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Stock

Link Real Estate Investment Trust

0823.HK
39
REIT - Retail · Real Estate
Price
HK$37.32
+0.50 (+1.36%)
Market Cap
HK$97.75B
Exchange
Hong Kong Stock Exchange
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 10, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Weak
2/20
Cash Flow
Mixed
4/10
Stability
Strong
7/10
Valuation
Data not available
0/10
Ownership
Weak
2/15
Dividends
Good
3/5

39 of 100 counted points = Winston Score 39.

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Share count rising — dilution

+18.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.19B (2022) → 2.59B (2026)

§Winston Score History

The full picture

Link Real Estate Investment Trust, listed in Hong Kong, owns and manages a large portfolio of shopping malls, retail spaces, car parks, and office buildings. Its tenants include everyday shops, supermarkets, restaurants, and service providers that cater to ordinary residents in Hong Kong and mainland China. Link REIT is the largest REIT in Asia by market capitalization, making it a dominant force in the region's commercial property market.

The trust earns money by collecting rent from its tenants across hundreds of properties, primarily in Hong Kong public housing estates, as well as assets in cities like Beijing, Shanghai, and Singapore. Its strong geographic presence in densely populated areas and long-standing tenant relationships give it a relatively stable income base. The main risk the business faces is rising interest rates, which increase borrowing costs and can compress the returns that investors expect from income-focused vehicles like REITs, potentially pressuring property valuations and distribution payouts.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-10.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

HK$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

HK$215.8B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Link Real Estate Investment Trust's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
71.6%
Premium pricing power — 71.6% gross margin
Profit after running costs
Operating Margin
67.0%
Excellent — 67.0% operating margin
Return on the money invested
ROCE
4.6%
Weak — 4.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-2.8%
Shrinking sales (-2.8% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
48.4%
Converts sales into free cash efficiently (48.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.38
Conservative — low debt load (0.38)
Covers its interest
Interest Cover
4.80x
Adequate interest coverage (4.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
6.85%
Healthy income — 6.85% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-2.1%
Dividend cut (-2.1% YoY) — warning sign

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