# Link Real Estate Investment Trust (0823.HK)

Canonical: https://gigainvestors.com/s/0823.HK

Analysis as of: 2026-10-16T07:35:29.425Z. Financial observations: FY2005–FY2026.

Listing currency: HKD. Reporting currency: HKD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 37.90 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.04×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.72×

- FY2018: 0.72×

- FY2019: 0.73×

- FY2020: 0.77×

- FY2021: 0.76×

- FY2022: 0.73×

- FY2023: 0.71×

- FY2024: 0.69×

- FY2025: 0.68×

- FY2026: 0.67×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 3.4 pp

- Typical gross margin (annual median): 75.6%

- Recent gross margin (lower of latest and 3-year median): 72.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.9%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.8%

- FY2018: 3.6%

- FY2019: 3.2%

- FY2020: 3.5%

- FY2021: 2.7%

- FY2022: 3.4%

- FY2023: 3.4%

- FY2024: 3.2%

- FY2025: 3.6%

- FY2026: 3.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -3.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: HKD -12B

- Net income, five-year total: HKD 4.1B

- Return on incremental invested capital: 4.7%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.1 pp

- Working capital / revenue, final three-year average: 6.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.71×

- FY2023: 0.07×

- FY2024: 1.00×

- FY2025: 1.00×

- FY2026: 0.99×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 3.6%

- Per-share earnings: 7.30 to -2.86 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 4.4%

- Market cap gain: HKD -27B

- Cumulative retained earnings: HKD 9.2B

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 4.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: HKD -10.16

- Per-share value, starting three-year median: HKD 7.30

- Per-share value, ending three-year median: HKD -2.86

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 1.0%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: HKD 3.7B

- Cumulative net income, 10 years: HKD 74B

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: HKD 8.00

- FY2018: HKD 7.30

- FY2019: HKD 4.79

- FY2020: HKD -8.30

- FY2021: HKD 0.57

- FY2022: HKD 3.25

- FY2023: HKD 6.89

- FY2024: HKD -0.77

- FY2025: HKD -3.45

- FY2026: HKD -2.86

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 6.6%

- FY2018: 19.1%

- FY2019: 6.3%

- FY2020: -11.1%

- FY2021: -2.4%

- FY2022: 0.5%

- FY2023: 3.4%

- FY2024: -4.1%

- FY2025: -7.8%

- FY2026: -6.5%

## Holders

## Price story

Down 47% since May 2022 · sales -1.5%

Story as of 2026-10-16T10:00:05.131Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales -1.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: HKD 9.3B 

