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Link Real Estate Investment Trust (Link REIT) (LKREF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Link Real Estate Investment Trust (Link REIT) $5.37, price $4.55, upside +18.0%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

Fair value above price? Yes
Good quality? Yes
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Real Estate · US · ISIN HK0823032773

Some data Sep 23, 2026

Link Real Estate Investment Trust (Link REIT)

LKREF · US

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value $5.37 · Undervalued (+18.0%)

✓Quality 64/100

!Mixed Growth (revenue 5y +5.2 %/yr)

!Loss-making · -52.4% net margin (TTM)

✓Low debt · generates free cash flow

!Narrow moat 37/100

!Evidence only medium, so the estimate is less certain

26 models, one by oneBear $2.90 to bull $8.97 Growth analysisrevenue history, year by year Quality 64/100 in detail37 factors, each one shown Compared with its peersrank on every measure, side by side

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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 23, 2026.

How to read this chart

60‑month range $2.35 – $7.00 · fair‑value band $2.90 – $8.97 · the $4.55 price screens below the $5.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Link Real Estate Investment Trust (Link REIT) is the largest REIT in Asia by many measures including asset value.

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 (Link REIT) (LKREF) currently trades at $4.55, while our model-based Fair Value estimate is $5.37, implying the stock looks roughly 15.3% undervalued today.

Valuation

Bull case: the DCF Models group reads highest at a median of $5.38 per share, and 9 of the 13 models we run sit above the $4.55 price.

Bear case: the Growth DCF group reads lowest at $3.70, and 4 of the 13 models stay below the price. Evidence for this calculation is medium.

Scenario range: $2.90 (bear) to $8.97 (bull), the price of $4.55 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 64/100 (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 (Link REIT) 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 $12.2B · P/S ratio 0.86 · EPS (TTM) $−0.3700 · Net margin −52.8% · Return on equity −5.0% · Return on assets (EBIT) 3.8% · Operating margin 68.4% · Revenue (TTM) HK$14.1B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (medium confidence).

What moves the price

The share trades about 15% below its 52-week high and 12% 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 18%, LKREF screens cheaper than that median.

Fair Value models

Bear $2.90 Fair Value $5.37 Bull $8.97

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.

Highest evidence

FCF DCF $2.76 $5.49 $9.70 77

Growth DCF $2.84 $5.24 $8.71 76

5Y EBITDA Exit $2.85 $5.88 $9.42 73

All 13 models by family

DCF Models

FCF DCF $2.76 $5.49 $9.70 77

5Y Revenue Exit $1.74 $3.79 $6.40 70

5Y EBITDA Exit $2.85 $5.88 $9.42 73

10Y Revenue Exit $1.96 $3.93 $6.55 64

10Y EBITDA Exit $2.77 $5.38 $8.87 66

Dividend Discount

Gordon GGM $2.80 $5.82 $9.23 66

DDM Multi-Stage $2.80 $4.69 $6.11 66

Multiples

EV/EBIT $5.03 $7.38 $9.73 65

EV/EBITDA $3.48 $5.32 $7.15 66

EV/Revenue $1.34 $2.78 $4.22 51

Asset-Based

NCAV (Graham) $3.68 $4.93 $7.36 54

Growth DCF

Growth DCF $2.84 $5.24 $8.71 76

Rev-Margin DCF $1.72 $3.70 $5.92 70

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Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 46

Profitability 3

Margins and returns on capital today

Quality Growth 49

Are margins and returns improving?

Cashflow 100

Earnings quality: real cash, not paper profit

Fin. Strength 54

Balance sheet, leverage, solvency risk

Investment 100

Disciplined investing over empire-building

Low Volatility 36

Calm price path (market factor)

Momentum 49

Price trend over the last 3–12 months (market factor)

52W Momentum 50

Distance to the 52-week high (market factor)

Net Issuance 100

Share count: buybacks or dilution?

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Revenue & earnings trend

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. 40/100

Revenue is growing, but margins or cash flow do not fully confirm the trend.

Revenue growth 1 year

−1.6%

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%

Start year 2021 (pandemic). Over 10 years: +4.8% a year

Revenue growth 20 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.

