Financials The Link Real Estate Investment Trust

Equities

Market Closed - Hong Kong S.E. Other stock markets 03:08:06 2025-01-21 am EST			5-day change	1st Jan Change
32.80 ^HKD	-0.30%		+4.46%	-0.15%

Dec. 16	S&P Affirms Link REIT at A on Solid Market Position	MT
Dec. 09	Link Real Estate Investment Trust commences an Equity Buyback Plan for 255,384,511 shares, representing 10% of its issued share capital, under the authorization approved on July 31, 2024.	CI

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	10,718	10,744	11,602	12,234	13,578	14,193	14,381	14,630
Change	-	0.24%	7.99%	5.45%	10.99%	4.53%	1.33%	1.73%
EBITDA ¹	7,879	7,901	8,348	8,639	9,398	9,730	9,797	9,810
Change	-	0.28%	5.66%	3.49%	8.79%	3.54%	0.69%	0.13%
EBIT ¹	7,804	7,810	8,264	8,545	9,304	9,722	9,836	10,004
Change	-	0.08%	5.81%	3.4%	8.88%	4.5%	1.17%	1.71%
Interest Paid ¹	-447	-644	-907	-1,648	-1,768	-1,748	-1,549	-1,518
Earnings before Tax (EBT) ¹	-16,591	1,844	8,136	16,299	-915	7,998	8,443	8,609
Change	-	-	341.21%	100.33%	-	-	5.56%	1.97%
Net income ¹	-17,122	1,185	6,894	15,451	-1,983	6,828	7,052	7,077
Change	-	-	481.77%	124.12%	-	-	3.29%	0.34%
Announcement Date	6/1/20	6/17/21	6/1/22	5/31/23	5/29/24	-	-	-

¹HKD in Million

Estimates

Fiscal Period: March	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	5,233	5,511	5,778	5,824	6,042	6,192	6,725	6,853	7,153	7,075
Change	-	5.31%	4.84%	0.8%	3.74%	2.48%	8.61%	1.9%	4.38%	-1.09%
EBITDA	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	3,993	4,419	3,845	4,259	4,286	4,680	4,624	4,918	4,821
Change	-	-	10.67%	-12.99%	10.77%	0.63%	9.19%	-1.2%	6.36%	-1.98%
Charge d'intérêts ¹	-	-	-	-	-	-	-1,010	-1,032	-997	-983
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	2,165	-	11,935
Change	-	-	-	-	-	-	-	-	-100%	-
Net income	-	-	-	-	-	-	-	1,391	-3,684	-
Change	-	-	-	-	-	-	-	-	-	100%
Announcement Date	11/9/20	6/17/21	11/10/21	6/1/22	11/9/22	5/31/23	11/8/23	5/29/24	11/6/24	-

¹HKD in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	26,721	36,106	51,343	47,574	49,262	51,506	52,343	53,360
Change	-	35.12%	42.2%	-7.34%	3.55%	4.56%	1.63%	1.94%
Announcement Date	6/1/20	6/17/21	6/1/22	5/31/23	5/29/24	-	-	-

¹HKD in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,606	1,646	886	820	1,062	1,155	1,213	1,282
Change	-	2.49%	-46.17%	-7.45%	29.51%	8.77%	5.01%	5.69%
Free Cash Flow (FCF) ¹	4,983	5,432	5,812	6,821	7,419	9,677	8,388	8,408
Change	-	9.01%	7%	17.36%	8.77%	30.44%	-13.33%	0.24%
Announcement Date	6/1/20	6/17/21	6/1/22	5/31/23	5/29/24	-	-	-

¹HKD in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	73.51%	73.54%	71.95%	70.61%	69.21%	68.56%	68.12%	67.05%
EBIT Margin (%)	72.81%	72.69%	71.23%	69.85%	68.52%	68.5%	68.39%	68.38%
EBT Margin (%)	-154.8%	17.16%	70.13%	133.23%	-6.74%	56.35%	58.71%	58.85%
Net margin (%)	-159.75%	11.03%	59.42%	126.3%	-14.6%	48.11%	49.04%	48.37%
FCF margin (%)	46.49%	50.56%	50.09%	55.75%	54.64%	68.18%	58.32%	57.47%
FCF / Net Income (%)	-29.1%	458.4%	84.31%	44.15%	-374.13%	141.73%	118.94%	118.82%
Profitability
ROA	3.14%	0.57%	3.17%	2.72%	2.17%	2.83%	2.91%	2.93%
ROE	3.92%	0.74%	4.29%	3.82%	3.07%	3.84%	3.94%	3.91%
Financial Health
Leverage (Debt/EBITDA)	3.39x	4.57x	6.15x	5.51x	5.24x	5.29x	5.34x	5.44x
Debt / Free cash flow	5.36x	6.65x	8.83x	6.97x	6.64x	5.32x	6.24x	6.35x
Capital Intensity
CAPEX / Current Assets (%)	14.98%	15.32%	7.64%	6.7%	7.82%	8.14%	8.43%	8.76%
CAPEX / EBITDA (%)	20.38%	20.83%	10.61%	9.49%	11.3%	11.87%	12.38%	13.07%
CAPEX / FCF (%)	32.23%	30.3%	15.24%	12.02%	14.31%	11.94%	14.46%	15.25%
Items per share
Cash flow per share ¹	3.143	3.42	3.146	3.407	3.311	3.37	3.284	3.256
Change	-	8.81%	-8.01%	8.28%	-2.8%	1.76%	-2.54%	-0.87%
Dividend per Share ¹	2.872	2.9	3.057	2.743	2.626	2.663	2.7	2.739
Change	-	0.97%	5.41%	-10.26%	-4.25%	1.38%	1.4%	1.43%
Book Value Per Share ¹	77.61	76.24	77.1	73.98	70.02	68.37	68.54	68.65
Change	-	-1.77%	1.13%	-4.05%	-5.35%	-2.35%	0.24%	0.16%
EPS ¹	-8.17	0.57	3.27	6.92	-0.77	2.672	2.732	2.767
Change	-	-106.98%	473.68%	111.62%	-111.13%	-447.01%	2.25%	1.3%
Nbr of stocks (in thousands)	2,057,898	2,081,863	2,110,194	2,553,845	2,553,845	2,582,396	2,582,396	2,582,396
Announcement Date	6/1/20	6/17/21	6/1/22	5/31/23	5/29/24	-	-	-