Link Real Estate Investment Trust (HKSE:00823) Cyclically Adjusted PS Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

HKSE:00823 Link Real Estate Investment Trust HKSE:00823
66 GF Score
Price HK$37.48
GF Value HK$37.49
Valuation Fairly Valued
! 7 Warning Signs
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What is Link Real Estate Investment Trust Cyclically Adjusted PS Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Link Real Estate Investment Trust  (HKSE:00823) Cyclically Adjusted PS Ratio Explanation

Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.


Link Real Estate Investment Trust Cyclically Adjusted PS Ratio Related Terms


Link Real Estate Investment Trust Cyclically Adjusted PS Ratio Historical Data

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The historical data trend for Link Real Estate Investment Trust's Cyclically Adjusted PS Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Link Real Estate Investment Trust Cyclically Adjusted PS Ratio Chart

Link Real Estate Investment Trust Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Cyclically Adjusted PS Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 14.59 10.66 6.72 6.93 6.62

Link Real Estate Investment Trust Semi-Annual Data
Sep16 Mar17 Sep17 Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 Sep21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24 Mar25 Sep25 Mar26
Cyclically Adjusted PS Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.84 7.78 7.06 7.63 6.74

HKSE:00823 vs SPG, O, KIM: Cyclically Adjusted PS Ratio Comparison

For the REIT - Retail subindustry, Link Real Estate Investment Trust's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Link Real Estate Investment Trust Cyclically Adjusted PS Ratio vs REITs Industry

For the REITs industry and Real Estate sector, Link Real Estate Investment Trust's Cyclically Adjusted PS Ratio distribution charts can be found below:

* The bar in red indicates where Link Real Estate Investment Trust's Cyclically Adjusted PS Ratio falls into.


HKSE:00823
66GF Score
Link Real Estate Investment Trust HKSE:00823
Cyclically Adjusted PS Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Link Real Estate Investment Trust Cyclically Adjusted PS Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.

Link Real Estate Investment Trust's Cyclically Adjusted Revenue per Share for the fiscal year that ended in Mar26 is calculated as:

For example, Link Real Estate Investment Trust's adjusted Revenue per Share data for the fiscal year that ended in Mar26 was:

Adj_RevenuePerShare=Revenue per Share/CPI of Mar26 (Change)*Current CPI (Mar26)
=5.41/121.4731*121.4731
=5.410

Current CPI (Mar26) = 121.4731.

Link Real Estate Investment Trust Annual Data

Revenue per Share CPI Adj_RevenuePerShare
201703 4.027 103.335 4.734
201803 4.433 105.973 5.081
201903 4.626 108.172 5.195
202003 5.054 110.920 5.535
202103 5.111 111.579 5.564
202203 5.335 113.558 5.707
202303 5.501 115.427 5.789
202403 5.514 117.735 5.689
202503 5.623 119.384 5.721
202603 5.410 121.473 5.410

Add all the adjusted revenue per share together and divide 10 will get our Cyclically Adjusted Revenue per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Link Real Estate Investment Trust (HKSE:00823) Overvalued in 2026?

Based on GuruFocus' analysis, Link Real Estate Investment Trust stock appears to be undervalued. The current stock price of HK$37.48 is trading 0% below its estimated GF Value™ of HK$37.49. GuruFocus considers Link Real Estate Investment Trust to be Fairly Valued.

Key valuation signals for HKSE:00823:

  • Cyclically Adjusted PS Ratio:
  • GF Value™: HK$37.49 vs. price of HK$37.48 (0% below fair value)
  • GF Score™: 66/100 with 7 warning signs

No single metric tells the full story. See the HKSE:00823 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Link Real Estate Investment Trust Business Description

Industry Real EstateREITs
Other Exchanges LKREF:USAL5R:Germany
Address 77 Hoi Bun Road, 20th Floor, Tower 1, The Quayside, Kowloon, Kwun Tong, Hong Kong, HKG
Link REIT is Asia's largest REIT, listed in 2005 to privatize retail assets held by the Hong Kong Housing Authority. It owns 154 properties and around 57,000 car park spaces. It expanded its investment mandate in 2014 to allow overseas acquisitions, and has since acquired retail, office, and logistics properties in China, as well as an office development project in Hong Kong. Link also expanded its footprint to Sydney, Melbourne, London, and Singapore.
66GF Score

Get the complete analysis for HKSE:00823

Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$37.48
Price
HK$37.49
GF Value