GoAI
Get started
Spring Real Estate Investment Trust logo

Spring Real Estate Investment Trust

1426.HK

HKSEReal EstateREIT - Diversified

Open in GoAI

Latest quote

HK$1.16

−HK$0.04 · -3.33%

Aug 24, 10:54 AM HKTData delayed

1426.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Spring Real Estate Investment Trust (Spring REIT), identifiable by its stock code 1426, operates as a real estate investment trust dedicated to acquiring high-quality, income-generating properties. Since its listing on the Hong Kong Stock Exchange on December 5, 2013, Spring REIT has built a portfolio that includes two premier office buildings strategically positioned within Beijing's Central Business District, alongside 84 distinct commercial properties located throughout the United Kingdom. The trust's objective is to deliver stable distributions to its unitholders and foster the potential for sustainable long-term growth by investing in a diverse, global collection of income-producing real estate assets.

Industry
REIT - Diversified
Sector
Real Estate
Headquarters
HK
CEO
Wai Fai Chung
Listed since
Dec 5, 2013
Employees
11

Market position

Day range

Current HK$1.16

52-week range

Current HK$1.16

Open
HK$1.165
Previous close
HK$1.20
Volume
13K
0.09× average
Average volume
146.71K
Average daily volume
Market cap
1.72B HKD
Beta
0.24
Market reference 1
50-day average
HK$1.2198
-4.90% below average
200-day average
HK$1.4666
-20.90% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
6.89B HKD
P/E (TTM)
-3.16×
P/B (TTM)
0.28×
P/S (TTM)
1.95×
EV / EBITDA
46.05×
Earnings yield
-7.87%
Free cash flow yield
9.67%
Dividend yield
9.66%

Profitability & efficiency

Gross margin
88.44%
Operating margin
47.66%
Net margin
-60.18%
Return on equity
-3.17%
Return on assets
-1.49%
Return on invested capital
1.93%

Financial health

Debt / equity
0.86×
Current ratio
4.61×
Altman Z-score
0.27
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends120%66%12%-42%Gross margin, FY2021: 65.99%Gross margin, FY2022: 76.22%Gross margin, FY2023: 65.27%Gross margin, FY2024: 75.63%Gross margin, FY2025: 71.70%Operating margin, FY2021: 81.02%Operating margin, FY2022: 106.52%Operating margin, FY2023: 30.51%Operating margin, FY2024: 44.21%Operating margin, FY2025: 36.67%Net margin, FY2021: 84.90%Net margin, FY2022: 5.71%Net margin, FY2023: -10.59%Net margin, FY2024: -6.64%Net margin, FY2025: -28.27%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 65.99%. Gross margin FY2022 76.22%. Gross margin FY2023 65.27%. Gross margin FY2024 75.63%. Gross margin FY2025 71.70%. Operating margin FY2021 81.02%. Operating margin FY2022 106.52%. Operating margin FY2023 30.51%. Operating margin FY2024 44.21%. Operating margin FY2025 36.67%. Net margin FY2021 84.90%. Net margin FY2022 5.71%. Net margin FY2023 -10.59%. Net margin FY2024 -6.64%. Net margin FY2025 -28.27%.

Income trends

Revenue

691.33M HKD-7.51%

Operating income

253.51M HKD-23.29%

Net income

−195.47M HKD-293.99%
Income trends across reported periods841.77M HKD464.59M HKD87.41M HKD−289.76M HKDRevenue, FY2021: 600.63M HKDRevenue, FY2022: 577.85M HKDRevenue, FY2023: 732.45M HKDRevenue, FY2024: 747.48M HKDRevenue, FY2025: 691.33M HKDOperating income, FY2021: 486.64M HKDOperating income, FY2022: 615.5M HKDOperating income, FY2023: 223.5M HKDOperating income, FY2024: 330.46M HKDOperating income, FY2025: 253.51M HKDNet income, FY2021: 509.95M HKDNet income, FY2022: 32.97M HKDNet income, FY2023: −77.54M HKDNet income, FY2024: −49.61M HKDNet income, FY2025: −195.47M HKDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 600.63M HKD. Revenue FY2022 577.85M HKD. Revenue FY2023 732.45M HKD. Revenue FY2024 747.48M HKD. Revenue FY2025 691.33M HKD. Operating income FY2021 486.64M HKD. Operating income FY2022 615.5M HKD. Operating income FY2023 223.5M HKD. Operating income FY2024 330.46M HKD. Operating income FY2025 253.51M HKD. Net income FY2021 509.95M HKD. Net income FY2022 32.97M HKD. Net income FY2023 −77.54M HKD. Net income FY2024 −49.61M HKD. Net income FY2025 −195.47M HKD.
Metric (HKD)FY2025FY2024FY2023FY2022FY2021
Revenue691.33M HKD747.48M HKD732.45M HKD577.85M HKD600.63M HKD
Cost of goods sold195.62M HKD182.16M HKD254.37M HKD137.42M HKD132.07M HKD
Gross profit495.71M HKD565.32M HKD478.08M HKD440.43M HKD396.37M HKD
Selling, general, and administrative24.2M HKD105.6M HKD23.82M HKD74.65M HKD65.27M HKD
Operating expenses242.2M HKD234.86M HKD254.58M HKD−232.77M HKD−161.37M HKD
Interest income10.78M HKD125.57M HKD108.26M HKD26.04M HKD2.39M HKD
Interest expense242.59M HKD321.38M HKD289.73M HKD166.7M HKD85.81M HKD
Operating income253.51M HKD330.46M HKD223.5M HKD615.5M HKD486.64M HKD
Net income−195.47M HKD−49.61M HKD−77.54M HKD32.97M HKD509.95M HKD