- FY2018: HKD 10B 

- FY2019: HKD 10B 

- FY2020: HKD 11B 

- FY2021: HKD 11B 

- FY2022: HKD 12B 

- FY2023: HKD 12B 

- FY2024: HKD 14B 

- FY2025: HKD 14B 

- FY2026: HKD 14B 

### Gross margin · FY2026

gross margin 72.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 76.9% 

- FY2018: 77.9% 

- FY2019: 78.0% 

- FY2020: 76.4% 

- FY2021: 76.1% 

- FY2022: 75.1% 

- FY2023: 74.6% 

- FY2024: 74.2% 

- FY2025: 74.7% 

- FY2026: 72.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are HKD 14 billion.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2026-03-31 (filed 2026-10-16T07:35:29.425Z); FY2026: revenue 14003000000; grossProfit 10115000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 72.2% to 74.7% during 2024–26; it earns 3.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2024-03-31 (filed 2026-10-16T07:35:29.425Z); FY2024: grossProfit / revenue = 74.2%.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2025-03-31 (filed 2026-10-16T07:35:29.425Z); FY2025: grossProfit / revenue = 74.7%.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2026-03-31 (filed 2026-10-16T07:35:29.425Z); FY2026: grossProfit / revenue = 72.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.425Z); 10-year return on capital observations [[2017,0.0375667803327356],[2018,0.03605919913123767],[2019,0.03211777063088177],[2020,0.034982532866138],[2021,0.026979796043938308],[2022,0.03360815394791106],[2023,0.03409272603758938],[2024,0.032177000293307764],[2025,0.03596350245115286],[2026,0.03671752447048487]]; median 0.034537629451863686. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 75% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.425Z); Gross margin observations: [[2021,0.7610855565777369],[2022,0.7510479938403627],[2023,0.7463533225283631]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2017-03-31 (filed 2026-10-16T07:35:29.425Z); FY2017: growth capex 1492000000; upkeep 27000000; owner earnings 17711000000. Growth capex / owner earnings = 0.08424143187849359.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2018-03-31 (filed 2026-10-16T07:35:29.425Z); FY2018: growth capex 2017000000; upkeep 20000000; owner earnings 47761000000. Growth capex / owner earnings = 0.04223110906388057.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2019-03-31 (filed 2026-10-16T07:35:29.425Z); FY2019: growth capex 27000000; upkeep 22000000; owner earnings 20329000000. Growth capex / owner earnings = 0.0013281519012248511.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2022-03-31 (filed 2026-10-16T07:35:29.425Z); FY2022: growth capex 6946864020.718268; upkeep 2091135979.2817316; owner earnings 4885864020.718268. Growth capex / owner earnings = 1.4218291772469374.

- Source: https://eodhd.com/api/fundamentals/0823.HK.json#2023-03-31 (filed 2026-10-16T07:35:29.425Z); FY2023: growth capex 2897631587.1436596; upkeep 14535368412.85634; cash acquisitions 3148000000; owner earnings 1005231587.1436596. Growth capex plus acquisitions / owner earnings = 6.014167943450892.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.425Z); Dividend observations: [[2017,4898000000],[2018,5254000000],[2019,5517000000],[2020,5930000000],[2021,3966000000],[2022,4405000000],[2023,5050000000],[2024,5401000000],[2025,5348000000],[2026,6220000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0823.HK SharesStats.PercentInsiders = 0.11100000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.425Z); Closing price 37.9 HKD; reporting-to-trading FX 1; FY2026 annual sales per share 5.409607350080753; price multiple 7.006053775683782. FY2026 cash earnings/share -2.8385855093139583. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 55.30 per share

