Link Real Estate Investment Trust (SEHK:823) Stock Valuation, Peer Comparison & Price Targets

Share Price vs Fair Value

What is the Fair Price of 823 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 823 (HK$33.7) is trading below our estimate of fair value (HK$40)

Significantly Below Fair Value: 823 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 823?

Key metric: As 823 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 823. This is calculated by dividing 823's market cap by their current revenue.
What is 823's PS Ratio?
PS Ratio	6.5x
Sales	HK$13.34b
Market Cap	HK$86.83b

823 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	10.7x
Enterprise Value/EBITDA	15.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 823's PS Ratio compare to its peers?

The above table shows the PS ratio for 823 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	7.4x
778 Fortune Real Estate Investment Trust	4.6x	-0.3%	HK$8.1b
SCG Scentre Group	7.6x	-3.6%	AU$19.2b
C38U CapitaLand Integrated Commercial Trust	9x	2.6%	S$14.2b
FRT Federal Realty Investment Trust	8.3x	4.3%	US$9.9b
823 Link Real Estate Investment Trust	6.5x	3.8%	HK$86.8b

Price-To-Sales vs Peers: 823 is good value based on its Price-To-Sales Ratio (6.5x) compared to the peer average (7.4x).

Price to Sales Ratio vs Industry

How does 823's PS Ratio compare vs other companies in the Asian Retail REITs Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 823 is good value based on its Price-To-Sales Ratio (6.5x) compared to the Asian Retail REITs industry average (6.8x).

Price to Sales Ratio vs Fair Ratio

What is 823's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

823 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	6.5x
Fair PS Ratio	9.7x

Price-To-Sales vs Fair Ratio: 823 is good value based on its Price-To-Sales Ratio (6.5x) compared to the estimated Fair Price-To-Sales Ratio (9.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 823 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	HK$33.70	HK$44.04 +30.7%	5.8%	HK$49.00	HK$39.40	n/a	16
Nov ’25	HK$36.40	HK$43.75 +20.2%	5.1%	HK$46.50	HK$38.00	n/a	16
Oct ’25	HK$39.25	HK$43.04 +9.7%	6.3%	HK$46.50	HK$35.60	n/a	16
Sep ’25	HK$36.90	HK$42.77 +15.9%	7.1%	HK$46.50	HK$35.60	n/a	16
Aug ’25	HK$34.10	HK$42.52 +24.7%	8.7%	HK$46.50	HK$31.50	n/a	16
Jul ’25	HK$30.35	HK$42.87 +41.2%	8.8%	HK$46.90	HK$31.50	n/a	16
Jun ’25	HK$32.80	HK$43.18 +31.7%	8.8%	HK$47.00	HK$31.50	n/a	16
May ’25	HK$33.85	HK$48.00 +41.8%	8.3%	HK$59.00	HK$43.00	n/a	16
Apr ’25	HK$33.65	HK$49.20 +46.2%	7.6%	HK$59.00	HK$43.00	n/a	16
Mar ’25	HK$38.05	HK$49.76 +30.8%	6.7%	HK$59.00	HK$45.00	n/a	16
Feb ’25	HK$39.55	HK$50.16 +26.8%	8.4%	HK$59.00	HK$42.00	n/a	16
Jan ’25	HK$43.85	HK$48.19 +9.9%	10.7%	HK$59.00	HK$39.00	n/a	16
Dec ’24	HK$38.50	HK$48.04 +24.8%	11.2%	HK$59.00	HK$39.00	n/a	16
Nov ’24	HK$35.85	HK$49.96 +39.4%	12.6%	HK$61.40	HK$38.00	HK$36.40	16
Oct ’24	HK$38.40	HK$55.20 +43.8%	8.9%	HK$64.00	HK$48.00	HK$39.25	16
Sep ’24	HK$38.90	HK$55.86 +43.6%	8.4%	HK$64.00	HK$48.00	HK$36.90	17
Aug ’24	HK$43.20	HK$57.03 +32.0%	8.0%	HK$64.00	HK$48.00	HK$34.10	17
Jul ’24	HK$43.50	HK$57.67 +32.6%	6.5%	HK$64.00	HK$50.60	HK$30.35	17
Jun ’24	HK$45.80	HK$57.96 +26.6%	6.6%	HK$64.00	HK$50.60	HK$32.80	17
May ’24	HK$51.20	HK$62.06 +21.2%	7.6%	HK$77.00	HK$55.00	HK$33.85	17
Apr ’24	HK$50.50	HK$62.18 +23.1%	7.8%	HK$77.00	HK$56.40	HK$33.65	15
Mar ’24	HK$51.80	HK$63.48 +22.5%	8.8%	HK$77.00	HK$56.40	HK$38.05	13
Feb ’24	HK$62.90	HK$67.13 +6.7%	8.5%	HK$83.00	HK$56.30	HK$39.55	16
Jan ’24	HK$57.30	HK$66.31 +15.7%	10.8%	HK$83.00	HK$56.00	HK$43.85	16
Dec ’23	HK$53.30	HK$65.91 +23.7%	10.6%	HK$82.00	HK$56.00	HK$38.50	16
Nov ’23	HK$47.90	HK$77.94 +62.7%	13.3%	HK$90.10	HK$56.00	HK$35.85	16

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Link Real Estate Investment Trust Valuation