Link Real Estate Investment Trust (0823.HK) stock analysis

In our weekly check, Link Real Estate Investment Trust is graded D (A to F). Of 23 checks on debt, profit, cash flow and trend: 10 pass, warnings: 4, red flags: 9.

About Link Real Estate Investment Trust

Link Real Estate Investment Trust is a Real Estate company (REIT - Retail) based in Hong Kong, listed on HKSE as 0823.HK.

What our checks show for 0823.HK

Red flags

• Debt is high against equity (0.38x). That limits room in a downturn.
• Operating profit does not cover the interest bill (0.6x): interest is paid from cash or new debt.
• The net margin fell by 112 points over 5 years, to -52.8%: the company keeps less of each sale as profit.
• Analysts expect revenue to shrink about 1.3% a year.
• Earnings per share fell 26.1% a year over the last 3 years.
• The company is losing money: the net margin is -52.8%.
• Link Real Estate Investment Trust pays a dividend while losing money: it is funded from reserves or debt.
• The stock has fallen as much as 69% from a peak. Would you have held through that?
• Return on capital (ROCE) is only 4.5%.

Warning signs

• The gross margin fell by 2.9 points, to 72.2%: costs are rising faster than prices.
• Analysts expect earnings per share to shrink about 3.5% a year.
• Revenue grew only 4.3% a year over the last 3 years.
• The stock is still below its previous peak.

Strengths

• Operating cash flow is 0.92x net profit: the profit arrives as real cash.
• Analysts expect the net margin to improve by 102 points from today's -52.8%.
• Free cash flow is 48.4% of revenue: cash for dividends, buybacks or growth.
• A large company: market value $12.74 billion.
• Actively traded: about 7.1 million shares a day.
• Pay in shares is only 0% of free cash flow.

Next earnings report: 2026-11-11

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Questions

What grade does Link Real Estate Investment Trust (0823.HK) have?

In our weekly check, Link Real Estate Investment Trust is graded D (A to F). Of 23 checks on debt, profit, cash flow and trend: 10 pass, warnings: 4, red flags: 9. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of 0823.HK stock?

This week's biggest flags for Link Real Estate Investment Trust: High debt, Weak interest cover, Margins falling. In total 13 of 23 checks show a warning or a red flag.

What does Link Real Estate Investment Trust do?

Link Real Estate Investment Trust is a Real Estate company (REIT - Retail) based in Hong Kong, listed on HKSE as 0823.HK.

When does Link Real Estate Investment Trust report earnings next?

The next earnings report is expected on 2026-11-11. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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