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THE LINK REAL ESTATE INVESTMENT TRUST |
Market Closed -
Other stock markets
|
|
5-day change | 1st Jan Change | |
| 37.9 HKD | +0.40% | -1.56% | -33.86% | |
| Nov. 20 | Interim dividend carrying optional alternatives | FA |
| Nov. 08 | Link Real Estate Investment Trust Seeks Acquisitions | CI |
Valuation
| Fiscal Period : Maart | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 193 636 | 135 204 | 147 396 | 141 383 | 128 969 | 97 097 | - | - |
| Enterprise Value (EV) 1 | 215 159 | 161 925 | 183 502 | 192 726 | 176 543 | 145 845 | 145 692 | 145 577 |
| P/E ratio | 9,60x | -8,04x | 124x | 20,5x | 7,30x | 14,9x | 14,1x | 13,3x |
| Yield | 2,95% | 4,37% | 4,10% | 4,56% | 5,43% | 6,80% | 7,14% | 7,60% |
| Capitalization / Revenue | 19,3x | 12,6x | 13,7x | 12,2x | 10,5x | 7,18x | 6,92x | 6,64x |
| EV / Revenue | 21,4x | 15,1x | 17,1x | 16,6x | 14,4x | 10,8x | 10,4x | 9,96x |
| EV / EBITDA | 29,4x | 20,6x | 23,2x | 23,1x | 20,4x | 15,7x | 14,5x | 14,0x |
| EV / FCF | 65,8x | 32,5x | 33,8x | 33,2x | 25,9x | 16,7x | 15,7x | 15,4x |
| FCF Yield | 1,52% | 3,08% | 2,96% | 3,02% | 3,86% | 6,00% | 6,35% | 6,51% |
| Price to Book | 1,02x | 0,85x | 0,93x | 0,87x | 0,68x | 0,52x | 0,53x | 0,52x |
| Nbr of stocks (in thousands) | 2 109 321 | 2 057 898 | 2 081 863 | 2 110 194 | 2 553 845 | 2 561 931 | - | - |
| Reference price 2 | 91,8 | 65,7 | 70,8 | 67,0 | 50,5 | 37,9 | 37,9 | 37,9 |
| 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 : Marzo | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 10 037 | 10 718 | 10 744 | 11 602 | 12 234 | 13 532 | 14 031 | 14 612 |
| EBITDA 1 | 7 306 | 7 879 | 7 901 | 8 348 | 8 639 | 9 287 | 10 022 | 10 427 |
| EBIT 1 | 7 284 | 7 804 | 7 810 | 8 264 | 8 545 | 9 191 | 9 942 | 10 409 |
| Operating Margin | 72,6% | 72,8% | 72,7% | 71,2% | 69,8% | 67,9% | 70,9% | 71,2% |
| Earnings before Tax (EBT) 1 | 21 801 | -16 591 | 1 844 | 8 136 | 16 299 | 7 965 | 8 364 | 8 812 |
| Net income 1 | 20 329 | -17 122 | 1 185 | 6 894 | 15 451 | 6 631 | 6 943 | 7 386 |
| Net margin | 203% | -160% | 11,0% | 59,4% | 126% | 49,0% | 49,5% | 50,5% |
| EPS 2 | 9,56 | -8,17 | 0,57 | 3,27 | 6,92 | 2,54 | 2,68 | 2,85 |
| Free Cash Flow 1 | 3 269 | 4 983 | 5 432 | 5 812 | 6 821 | 8 746 | 9 251 | 9 475 |
| FCF margin | 32,6% | 46,5% | 50,6% | 50,1% | 55,8% | 64,6% | 65,9% | 64,8% |
| FCF Conversion (EBITDA) | 44,7% | 63,2% | 68,8% | 69,6% | 79,0% | 94,2% | 92,3% | 90,9% |
| FCF Conversion (Net income) | 16,1% | - | 458% | 84,3% | 44,1% | 132% | 133% | 128% |
| Dividend per Share 2 | 2,71 | 2,87 | 2,90 | 3,06 | 2,74 | 2,58 | 2,71 | 2,88 |
| 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 | 7 091 |
| EBITDA | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | - | 3 993 | 4 419 | 3 845 | 4 259 | 4 286 | 4 680 | 4 939 |
| Operating Margin | - | - | - | 72,5% | 76,5% | 66,0% | 70,5% | 69,2% | 69,6% | 69,7% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - |
| Net income | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| EPS | 3,14 | -11,3 | -1,99 | 2,56 | 2,98 | 0,29 | 6,61 | 0,31 | - | - |
| 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 | 11/29/23 | - |
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 | 48 748 | 48 595 | 48 480 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2,95x | 3,39x | 4,57x | 6,15x | 5,51x | 5,25x | 4,85x | 4,65x |
| Free Cash Flow 1 | 3 269 | 4 983 | 5 432 | 5 812 | 6 821 | 8 746 | 9 251 | 9 475 |
| ROE (net income / shareholders' equity) | 3,40% | 3,92% | 0,74% | 4,29% | 3,82% | 3,52% | 3,73% | 3,90% |
| Shareholders' equity 1 | 598 792 | -437 009 | 159 216 | 160 703 | 404 900 | 188 568 | 186 261 | 189 275 |
| ROA (Net income/ Total Assets) | 2,81% | 3,14% | 0,57% | 3,17% | 2,72% | 2,61% | 2,79% | 2,97% |
| Assets 1 | 722 655 | -544 940 | 208 752 | 217 799 | 568 428 | 253 948 | 249 157 | 248 295 |
| Book Value Per Share 2 | 89,8 | 77,6 | 76,2 | 77,1 | 74,0 | 72,4 | 72,1 | 72,4 |
| Cash Flow per Share 2 | 2,79 | 3,14 | 3,42 | 3,15 | 3,41 | 3,30 | 3,46 | 3,48 |
| Capex 1 | 2 672 | 1 606 | 1 646 | 886 | 820 | 1 201 | 593 | 959 |
| Capex / Sales | 26,6% | 15,0% | 15,3% | 7,64% | 6,70% | 8,88% | 4,23% | 6,56% |
| 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
Trading Rating :
Investor Rating :
ESG Refinitiv :
A-
Sell
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
37.9HKD
Average target price
48.04HKD
Spread / Average Target
+26.75%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -33.86% | 12 432 M $ | |
| +13.11% | 43 352 M $ | |
| -4.44% | 12 546 M $ | |
| +2.34% | 11 777 M $ | |
| -10.95% | 7 434 M $ | |
| +0.18% | 6 827 M $ | |
| -16.97% | 5 908 M $ | |
| -3.50% | 5 748 M $ | |
| +4.51% | 4 827 M $ | |
| +11.87% | 4 259 M $ |
- Stock
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- Stock The Link Real Estate Investment Trust - Hong Kong Stock Exchange
- Financials The Link Real Estate Investment Trust