+12.4%

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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

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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 · 91 stocks

Beats the industry median on 9/13 measures

Overall it ranks above its industry peers.

Valuation

Quality Score 66 · Top 25%

Fair Value upside +8.1% · Above median

Profitability

Return on assets 2.7% · Below median

Net margin (TTM) −52.4% · Bottom 25%

Operating margin (TTM) 68.4% · Top 25%

Growth and dividend

Revenue growth −0.3% · Bottom 25%

Dividend yield (TTM) 50.7% · Top 25%

Balance sheet

Debt / equity 0.30× · Lowest 25%

Valuation Multiplesvs REIT - Retail median · lower = cheaper

P/B 0.08× · Cheapest 25%

P/S (TTM) 0.86× · Cheapest 25%

P/FCF 1.8× · Cheapest 25%

EV/EBITDA 5.5× · Cheapest 25%

PEG 12.12× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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	$200.76	$114.08	−43%
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$3.35	A$3.49	+4%
Federal Realty Investment Trust FRT	$108.29	$40.55	−63%
Brixmor Property Group BRX	$28.07	$18.82	−33%
Agree Realty Corporation ADC	$66.81	$99.94	+50%

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Link Real Estate Investment Trust (Link REIT) · Fair Value
$5.37 +15%Fair Value
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<a href="https://www.fairvalue-calculator.com/stock/LKREF" target="_blank" rel="nofollow noopener" style="display:inline-flex;align-items:center;gap:12px;box-sizing:border-box;font-family:system-ui,-apple-system,Segoe UI,Roboto,sans-serif;text-decoration:none;background:#0f1814;color:#eaf2ed;border:1px solid #2a3a30;border-radius:12px;padding:12px 16px;max-width:360px"><span style="line-height:1.35"><span style="font-size:12px;color:#9fb0a8">Link Real Estate Investment Trust (Link REIT) · Fair Value</span><br><b style="font-size:20px">$5.37</b> <span style="color:var(--fvc-g-mitte);font-weight:700;font-size:14px">+15%</span></span><span style="font-size:11px;color:var(--fvc-g-mitte);font-weight:700;margin-left:auto;text-align:right;line-height:1.3">Fair&nbsp;Value<br>Calculator&nbsp;→</span></a>

Cite: Fair Value Calculator (2026). "Link Real Estate Investment Trust (Link REIT) Fair Value". https://www.fairvalue-calculator.com/stock/LKREF

Frequently asked questions

Is Link Real Estate Investment Trust (Link REIT) (LKREF) overvalued or undervalued?

As of Sep 23, 2026, our model estimates a fair value of $5.37 versus a price of $4.55, about +18% upside (undervalued).

What is the fair value of LKREF?

Our model-based fair value for Link Real Estate Investment Trust (Link REIT) is $5.37 (as of Sep 23, 2026), built from audited fundamentals. The current price: $4.55.

What is the quality score of LKREF?

Link Real Estate Investment Trust (Link REIT) has a Quality Score of 64/100. 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 (Link REIT) (LKREF)?

Our model-based price target is the fair value of $5.37 (as of Sep 23, 2026) from 13 valuation models. Cautious scenario $2.90, optimistic scenario $8.97. It is a calculation from audited fundamentals, not an analyst target.

What is the Link Real Estate Investment Trust (Link REIT) stock forecast for 2026?

Our models put fair value at $5.37, about +18% upside versus a price of $4.55 (undervalued). Cautious scenario $2.90, optimistic scenario $8.97. The calculation is refreshed regularly with new filings.

What is the revenue of Link Real Estate Investment Trust (Link REIT) (LKREF)?

Link Real Estate Investment Trust (Link REIT) reported trailing-twelve-month revenue of about HK$14.1B (latest available figure, as of Sep 23, 2026).

What is the intrinsic value of Link Real Estate Investment Trust (Link REIT) (LKREF)?

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 (Link REIT) it is $5.37 per share (as of Sep 23, 2026), against a price of $4.55. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).

Is Link Real Estate Investment Trust (Link REIT) stock overvalued or undervalued in 2026?

