Spring REIT (1426) fair value: what the stock is really worth
As of Sep 30, 2026: fair value of Spring REIT HK$0.63, price HK$1.60, upside -60.6%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 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 27, 2026.
How to read this chart
60‑month range HK$1.16 – HK$1.99 · fair‑value band HK$0.6300 – HK$1.51 · the HK$1.60 price screens above the HK$0.6300 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Spring Real Estate Investment Trust (Spring REIT) is a real estate investment trust.
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Spring Real Estate Investment Trust (Spring REIT) is a real estate investment trust. It is constituted by a trust deed as amended and supplemented by the first supplemental deed dated 22 May 2015, the First Amending and Restating Deed dated 28 May 2021 and the Second Amending and Restating Deed dated 20 September 2024 (collectively, the Trust Deed) between Spring Asset Management Limited and DB Trustees (Hong Kong) Limited, as trustee of Spring REIT (the Trustee). Units of Spring REIT (the Units) were first listed on The Stock Exchange of Hong Kong Limited (the Stock Exchange) on 5 December 2013. Spring REIT offers investors direct exposure to two premium office buildings strategically located in Beijing Central Business District (Beijing CBD) through its ownership in China Central Place Office Tower 1 and 2 (and the relevant portion of the car park) (the CCP Property) and to a landmark shopping mall Huamao Place in Huizhou, located in Greater Bay Area, which comprises seven-storey shopping mall and 750 carpark spaces (the Huamao Place). Spring Real Estate Investment Trust was established on November 14, 2013 and incorporated in Hong Kong.
Stock analysis
Spring REIT (1426) currently trades at HK$1.60, while our model-based Fair Value estimate is HK$0.6300, 60.6% 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$3.26 per share, and 3 of the 6 models we run sit above the HK$1.60 price.
Bear case: the Growth DCF group reads lowest at HK$0.3200, and 3 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: HK$0.6300 (bear) to HK$1.51 (bull), the price of HK$1.60 sits above 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 50/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Spring REIT reported revenue of 691M CNY in FY2025 versus 601M CNY in FY2021, a compound +3.6%/yr. Reported net income was −195M CNY in FY2025.
Key figures
Market cap HK$2.3B (≈ $300M) · P/S ratio 3.58 · EPS (TTM) HK$−0.0200 · Dividend yield 6.3% · Net margin −28.3% · Return on equity −2.1% · Return on assets (EBIT) 3.2% · Operating margin −7.0%.
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 5% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −14% fair-value upside, at −61%, 1426 screens richer than that median.
Fair Value models
Bear HK$0.6300Fair Value HK$0.6300Bull HK$1.51
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.35/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.5%
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.
+6.2%
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.
+3.2%
Start year 2020 (pandemic). Over 10 years: +1.1% a year
Revenue growth 15 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.
+10.5%
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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.
−51.7% (2020) → 44.2% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 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.
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).
+19.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in CNY, China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +17.1% a year for the price.
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 - Diversified · 155 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−60.6% · Bottom 25%
Profitability
Return on assets0.9% · Bottom 25%
Net margin (TTM)−29.0% · Bottom 25%
Operating margin (TTM)−7.0% · Bottom 25%
Growth and dividend
Revenue growth−12.5% · Bottom 25%
Dividend yield (TTM)6.3% · Above median
Balance sheet
Debt / equity0.75× · Above median
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
P/B0.05× · Cheapest 25%
P/S (TTM)0.48× · Cheapest 25%
P/FCF1.3× · Cheapest 25%
EV/EBITDA28.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 26
FUTURE (revenue growth)0· sector 16
PAST (return on equity)0· sector 20
HEALTH (low debt)62· sector 75
DIVIDEND (yield)100· sector 100
VALUE 0: the price sits above our fair-value range.
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). "Spring REIT Fair Value". https://www.fairvalue-calculator.com/stock/1426
Frequently asked questions
Is Spring REIT (1426) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.6300 versus a price of HK$1.60, about −61% upside (overvalued).
What is the fair value of 1426?
Our model-based fair value for Spring REIT is HK$0.6300 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$1.60.
What is the quality score of 1426?
Spring REIT has a Quality Score of 50/100. 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 Spring REIT (1426)?
Our model-based price target is the fair value of HK$0.6300 (as of Sep 27, 2026) from 10 valuation models. Cautious scenario HK$0.6300, optimistic scenario HK$1.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Spring REIT stock forecast for 2026?
