth Forecast
0778 screens overvalued: fair value 38% 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 · 92 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)
- 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 |
|---|---|---|---|
| Simon Property Group SPG | $204.82 | $114.08 | −44% |
| Realty Income Corporation O | $55.35 | $87.76 | +59% |
| Kimco Realty Corporation KIM | $22.49 | $17.46 | −22% |
| Unibail-Rodamco-Westfield SE URW | €91.72 | €70.12 | −24% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.24 SGD | 1.38 SGD | −38% |
| Regency Centers Corporation REG | $73.23 | $38.95 | −47% |
| Scentre Group SCG | A$3.38 | A$3.49 | +3% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$37.02 | HK$38.68 | +4% |
| Federal Realty Investment Trust FRT | $110.52 | $40.55 | −63% |
| Brixmor Property Group BRX | $28.07 | $18.82 | −33% |
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Key figures of Fortune Real Estate Investment Trust
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