Companies ›Real Estate ›1426.HK

1426.HK — HKEX Commercial REITs

1426.Hk

HK$1,20

Open in Charts → Attach watcher ⌖

— —

HKD

Set alert

Last 30 days

1D5D1M3M6MYTD1Y5YMax

Live price chart loads from the market-data widget.

Mcap

—

P/E

—

EV / Rev

—

Div yield

8,42 %

Op margin

9,4 %

ROE

-3,3 %

Net margin

-30,2 %

Debt / equity

0,84

Beta

—

52w range

—

Volume

—

Day range

—

Prev close

—

Open

—

Next earnings

—

Ex-dividend

—

TR 1Y

—

About

The company operates as a commercial real estate investment trust (REIT), generating revenue primarily through property rentals and management of commercial real estate assets.

Business. The company operates as a commercial real estate investment trust (REIT), generating revenue primarily through property rentals and management of commercial real estate assets.

Classification92 %

SectorReal Estate

IndustryCommercial REITs

Generated · model-assisted

Sell-side consensus

—consensus pending

— buy— hold— sell

Avg 12m price target—

Upcoming events

— missing data

See all catalysts →

At a glance

Score

—

not yet scored

Valuation

—

valuation pending

Analysts

—

not yet wired

Ownership

—

not yet wired

Profitability→

-3,3 %

return on equity

Quality

—

not yet scored

What drives this business

The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.

— missing data

News & coverage

No recent newsroom coverage mentioning 1426.

Sector rotation

Sector1D1Mvs mkt

Materials+2,3 %+6,6 %+1,7 %

Communication Services+2,2 %−5,5 %+1,6 %

Energy+0,6 %+3,3 %+0,0 %

Health Care+0,6 %−0,8 %+0,0 %

Information Technology+0,6 %+6,7 %+0,0 %

Consumer Discretionary+0,4 %+7,6 %−0,2 %

Financials−0,3 %−2,8 %−0,9 %

Consumer Staples−0,4 %+2,5 %−1,0 %

Real Estate · THIS SECTOR−0,7 %+10,9 %−1,3 %

Industrials−1,9 %−3,1 %−2,5 %

Utilities−1,9 %+28,2 %−2,5 %

Developing storylines

No tracked sagas currently linked to 1426.HK. Browse all sagas →

Analysis

AI analysis

Generated · analysis pipeline · tier hybrid · as of 2026-08-04 ↑ At a glance

Opportunity

— missing data

Upcoming catalysts

Scheduled public events. Informational only — not investment advice.

Macro
Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
Macro & political
ElectionSE Swedish Election2026-09-14 · SE
ElectionUS U.S. Midterms2026-11-03 · US
ElectionFR French Legislative2027-06-01 · FR

Pre-earnings brief

— missing data

Signals & dispatch

peak dispatch · —

Composite-score breakdown

Synthesis

Business

The company operates as a commercial real estate investment trust (REIT), generating revenue primarily through property rentals and management of commercial real estate assets.

Classification92 %

SectorReal Estate

IndustryCommercial REITs

AI synthesis

GENERATED

The company's capital structure is characterized by a debt-to-equity ratio of 0.84, indicating a relatively balanced mix of debt and equity financing. Its liquidity position is moderate, with a current ratio of 1.25, suggesting the company can cover its short-term obligations but with limited surplus. The company's net cash position is negative after subtracting total debt, which raises concerns about its ability to meet long-term obligations without additional financing.

Profitability metrics show a return on equity of -3.26% and a return on assets of -1.53%, both of which are below the typical performance of commercial REITs. These negative returns indicate that the company is not generating sufficient returns to cover its cost of capital, which is a red flag for investors.

The company's revenue is primarily concentrated in commercial real estate operations, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic downturns and regulatory changes that could impact property values and rental income.

The company's growth trajectory is uncertain, with no disclosed revenue growth in the most recent period. The absence of a clear growth strategy and the negative net income suggest that the company may struggle to expand its asset base or improve its financial performance in the near term.

The company faces several risk factors, including liquidity constraints and the potential for dilution. The risk assessment indicates a medium liquidity risk, primarily due to the negative net cash position after subtracting total debt. The dilution risk is currently low, but the company's financial performance and capital structure could change this outlook if additional financing is required.