Our models put fair value at HK$0.6300, about −61% upside versus a price of HK$1.60 (overvalued). Cautious scenario HK$0.6300, optimistic scenario HK$1.51. The calculation is refreshed regularly with new filings.
What is the revenue of Spring REIT (1426)?
Spring REIT reported trailing-twelve-month revenue of about 621M CNY (latest available figure, as of Sep 27, 2026).
Does Spring REIT pay a dividend?
Spring REIT currently shows a dividend yield of about 6.31% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Spring REIT (1426)?
For today's price to be fair in a discounted-cash-flow model, Spring REIT would have to grow free cash flow by +19.0 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.2 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of 1426 use?
Our models discount Spring REIT at 11.8 %: a base by market capitalisation (micro), damped by beta 0.25, 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 Spring REIT that is +19.0 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Spring REIT (1426) delivered so far?
Over the past 5 years revenue at Spring REIT grew +3.2 % a year. The price currently implies +19.0 % 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 Spring REIT (1426) growing?
The median revenue growth in the sector is +1.9 % a year. That is the yardstick for the growth priced into Spring REIT (+19.0 % 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 Spring REIT (1426)?
The free-cash-flow yield on the price is 11.94 %: that much free cash flow Spring REIT produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Spring REIT (1426)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Spring REIT it is HK$0.6300 per share (as of Sep 27, 2026), against a price of HK$1.60. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Spring REIT stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 1426 trades above its calculated fair value: price HK$1.60, fair value HK$0.6300, a gap of about −61% (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 1426?
No. The price is what the market pays today (HK$1.60); the fair value is what the company's own numbers justify (HK$0.6300). For Spring REIT the two are HK$0.9700 per share apart. That gap is exactly why we show both numbers side by side.
How much is Spring REIT worth?
The market values Spring REIT at about HK$2.3B (market capitalisation, as of Sep 27, 2026). Per share that is HK$1.60; our models calculate a fair value of HK$0.6300 per share.
What do the bullish and bearish scenarios say about 1426?
Our models span a range for Spring REIT: cautious scenario HK$0.6300, base HK$0.6300, optimistic HK$1.51 per share (as of Sep 27, 2026, price HK$1.60). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Spring REIT (1426)?
Balance-sheet figures for Spring REIT (as of Sep 27, 2026): return on equity −2.1%, debt of 0.75 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is 1426 from its 52-week high?
Spring REIT trades at HK$1.60, about 5% below its 52-week high of HK$1.69 and 38% above the low of HK$1.16 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.6300 is for.
Which stocks are comparable to Spring REIT?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, The GPT Group, 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 Spring REIT stock attractive at the current price?
The data as of Sep 27, 2026: price HK$1.60, calculated fair value HK$0.6300 (−61%), Quality Score 50/100, from 10 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 1426 calculated?
We run Spring REIT through 10 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$0.6300, 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 14.7 % above its aggregate fair value. Spring REIT 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 Spring REIT (1426)?
The closing price on Sep 30, 2026 was HK$1.60. Our model-based fair value is HK$0.6300, about −61% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Spring REIT right now?
The price sits above even our optimistic bull case (HK$1.51). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (HK$0.6300 to HK$1.51) leaves room in how you read the outcome.
Key figures of Spring REIT
How large is the market capitalisation of Spring REIT (1426)?
The market capitalisation of Spring REIT is HK$2.3B (≈ $300M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Spring REIT (1426)?
The price-to-sales ratio of Spring REIT is 3.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Spring REIT (1426)?
Earnings per share at Spring REIT are HK$−0.0200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Spring REIT (1426)?
The dividend yield of Spring REIT is 6.3%. 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 Spring REIT (1426)?
The net margin of Spring REIT is −28.3% (fiscal year 2025). 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 Spring REIT (1426)?
The return on equity (ROE) of Spring REIT is −2.1% (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 Spring REIT (1426)?
On an EBIT basis the return on assets of Spring REIT is 3.2% (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 Spring REIT (1426)?
The operating margin of Spring REIT is −7.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Spring REIT (1426)?
Revenue at Spring REIT is growing −12.5% versus a year earlier (3y avg +6.2%). 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 Spring REIT (1426)?
Earnings per share at Spring REIT are growing −91.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Spring REIT (1426) carry?
The net debt of Spring REIT is 4.4B CNY (fiscal year 2025, ≈ 18.4 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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