THE LINK REAL ESTATE INVESTMENT TRUST Financials The Link Real Estate Investment Trust OTC Markets
Equities
LKREF
HK0823032773
Commercial REITs
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 3.75 USD | -6.72% |
|
-8.42% | -32.43% |
| 05-30 | Jefferies Adjusts Link Real Estate Investment Trust’s Price Target to HK$42 From HK$41, Keeps at Buy | MT |
| 05-30 | Link REIT Swings to Attributable Loss Despite 11% Rise in Revenue | MT |
Valuation
| Fiscal Period: März | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 135,204 | 147,396 | 141,383 | 128,969 | 85,937 | 77,509 | - | - |
| Enterprise Value (EV) 1 | 161,925 | 183,502 | 192,726 | 176,543 | 85,937 | 128,812 | 129,717 | 130,531 |
| P/E ratio | -8.04 x | 124 x | 20.5 x | 7.3 x | -43.7 x | 11.5 x | 11.3 x | 10.5 x |
| Yield | 4.37% | 4.1% | 4.56% | 5.43% | - | 8.64% | 8.81% | 9.09% |
| Capitalization / Revenue | 12.6 x | 13.7 x | 12.2 x | 10.5 x | 6.33 x | 5.46 x | 5.33 x | 5.16 x |
| EV / Revenue | 15.1 x | 17.1 x | 16.6 x | 14.4 x | 6.33 x | 9.08 x | 8.92 x | 8.68 x |
| EV / EBITDA | 20.6 x | 23.2 x | 23.1 x | 20.4 x | 9.14 x | 13.1 x | 13 x | 12.9 x |
| EV / FCF | 32.5 x | 33.8 x | 33.2 x | 25.9 x | - | 14 x | 14.7 x | 14.5 x |
| FCF Yield | 3.08% | 2.96% | 3.02% | 3.86% | - | 7.13% | 6.82% | 6.89% |
| Price to Book | 0.85 x | 0.93 x | 0.87 x | 0.68 x | - | 0.44 x | 0.43 x | 0.43 x |
| Nbr of stocks (in thousands) | 2,057,898 | 2,081,863 | 2,110,194 | 2,553,845 | 2,553,845 | 2,553,845 | - | - |
| Reference price 2 | 65.70 | 70.80 | 67.00 | 50.50 | 33.65 | 30.35 | 30.35 | 30.35 |
| Announcement Date | 6/1/20 | 6/17/21 | 6/1/22 | 5/31/23 | 5/29/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: März | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 10,718 | 10,744 | 11,602 | 12,234 | 13,578 | 14,183 | 14,541 | 15,031 |
| EBITDA 1 | 7,879 | 7,901 | 8,348 | 8,639 | 9,398 | 9,844 | 9,957 | 10,106 |
| EBIT 1 | 7,804 | 7,810 | 8,264 | 8,545 | 9,304 | 9,796 | 9,975 | 10,341 |
| Operating Margin | 72.81% | 72.69% | 71.23% | 69.85% | 68.52% | 69.07% | 68.6% | 68.8% |
| Earnings before Tax (EBT) 1 | -16,591 | 1,844 | 8,136 | 16,299 | -915 | 8,096 | 8,383 | 8,919 |
| Net income 1 | -17,122 | 1,185 | 6,894 | 15,451 | -1,983 | 6,744 | 6,726 | 7,385 |
| Net margin | -159.75% | 11.03% | 59.42% | 126.3% | -14.6% | 47.55% | 46.26% | 49.13% |
| EPS 2 | -8.170 | 0.5700 | 3.270 | 6.920 | -0.7700 | 2.641 | 2.697 | 2.888 |
| Free Cash Flow 1 | 4,983 | 5,432 | 5,812 | 6,821 | - | 9,190 | 8,843 | 8,989 |
| FCF margin | 46.49% | 50.56% | 50.09% | 55.75% | - | 64.8% | 60.82% | 59.8% |
| FCF Conversion (EBITDA) | 63.24% | 68.75% | 69.62% | 78.96% | - | 93.36% | 88.82% | 88.95% |
| FCF Conversion (Net income) | - | 458.4% | 84.31% | 44.15% | - | 136.28% | 131.48% | 121.72% |
