Link Real Estate Investment Trust
Market Cap
HK$121.8b
Last Updated
2020/10/31 12:35 UTC
Data Sources
Company Financials +
Executive Summary
Link Real Estate Investment Trust ("Link REIT", Hong Kong stock code: 823), is managed by Link Asset Management Limited, Link REIT is the first Real Estate Investment Trust listed in Hong Kong and now the largest in Asia in terms of market capitalisation. More Details
Rewards
Risk Analysis
No risks detected for 823 from our risk checks.
Snowflake Analysis
Established dividend payer with moderate growth potential.
Share Price & News
How has Link Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: 823 has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-4.7%
823
-4.0%
HK REITs
-2.8%
HK Market
1 Year Return
-31.7%
823
-32.8%
HK REITs
-1.7%
HK Market
Return vs Industry: 823 exceeded the Hong Kong REITs industry which returned -32.8% over the past year.
Return vs Market: 823 underperformed the Hong Kong Market which returned -1.7% over the past year.
Shareholder returns
| 823 | Industry | Market | |
|---|---|---|---|
| 7 Day | -4.7% | -4.0% | -2.8% |
| 30 Day | -6.3% | -4.0% | 2.7% |
| 90 Day | -1.8% | -3.6% | -0.4% |
| 1 Year | -29.0%-31.7% | -29.5%-32.8% | 2.3%-1.7% |
| 3 Year | 1.0%-9.3% | -10.6%-22.2% | -8.7%-18.6% |
| 5 Year | 53.4%27.0% | 28.8%0.6% | 13.7%-5.4% |
Price Volatility Vs. Market
How volatile is Link Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
Are Insiders Selling Link Real Estate Investment Trust (HKG:823) Stock?1 month ago | Simply Wall St
Does Link Real Estate Investment Trust's (HKG:823) CEO Salary Compare Well With Industry Peers?2 months ago | Simply Wall St
What Type Of Shareholders Make Up Link Real Estate Investment Trust's (HKG:823) Share Registry?Valuation
Is Link Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
0.76x
Price to Book (PB) ratio
Share Price vs. Fair Value
Below Fair Value: 823 (HK$59.05) is trading above our estimate of fair value (HK$50.47)
Significantly Below Fair Value: 823 is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: 823 is unprofitable, so we can't compare its PE Ratio to the XA REITs industry average.
PE vs Market: 823 is unprofitable, so we can't compare its PE Ratio to the Hong Kong market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate 823's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: 823 is overvalued based on its PB Ratio (0.8x) compared to the HK REITs industry average (0.4x).
Next Steps
Future Growth
How is Link Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?
78.9%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: 823 is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.6%).
Earnings vs Market: 823 is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: 823's is expected to become profitable in the next 3 years.
Revenue vs Market: 823's revenue (3.5% per year) is forecast to grow slower than the Hong Kong market (13.3% per year).
High Growth Revenue: 823's revenue (3.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: 823's Return on Equity is forecast to be low in 3 years time (4%).
Next Steps
Past Performance
How has Link Real Estate Investment Trust performed over the past 5 years?
-5.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: 823 is currently unprofitable.
Growing Profit Margin: 823 is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: 823 is unprofitable, and losses have increased over the past 5 years at a rate of 5.2% per year.
Accelerating Growth: Unable to compare 823's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: 823 is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (1.3%).
Return on Equity
High ROE: 823 has a negative Return on Equity (-10.81%), as it is currently unprofitable.
Next Steps
Financial Health
How is Link Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: 823's short term assets (HK$9.8B) exceed its short term liabilities (HK$5.0B).
Long Term Liabilities: 823's short term assets (HK$9.8B) do not cover its long term liabilities (HK$42.5B).
Debt to Equity History and Analysis
Debt Level: 823's debt to equity ratio (24%) is considered satisfactory.
Reducing Debt: 823's debt to equity ratio has increased from 16.7% to 24% over the past 5 years.
Debt Coverage: 823's debt is not well covered by operating cash flow (17.1%).
Interest Coverage: 823 is unprofitable, therefore interest payments are not well covered by earnings.
Balance Sheet
Next Steps
Dividend
What is Link Real Estate Investment Trust current dividend yield, its reliability and sustainability?
4.94%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: 823's dividend (4.94%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.31%).
High Dividend: 823's dividend (4.94%) is low compared to the top 25% of dividend payers in the Hong Kong market (7.02%).
Stability and Growth of Payments
Stable Dividend: 823's dividends per share have been stable in the past 10 years.
