Link Real Estate Investment Trust (0823) fair value: what the stock is really worth
We calculate from audited financials what Link Real Estate Investment Trust is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range HK$25.67 – HK$56.13 · fair‑value band HK$13.32 – HK$52.33 · the HK$37.02 price screens above the HK$28.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Link Real Estate Investment Trust (Link REIT) is the largest REIT in Asia by many measures including asset value.
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Link Real Estate Investment Trust (Link REIT) is the largest REIT in Asia by many measures including asset value. Managed by Link Asset Management Limited (Link), a leading, independent and fully integrated real estate investor and manager focusing on the APAC region, Link REIT has been entirely owned by independent investors since its listing in November 2005 as the first REIT in Hong Kong. After initially acquiring a portfolio of shopping centres and car parks in Hong Kong valued at around 33 billion Hong Kong dollars at the time of its IPO, Link has grown and diversified the Link REIT's property portfolio. Today, the portfolio includes retail facilities, car parks, offices, and logistics assets which span Hong Kong, Mainland China, Australia, Singapore, and the UK, with a total valuation of around 226 billion Hong Kong dollars (As at 31 March 2025). Link aims to further grow and diversify the Link REIT portfolio to continue delivering resilient returns and growth to Unitholders. Link REIT is a constituent of the Hong Kong securities market benchmark Hang Seng Index, as well as a component of the Dow Jones Sustainability Asia Pacific Index, the FTSE4Good Index Series and the Hang Seng Corporate Sustainability Index. Asset management, portfolio management and capital management are three pillars of our management strengths. We are committed to integrating Environment, Social and Governance (ESG) considerations into our strategy and daily operations. Link Real Estate Investment Trust was incorporated in 2005 in Hong Kong.
Stock analysis
Link Real Estate Investment Trust (0823) currently trades at HK$37.02, while our model-based Fair Value estimate is HK$28.78, implying the stock looks roughly 28.6% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of HK$41.97 per share, and 7 of the 13 models we run sit above the HK$37.02 price.
Bear case: the Growth DCF group reads lowest at HK$27.31, and 6 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: HK$13.32 (bear) to HK$52.33 (bull), the price of HK$37.02 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.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Link Real Estate Investment Trust reported revenue of HK$14.0B in FY2026 versus HK$11.7B in FY2022, a compound +4.6%/yr. Reported net income was −HK$7.4B in FY2026.
Key figures
Market cap HK$95.8B (≈ $12.2B) · P/S ratio 7.03 · EPS (TTM) HK$−0.6200 · Dividend yield 7.1% · Net margin −52.8% · Return on equity −5.0% · Return on assets (EBIT) 3.8% · Operating margin 68.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −43% fair-value upside, at −22%, 0823 screens cheaper than that median.
Fair Value models
Bear HK$13.32Fair Value HK$28.78Bull HK$52.33
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.32/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.6%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
72.3% (2018) → 70.6% (2023)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+0.2%
Yearly sales growth analysts expect, extended to five years.
Compare Link Real Estate Investment Trust with another stock
Price, fair value, quality and upside side by side.
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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 · 93 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+8% · Top 25%
Profitability
Return on assets3% · Below median
Net margin (TTM)−52% · Bottom 25%
Operating margin (TTM)68% · Top 25%
Growth and dividend
Revenue growth0% · Below median
Dividend yield (TTM)7.1% · Above median
Balance sheet
Debt / equity0.30× · Lowest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Link Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/0823
Frequently asked questions
Is Link Real Estate Investment Trust (0823) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of HK$28.78 versus a price of HK$37.02, about −22% upside (overvalued).
What is the fair value of 0823?
Our model-based fair value for Link Real Estate Investment Trust is HK$28.78 (as of Sep 18, 2026), built from audited fundamentals. The current price: HK$37.02.
What is the quality score of 0823?
Link Real Estate Investment Trust has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Link Real Estate Investment Trust (0823)?
Our model-based price target is the fair value of HK$28.78 (as of Sep 18, 2026) from 13 valuation models. Cautious scenario HK$13.32, optimistic scenario HK$52.33. It is a calculation from audited fundamentals, not an analyst target.
What is the Link Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at HK$28.78, about −22% upside versus a price of HK$37.02 (overvalued). Cautious scenario HK$13.32, optimistic scenario HK$52.33. The calculation is refreshed regularly with new filings.
What is the revenue of Link Real Estate Investment Trust (0823)?
Link Real Estate Investment Trust reported trailing-twelve-month revenue of about HK$14.1B (latest available figure, as of Sep 18, 2026).