Company facts updated Aug 24, 2026.

Earnings

Latest EPS result
-0.03

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates0.060-0.06-0.11Q4 '22Q1 '23Q2 '23Q3 '23Q1 '24Q2 '24Q3 '24Q1 '25
Q4 2022, reported Dec 31, 2022: actual -0.049, estimate —, surprise —, Comparison unavailable. Q1 2023, reported Mar 23, 2023: actual -0.024, estimate —, surprise —, Comparison unavailable. Q2 2023, reported Jun 30, 2023: actual -0.071, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 23, 2023: actual -0.036, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 21, 2024: actual 0.012, estimate —, surprise —, Comparison unavailable. Q2 2024, reported May 29, 2024: actual 0.016, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 23, 2024: actual 0.016, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 24, 2025: actual -0.033, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates441.2M317.65M194.1M70.55MQ4 '22No estimateQ1 '23BeatQ2 '23No estimateQ3 '23BeatQ1 '24BeatQ2 '24No estimateQ3 '24No estimateQ1 '25No estimate
Q4 2022, reported Dec 31, 2022: actual 250.73M HKD, estimate —, surprise —, Comparison unavailable. Q1 2023, reported Mar 23, 2023: actual 171.31M HKD, estimate 83M HKD, surprise +106.40%, Beat. Q2 2023, reported Jun 30, 2023: actual 414.66M HKD, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 23, 2023: actual 207.7M HKD, estimate 83M HKD, surprise +150.24%, Beat. Q1 2024, reported Mar 21, 2024: actual 361.07M HKD, estimate 83M HKD, surprise +335.02%, Beat. Q2 2024, reported May 29, 2024: actual 195.88M HKD, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 23, 2024: actual 194.21M HKD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 24, 2025: actual 181.42M HKD, estimate —, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

HK$0.152

2025 complete year-28.6% since 2021

2026 partial: HK$0.036

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Apr 10, 2026

HK$0.036

Semi-Annual

Record Apr 13, 2026 · Payment Apr 29, 2026

Dividend

Ex-dividend Oct 2, 2025

HK$0.076

Semi-Annual

Record Oct 3, 2025 · Payment Oct 23, 2025

Dividend

Ex-dividend Apr 10, 2025

HK$0.076

Semi-Annual

Record Apr 11, 2025 · Payment Apr 30, 2025

Dividend

Ex-dividend Oct 2, 2024

HK$0.09

Semi-Annual

Record Oct 3, 2024 · Payment Oct 22, 2024

Dividend

Ex-dividend Apr 12, 2024

HK$0.09

Semi-Annual

Record Apr 15, 2024 · Payment Apr 29, 2024

Dividend

Ex-dividend Sep 5, 2023

HK$0.10

Semi-Annual

Record Sep 6, 2023 · Payment Sep 22, 2023

1426.HK peers

Sun Hung Kai Properties Limited logo

0016.HK

Sun Hung Kai Properties Limited

HK$127.9

-0.23%

China Resources Land Limited logo

1109.HK

China Resources Land Limited

HK$33.78

-4.52%

CK Asset Holdings Limited logo

1113.HK

CK Asset Holdings Limited

HK$47.10

-0.46%

China Overseas Land & Investment Ltd. logo

0688.HK

China Overseas Land & Investment Ltd.

HK$13.79

-2.20%

KE Holdings Inc. logo

2423.HK

KE Holdings Inc.

HK$46.58

+2.64%

Henderson Land Development Company Limited logo

0012.HK

Henderson Land Development Company Limited

HK$30.30

+0.33%

ETFs holding 1426.HK

Funds reporting this stock among their holdings, ordered by reported position size.

Dimensional - Global Real Estate ETF logoDimensional - Global Real Estate ETFDFGR
Market value
455.18
Weight
0.00%
AUM
3.85B USD
Expense ratio
0.22%
Price / 1D
$29.46-0.20%

Continue in GoAI

Research 1426.HK

research.disclaimer