Stock 823 THE LINK REAL ESTATE INVESTMENT TRUST
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Financials The Link Real Estate Investment Trust

Equities

823

HK0823032773

Commercial REITs

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:20 2024-04-26 am EDT 		5-day change 1st Jan Change
33.9 HKD 0.00% Intraday chart for The Link Real Estate Investment Trust +9.89% -22.69%
Mar. 27 Transcript : Link Real Estate Investment Trust - Special Call
Feb. 20 Link Real Estate Investment Trust acquired 50% stake in Qibao Vanke Plaza in Shanghai from Zhuhai Maode Chengtou Commercial Development Co., Ltd. for approximately CNY 2380 million. CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 193,636 135,204 147,396 141,383 128,969 86,575 - -
Enterprise Value (EV) 1 215,159 161,925 183,502 192,726 176,543 136,317 136,507 137,024
P/E ratio 9.6 x -8.04 x 124 x 20.5 x 7.3 x 13.3 x 12.7 x 12 x
Yield 2.95% 4.37% 4.1% 4.56% 5.43% 7.62% 7.96% 8.45%
Capitalization / Revenue 19.3 x 12.6 x 13.7 x 12.2 x 10.5 x 6.37 x 6.12 x 5.9 x
EV / Revenue 21.4 x 15.1 x 17.1 x 16.6 x 14.4 x 10 x 9.65 x 9.35 x
EV / EBITDA 29.4 x 20.6 x 23.2 x 23.1 x 20.4 x 14.1 x 13.6 x 13.2 x
EV / FCF 65.8 x 32.5 x 33.8 x 33.2 x 25.9 x 15.5 x 14.6 x 14.3 x
FCF Yield 1.52% 3.08% 2.96% 3.02% 3.86% 6.47% 6.83% 6.98%
Price to Book 1.02 x 0.85 x 0.93 x 0.87 x 0.68 x 0.47 x 0.47 x 0.47 x
Nbr of stocks (in thousands) 2,109,321 2,057,898 2,081,863 2,110,194 2,553,845 2,553,845 - -
Reference price 2 91.80 65.70 70.80 67.00 50.50 33.90 33.90 33.90
Announcement Date 6/3/19 6/1/20 6/17/21 6/1/22 5/31/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 10,037 10,718 10,744 11,602 12,234 13,593 14,149 14,662
EBITDA 1 7,306 7,879 7,901 8,348 8,639 9,667 10,061 10,402
EBIT 1 7,284 7,804 7,810 8,264 8,545 9,591 10,011 10,425
Operating Margin 72.57% 72.81% 72.69% 71.23% 69.85% 70.56% 70.75% 71.1%
Earnings before Tax (EBT) 1 21,801 -16,591 1,844 8,136 16,299 7,996 8,344 8,719
Net income 1 20,329 -17,122 1,185 6,894 15,451 6,643 6,905 7,305
Net margin 202.54% -159.75% 11.03% 59.42% 126.3% 48.87% 48.8% 49.83%
EPS 2 9.560 -8.170 0.5700 3.270 6.920 2.550 2.672 2.819
Free Cash Flow 1 3,269 4,983 5,432 5,812 6,821 8,817 9,330 9,559
FCF margin 32.57% 46.49% 50.56% 50.09% 55.75% 64.86% 65.94% 65.2%
FCF Conversion (EBITDA) 44.74% 63.24% 68.75% 69.62% 78.96% 91.21% 92.73% 91.9%
FCF Conversion (Net income) 16.08% - 458.4% 84.31% 44.15% 132.72% 135.11% 130.85%
Dividend per Share 2 2.712 2.872 2.900 3.057 2.743 2.582 2.700 2.865
Announcement Date 6/3/19 6/1/20 6/17/21 6/1/22 5/31/23 - - -
1HKD in Million2HKD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 1 5,332 5,386 5,233 5,511 5,778 5,824 6,042 6,192 6,725 7,088
EBITDA - - - - - - - - - -
EBIT 1 - - - 3,993 4,419 3,845 4,259 4,286 4,680 4,913
Operating Margin - - - 72.46% 76.48% 66.02% 70.49% 69.22% 69.59% 69.32%
Earnings before Tax (EBT) - - - - - - - - - -
Net income - - - - - - - - - -
Net margin - - - - - - - - - -
EPS 3.140 -11.31 -1.990 2.560 2.980 0.2900 6.610 0.3100 -1.330 -
Dividend per Share - - - - - - - - - -
Announcement Date 11/13/19 6/1/20 11/9/20 6/17/21 11/10/21 6/1/22 11/9/22 5/31/23 11/8/23 -
1HKD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 21,523 26,721 36,106 51,343 47,574 49,742 49,931 50,448
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.946 x 3.391 x 4.57 x 6.15 x 5.507 x 5.146 x 4.963 x 4.85 x
Free Cash Flow 1 3,269 4,983 5,432 5,812 6,821 8,817 9,330 9,559
ROE (net income / shareholders' equity) 3.4% 3.92% 0.74% 4.29% 3.82% 3.52% 3.71% 3.9%
ROA (Net income/ Total Assets) 2.81% 3.14% 0.57% 3.17% 2.72% 2.54% 2.72% 2.9%
Assets 1 722,655 -544,940 208,752 217,799 568,428 261,371 254,034 252,083
Book Value Per Share 2 89.80 77.60 76.20 77.10 74.00 72.10 71.90 72.20
Cash Flow per Share 2 2.790 3.140 3.420 3.150 3.410 3.330 3.490 3.530
Capex 1 2,672 1,606 1,646 886 820 493 583 680
Capex / Sales 26.62% 14.98% 15.32% 7.64% 6.7% 3.63% 4.12% 4.64%
Announcement Date 6/3/19 6/1/20 6/17/21 6/1/22 5/31/23 - - -
1HKD in Million2HKD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Link Real Estate Investment Trust

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
33.9 HKD
Average target price
48 HKD
Spread / Average Target
+41.58%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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