Does Link Real Estate Investment Trust pay a dividend?
Link Real Estate Investment Trust currently shows a dividend yield of about 7.14% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Link Real Estate Investment Trust (0823)?
For today's price to be fair in a discounted-cash-flow model, Link Real Estate Investment Trust would have to grow free cash flow by +10.4 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.2 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of 0823 use?
Our models discount Link Real Estate Investment Trust at 9.4 %: a base by market capitalisation (large), damped by beta 0.85, country premium for Hong Kong. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Link Real Estate Investment Trust that is +10.4 % per year a year over ten years, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Link Real Estate Investment Trust (0823) delivered so far?
Over the past 5 years revenue at Link Real Estate Investment Trust grew +5.2 % a year. The price currently implies +10.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Link Real Estate Investment Trust (0823) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Link Real Estate Investment Trust (+10.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Link Real Estate Investment Trust (0823)?
The free-cash-flow yield on the price is 7.07 %: that much free cash flow Link Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Link Real Estate Investment Trust (0823)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Link Real Estate Investment Trust it is HK$28.78 per share (as of Sep 18, 2026), against a price of HK$37.02. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Link Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 18, 2026, 0823 trades above its calculated fair value: price HK$37.02, fair value HK$28.78, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0823?
No. The price is what the market pays today (HK$37.02); the fair value is what the company's own numbers justify (HK$28.78). For Link Real Estate Investment Trust the two are HK$8.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Link Real Estate Investment Trust worth?
The market values Link Real Estate Investment Trust at about HK$95.8B (market capitalisation, as of Sep 18, 2026). Per share that is HK$37.02; our models calculate a fair value of HK$28.78 per share.
What do the bullish and bearish scenarios say about 0823?
Our models span a range for Link Real Estate Investment Trust: cautious scenario HK$13.32, base HK$28.78, optimistic HK$52.33 per share (as of Sep 18, 2026, price HK$37.02). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of 0823?
The PEG ratio of Link Real Estate Investment Trust is 12.63 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Link Real Estate Investment Trust (0823)?
Balance-sheet figures for Link Real Estate Investment Trust (as of Sep 18, 2026): return on equity −5.0%, debt of 0.30 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is 0823 from its 52-week high?
Link Real Estate Investment Trust trades at HK$37.02, about 15% below its 52-week high of HK$43.51 and 8% above the low of HK$34.12 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of HK$28.78 is for.
Which stocks are comparable to Link Real Estate Investment Trust?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Unibail-Rodamco-Westfield SE, Kimco Realty Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Link Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 18, 2026: price HK$37.02, calculated fair value HK$28.78 (−22%), Quality Score 56/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0823 calculated?
We run Link Real Estate Investment Trust through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of HK$28.78, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Link Real Estate Investment Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Link Real Estate Investment Trust (0823)?
The closing price on Sep 18, 2026 was HK$37.02. Our model-based fair value is HK$28.78, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Link Real Estate Investment Trust right now?
The model range is unusually wide (HK$13.32 to HK$52.33). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Link Real Estate Investment Trust
How large is the market capitalisation of Link Real Estate Investment Trust (0823)?
The market capitalisation of Link Real Estate Investment Trust is HK$95.8B (≈ $12.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Link Real Estate Investment Trust (0823)?
The price-to-sales ratio of Link Real Estate Investment Trust is 7.03 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Link Real Estate Investment Trust (0823)?
Earnings per share at Link Real Estate Investment Trust are HK$−0.6200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Link Real Estate Investment Trust (0823)?
The dividend yield of Link Real Estate Investment Trust is 7.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Link Real Estate Investment Trust (0823)?
The net margin of Link Real Estate Investment Trust is −52.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Link Real Estate Investment Trust (0823)?
The return on equity (ROE) of Link Real Estate Investment Trust is −5.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Link Real Estate Investment Trust (0823)?
On an EBIT basis the return on assets of Link Real Estate Investment Trust is 3.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Link Real Estate Investment Trust (0823)?
The operating margin of Link Real Estate Investment Trust is 68.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Link Real Estate Investment Trust (0823)?
Revenue at Link Real Estate Investment Trust is growing −0.3% versus a year earlier (3y avg +4.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Link Real Estate Investment Trust (0823)?
Earnings per share at Link Real Estate Investment Trust are growing −5.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Link Real Estate Investment Trust (0823) carry?
The net debt of Link Real Estate Investment Trust is HK$52.6B (fiscal year 2026, ≈ 7.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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