- 2016-11: HKD 53.40 per share

- 2016-12: HKD 50.40 per share

- 2017-01: HKD 53.15 per share

- 2017-02: HKD 53.55 per share

- 2017-03: HKD 54.45 per share

- 2017-04: HKD 55.95 per share

- 2017-05: HKD 61.50 per share

- 2017-06: HKD 59.40 per share

- 2017-07: HKD 63.50 per share

- 2017-08: HKD 64.60 per share

- 2017-09: HKD 63.30 per share

- 2017-10: HKD 65.55 per share

- 2017-11: HKD 69.65 per share

- 2017-12: HKD 72.45 per share

- 2018-01: HKD 69.20 per share

- 2018-02: HKD 66.90 per share

- 2018-03: HKD 67.00 per share

- 2018-04: HKD 69.60 per share

- 2018-05: HKD 69.40 per share

- 2018-06: HKD 71.65 per share

- 2018-07: HKD 77.80 per share

- 2018-08: HKD 78.20 per share

- 2018-09: HKD 77.05 per share

- 2018-10: HKD 69.50 per share

- 2018-11: HKD 74.50 per share

- 2018-12: HKD 79.30 per share

- 2019-01: HKD 86.00 per share

- 2019-02: HKD 88.75 per share

- 2019-03: HKD 91.80 per share

- 2019-04: HKD 91.50 per share

- 2019-05: HKD 93.80 per share

- 2019-06: HKD 96.00 per share

- 2019-07: HKD 91.40 per share

- 2019-08: HKD 88.00 per share

- 2019-09: HKD 86.45 per share

- 2019-10: HKD 85.45 per share

- 2019-11: HKD 80.00 per share

- 2019-12: HKD 82.50 per share

- 2020-01: HKD 79.00 per share

- 2020-02: HKD 72.20 per share

- 2020-03: HKD 65.70 per share

- 2020-04: HKD 69.60 per share

- 2020-05: HKD 57.95 per share

- 2020-06: HKD 63.35 per share

- 2020-07: HKD 60.15 per share

- 2020-08: HKD 61.70 per share

- 2020-09: HKD 63.00 per share

- 2020-10: HKD 59.05 per share

- 2020-11: HKD 68.00 per share

- 2020-12: HKD 70.60 per share

- 2021-01: HKD 67.70 per share

- 2021-02: HKD 73.20 per share

- 2021-03: HKD 70.80 per share

- 2021-04: HKD 73.45 per share

- 2021-05: HKD 73.90 per share

- 2021-06: HKD 75.25 per share

- 2021-07: HKD 74.30 per share

- 2021-08: HKD 71.55 per share

- 2021-09: HKD 66.75 per share

- 2021-10: HKD 69.00 per share

- 2021-11: HKD 67.60 per share

- 2021-12: HKD 68.65 per share

- 2022-01: HKD 66.75 per share

- 2022-02: HKD 63.10 per share

- 2022-03: HKD 67.00 per share

- 2022-04: HKD 68.10 per share

- 2022-05: HKD 71.05 per share

- 2022-06: HKD 64.00 per share

- 2022-07: HKD 65.70 per share

- 2022-08: HKD 60.85 per share

- 2022-09: HKD 54.90 per share

- 2022-10: HKD 46.40 per share

- 2022-11: HKD 52.50 per share

- 2022-12: HKD 57.30 per share

- 2023-01: HKD 62.70 per share

- 2023-02: HKD 51.60 per share

- 2023-03: HKD 50.50 per share

- 2023-04: HKD 51.20 per share

- 2023-05: HKD 45.50 per share

- 2023-06: HKD 43.50 per share

- 2023-07: HKD 43.65 per share

- 2023-08: HKD 38.90 per share

- 2023-09: HKD 38.40 per share

- 2023-10: HKD 35.90 per share

- 2023-11: HKD 38.60 per share

- 2023-12: HKD 43.85 per share

- 2024-01: HKD 39.20 per share

- 2024-02: HKD 38.95 per share

- 2024-03: HKD 33.65 per share

- 2024-04: HKD 33.85 per share

- 2024-05: HKD 32.80 per share

- 2024-06: HKD 30.35 per share

- 2024-07: HKD 33.00 per share

- 2024-08: HKD 36.90 per share

- 2024-09: HKD 39.25 per share

- 2024-10: HKD 36.25 per share

- 2024-11: HKD 33.85 per share

- 2024-12: HKD 32.85 per share

- 2025-01: HKD 32.10 per share

- 2025-02: HKD 35.25 per share

- 2025-03: HKD 36.40 per share

- 2025-04: HKD 36.35 per share

- 2025-05: HKD 41.65 per share

- 2025-06: HKD 41.90 per share

- 2025-07: HKD 43.90 per share

- 2025-08: HKD 41.44 per share

- 2025-09: HKD 40.00 per share

- 2025-10: HKD 40.48 per share

- 2025-11: HKD 36.88 per share

- 2025-12: HKD 34.74 per share

- 2026-01: HKD 35.92 per share

- 2026-02: HKD 38.76 per share

- 2026-03: HKD 36.02 per share

- 2026-04: HKD 39.20 per share

- 2026-05: HKD 40.38 per share

- 2026-06: HKD 36.50 per share

- 2026-07: HKD 39.12 per share

- 2026-08: HKD 38.72 per share

- 2026-09: HKD 37.20 per share

- 2026-10: HKD 37.90 per share

## Annual estimated value (HKD per share)

- FY2017: low HKD 116.40 per share, central HKD 139.49 per share, high HKD 162.41 per share

- FY2018: low HKD 42.25 per share, central HKD 47.84 per share, high HKD 55.27 per share

- FY2019: low HKD 56.67 per share, central HKD 67.69 per share, high HKD 78.58 per share

- FY2020: low HKD 114.27 per share, central HKD 129.51 per share, high HKD 149.81 per share

- FY2021: low HKD 109.86 per share, central HKD 124.86 per share, high HKD 144.82 per share

- FY2022: low HKD 26.50 per share, central HKD 29.97 per share, high HKD 34.60 per share

- FY2023: low HKD 12.76 per share, central HKD 13.44 per share, high HKD 14.34 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.