Recent events, such as the latest financial filing, show a net loss of 180.24 million CNY, which is a significant concern for stakeholders. The company's operating income of 56.35 million CNY is insufficient to offset its expenses, and the negative net income suggests a need for operational improvements or strategic changes.

Key takeaways

The company's negative return on equity and return on assets indicate poor profitability and underperformance relative to industry norms.
A debt-to-equity ratio of 0.84 suggests a balanced capital structure, but the negative net cash position raises liquidity concerns.
The company's revenue is concentrated in commercial real estate, with no geographic diversification, increasing exposure to regional risks.
The absence of revenue growth and negative net income suggest a lack of a clear growth strategy and potential operational inefficiencies.

Bull / Bear case

analysis pipeline

— missing data

In focus — financials by report

Valuation

Market price

HK$1,20

Market cap

—

Enterprise valueⓘ

—

P/Eⓘ

—

Non-GAAP P/Eⓘ

—

EV / Revenueⓘ

—

EV / Op incomeⓘ

—

EV / OCFⓘ

—

P / Bⓘ

—

P / Tangible bookⓘ

—

Tangible book

HK$5.53B

Net cashⓘ

-HK$4.34B

Current ratioⓘ

1.2

Debt / equityⓘ

0.8

ROAⓘ

-1.5%

ROEⓘ

-3.3%

Cash conversionⓘ

-224.0%

CapEx / revenueⓘ

—

SBC / revenueⓘ

—

Dilution ratioⓘ

0.0%

Revenue by segment

Business relationships

— missing data

Supply chain

— missing data

Peer comparison

— missing data

Market position

Stress test

— missing data

Predictor forecast

Options

— missing data

Short squeeze

— missing data

Earnings-call key lines

— missing data

Estimate revisions

consensus EPS · 26-week trend

— missing data

Sell-side observations

— missing data

Themes

— missing data

ESG

— missing data

Risk factors

Dilution riskLow

Liquidity riskMedium

Filing-based flags

Net cash is negative after subtracting total debt.

Benchmarks vs cohort

Op Margin9,4 %Bottom quartile

Net Margin-30,2 %Bottom quartile

ROE-3,3 %Bottom quartile

D/E0,84Below median

Cash Conv-2,24Bottom quartile

Corporate actions / M&A

— missing data

FX exposure

— missing data

Comparable transactions

— missing data

Derivatives & instruments

— missing data

Actions

Set alert Open in charts

Ask Handelsavisen

— missing data

Data sources

Market data
Market data cache
Issuer disclosures
Public news
Earnings transcripts
Consensus estimates
ESG data

How metrics are computed

Dilution Ratio
(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
Net Cash
cash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
Return On Equity
net_income / total_equity
Debt To Equity
(short_term_debt + long_term_debt) / total_equity
Cash Conversion Ratio
operating_cash_flow / net_income
Return On Assets
net_income / total_assets

Source documents

1426.HK Market data — financials · 2026-05-26
Spring Real Estate Investment Trust Market data — analyst estimates · 2026-05-26

Ownership & reference

Insider activity

— missing data

Short positioning

— missing data

Geographic breakdown

— missing data

Listings · one canonical issuer all listings resolve to the canonical

1426.HKCanonical

HKEX · HKD

Intel & risk

peak dispatch · —

OSINT findings

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Evidence & claims

From filings & derived data

— missing data

The Thread

Everything we know, in order

— missing data

Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-08-04 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data Premium coverage

At a glance

What drives this business

News & coverage

Sector rotation

Developing storylines

Analysis

Opportunity

Upcoming catalysts

Pre-earnings brief

Signals & dispatch

Composite-score breakdown

Synthesis

Bull / Bear case

In focus — financials by report

Valuation

Revenue by segment

Market share

Business relationships

Supply chain

Peer comparison

Market position

Stress test

Predictor forecast

Options

Short squeeze

Earnings-call key lines

Estimate revisions

Sell-side observations

Themes

ESG

Risk factors

Benchmarks vs cohort

Corporate actions / M&A

FX exposure

Comparable transactions

Derivatives & instruments

Actions

Ask Handelsavisen

Ownership & reference

Insider activity

Short positioning

Geographic breakdown

Intel & risk

Evidence & claims

The Thread