As of Sep 23, 2026, LKREF trades below its calculated fair value: price $4.55, fair value $5.37, a gap of about +18% (undervalued). 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 LKREF?

No. The price is what the market pays today ($4.55); the fair value is what the company's own numbers justify ($5.37). For Link Real Estate Investment Trust (Link REIT) the two are $0.8200 per share apart. That gap is exactly why we show both numbers side by side.

How much is Link Real Estate Investment Trust (Link REIT) worth?

The market values Link Real Estate Investment Trust (Link REIT) at about $12.2B (market capitalisation, as of Sep 23, 2026). Per share that is $4.55; our models calculate a fair value of $5.37 per share.

What do the bullish and bearish scenarios say about LKREF?

Our models span a range for Link Real Estate Investment Trust (Link REIT): cautious scenario $2.90, base $5.37, optimistic $8.97 per share (as of Sep 23, 2026, price $4.55). The range comes from different growth and margin assumptions, not from analyst opinions.

What is the PEG ratio of LKREF?

The PEG ratio of Link Real Estate Investment Trust (Link REIT) is 12.12 (P/E divided by earnings growth, as of Sep 23, 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 (Link REIT) (LKREF)?

Balance-sheet figures for Link Real Estate Investment Trust (Link REIT) (as of Sep 23, 2026): return on equity −5.0%, debt of 0.30 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.

How far is LKREF from its 52-week high?

Link Real Estate Investment Trust (Link REIT) trades at $4.55, about 15% below its 52-week high of $5.33 and 12% above the low of $4.06 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $5.37 is for.

Which stocks are comparable to Link Real Estate Investment Trust (Link REIT)?

From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, 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 (Link REIT) stock attractive at the current price?

The data as of Sep 23, 2026: price $4.55, calculated fair value $5.37 (+18%), Quality Score 64/100, 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 LKREF calculated?

We run Link Real Estate Investment Trust (Link REIT) 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 $5.37, 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 14.5 % above its aggregate fair value. Link Real Estate Investment Trust (Link REIT) currently trades 15 % below its own fair value, and the market average says nothing about that. 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 (Link REIT) (LKREF)?

The closing price on Oct 2, 2026 was $4.55. Our model-based fair value is $5.37, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.

What should I pay attention to with Link Real Estate Investment Trust (Link REIT) right now?

The model range is unusually wide ($2.90 to $8.97). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (Link REIT)

How large is the market capitalisation of Link Real Estate Investment Trust (Link REIT) (LKREF)?

The market capitalisation of Link Real Estate Investment Trust (Link REIT) is $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 (Link REIT) (LKREF)?

The price-to-sales ratio of Link Real Estate Investment Trust (Link REIT) is 0.86 (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 (Link REIT) (LKREF)?

Earnings per share at Link Real Estate Investment Trust (Link REIT) are $−0.3700. Earnings per share over the last twelve months: total profit spread across every single share.

What is the net margin of Link Real Estate Investment Trust (Link REIT) (LKREF)?

The net margin of Link Real Estate Investment Trust (Link REIT) 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 (Link REIT) (LKREF)?

The return on equity (ROE) of Link Real Estate Investment Trust (Link REIT) 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 (Link REIT) (LKREF)?

On an EBIT basis the return on assets of Link Real Estate Investment Trust (Link REIT) 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 (Link REIT) (LKREF)?

The operating margin of Link Real Estate Investment Trust (Link REIT) 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 (Link REIT) (LKREF)?

Revenue at Link Real Estate Investment Trust (Link REIT) 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 (Link REIT) (LKREF)?

Earnings per share at Link Real Estate Investment Trust (Link REIT) are growing −5.6% versus a year earlier. How much earnings per share grew versus a year earlier.

How much free cash flow does Link Real Estate Investment Trust (Link REIT) (LKREF) generate?

The free cash flow of Link Real Estate Investment Trust (Link REIT) is HK$6.8B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.

How much net debt does Link Real Estate Investment Trust (Link REIT) (LKREF) carry?

The net debt of Link Real Estate Investment Trust (Link REIT) is HK$52.9B (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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