| Dividend per Share 2 | 2.872 | 2.900 | 3.057 | 2.743 | - | 2.624 | 2.673 | 2.759 |
| Announcement Date | 6/1/20 | 6/17/21 | 6/1/22 | 5/31/23 | 5/29/24 | - | - | - |
1HKD in Million2HKD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: März | 2020 S2 | 2021 S1 | 2021 S2 | 2022 S1 | 2022 S2 | 2023 S1 | 2023 S2 | 2024 S1 | 2024 S2 | 2025 S1 | 2025 S2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 5,386 | 5,233 | 5,511 | 5,778 | 5,824 | 6,042 | 6,192 | 6,725 | 6,853 | 6,839 | 7,409 |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - |
| EBIT 1 | - | - | 3,993 | 4,419 | 3,845 | 4,259 | 4,286 | 4,680 | 4,624 | 4,652 | 5,039 |
| Operating Margin | - | - | 72.46% | 76.48% | 66.02% | 70.49% | 69.22% | 69.59% | 67.47% | 68.01% | 68.01% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | 2,165 | - | - |
| Net income | - | - | - | - | - | - | - | - | 1,391 | - | - |
| Net margin | - | - | - | - | - | - | - | - | 20.3% | - | - |
| EPS | -11.31 | -1.990 | 2.560 | 2.980 | 0.2900 | 6.610 | 0.3100 | -1.330 | 0.5600 | - | - |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 6/1/20 | 11/9/20 | 6/17/21 | 11/10/21 | 6/1/22 | 11/9/22 | 5/31/23 | 11/8/23 | 5/29/24 | - | - |
1HKD in Million
Estimates
Balance Sheet Analysis
| Fiscal Period: März | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 26,721 | 36,106 | 51,343 | 47,574 | - | 51,303 | 52,207 | 53,022 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 3.391 x | 4.57 x | 6.15 x | 5.507 x | - | 5.212 x | 5.244 x | 5.247 x |
| Free Cash Flow 1 | 4,983 | 5,432 | 5,812 | 6,821 | - | 9,190 | 8,843 | 8,989 |
| ROE (net income / shareholders' equity) | 3.92% | 0.74% | 4.29% | 3.82% | - | 3.74% | 3.83% | 3.92% |
| ROA (Net income/ Total Assets) | 3.14% | 0.57% | 3.17% | 2.72% | - | 2.69% | 2.79% | 2.94% |
| Assets 1 | -544,940 | 208,752 | 217,799 | 568,428 | - | 250,880 | 241,360 | 251,204 |
| Book Value Per Share 2 | 77.60 | 76.20 | 77.10 | 74.00 | - | 69.60 | 69.90 | 71.00 |
| Cash Flow per Share 2 | 3.140 | 3.420 | 3.150 | 3.410 | - | 3.400 | 3.380 | 3.580 |
| Capex 1 | 1,606 | 1,646 | 886 | 820 | - | 1,286 | 1,357 | 1,427 |
| Capex / Sales | 14.98% | 15.32% | 7.64% | 6.7% | - | 9.07% | 9.33% | 9.5% |
| Announcement Date | 6/1/20 | 6/17/21 | 6/1/22 | 5/31/23 | 5/29/24 | - | - | - |
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
Sell
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
30.35
HKD
Average target price
42.87
HKD
Spread / Average Target
+41.25%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +6.42% | 49.48B | |
| -8.68% | 13.12B | |
| -7.16% | 11.47B | |
| -1.16% | 7.81B | |
| -0.77% | 6.96B | |
| -1.60% | 6.22B | |
| -9.31% | 5.62B | |
| -2.10% | 4.92B | |
| -10.33% | 4B |
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