Growing Dividend: 823's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (90%), 823's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: 823's dividends in 3 years are forecast to be covered by earnings (98.5% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.7yrs
Average management tenure
CEO
George Hongchoy (58 yo)
10.42yrs
Tenure
HK$71,543,000
Compensation
Mr. Kwok Lung Hongchoy, also known as George, has been the Chief Executive Officer of Link Asset Management Limited, Manager of Link Real Estate Investment Trust since May 2010. Mr. Hongchoy served as the ...
CEO Compensation Analysis
Compensation vs Market: George's total compensation ($USD9.23M) is above average for companies of similar size in the Hong Kong market ($USD853.73K).
Compensation vs Earnings: George's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director of Link Asset Management Limited | 10.42yrs | HK$71.54m | 0.020% HK$ 24.4m | |
| CFO & Executive Director of Link Asset Management Limited | 0.58yr | HK$62.80m | 0.0025% HK$ 3.0m | |
| Director of Project & Operations for Link Asset Management Limited | no data | no data | no data | |
| Chief Investment Officer of Asia - Link Asset Management Limited | 7.42yrs | no data | no data | |
| Director of Finance | no data | no data | no data | |
| Chief Legal Officer & Company Secretary of Link Asset Management Limited | 1.17yrs | no data | no data | |
| Director of Human Resources of Link Asset Management Limited | 4.58yrs | no data | no data | |
| Chief Strategy Officer of Link Asset Management Limited | 2.75yrs | no data | no data | |
| Head of Internal Audit & Risk Management | no data | no data | no data | |
| General Manager of Strategic Planning for Link Management Limited | no data | no data | no data | |
| District General Manager of Asset Management | no data | no data | no data | |
| Senior Legal Counsel | no data | no data | no data |
3.7yrs
Average Tenure
54yo
Average Age
Experienced Management: 823's management team is considered experienced (3.7 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Executive Director of Link Asset Management Limited | 10.42yrs | HK$71.54m | 0.020% HK$ 24.4m | |
| CFO & Executive Director of Link Asset Management Limited | 0.58yr | HK$62.80m | 0.0025% HK$ 3.0m | |
| Independent Non-Executive Director of Link Asset Management Limited | 4.42yrs | HK$1.15m | 0.00041% HK$ 499.3k | |
| Non-Executive Director of Link Asset Management Limited | 13yrs | HK$1.05m | 0.0038% HK$ 4.7m | |
| Independent Non-Executive Director of Link Asset Management Limited | 6.25yrs | HK$1.25m | 0.0016% HK$ 2.0m | |
| Independent Chairman of the Board of Link Asset Management Limited | 4.42yrs | HK$3.48m | 0.0054% HK$ 6.5m | |
| Independent Non-Executive Director of Link Asset Management Limited | 7.58yrs | HK$1.33m | 0.0066% HK$ 8.1m | |
| Independent Non-Executive Director of Link Asset Management Limited | 4.58yrs | HK$1.12m | 0.00039% HK$ 475.0k | |
| Independent Non-Executive Director of Link Asset Management Limited | 7.58yrs | HK$1.14m | 0.00082% HK$ 998.6k | |
| Independent Non-Executive Director of Link Asset Management Limited | 6.25yrs | HK$1.15m | 0.0014% HK$ 1.7m | |
| Independent Non-Executive Director of Link Asset Management Limited | 4.83yrs | HK$1.15m | 0.0016% HK$ 1.9m | |
| Independent Non-Executive Director of Link Asset Management Limited | 2.42yrs | HK$907.00k | 0.00016% HK$ 194.9k |
5.5yrs
Average Tenure
62.5yo
Average Age
Experienced Board: 823's board of directors are considered experienced (5.5 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Link Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Link Real Estate Investment Trust
- Ticker: 823
- Exchange: SEHK
- Founded: 2005
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: HK$121.786b
- Shares outstanding: 2.06b
- Website: https://www.linkreit.com
Number of Employees
Location
- Link Real Estate Investment Trust
- Tower 1
- 20th Floor
- Kwun Tong
- Kowloon
- Hong Kong
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| 823 | SEHK (The Stock Exchange of Hong Kong Ltd.) | Yes | Units | HK | HKD | Nov 2005 |
| L5R | DB (Deutsche Boerse AG) | Yes | Units | DE | EUR | Nov 2005 |
| LKRE.F | OTCPK (Pink Sheets LLC) | Yes | Units | US | USD | Nov 2005 |
| 823 N | BMV (Bolsa Mexicana de Valores) | Yes | Units | MX | MXN | Nov 2005 |
Biography
Link Real Estate Investment Trust ("Link REIT", Hong Kong stock code: 823), is managed by Link Asset Management Limited, Link REIT is the first Real Estate Investment Trust listed in Hong Kong and now the ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/10/31 12:35 |
| End of Day Share Price | 2020/10/30 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2020/03/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.