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Spring Real Estate Investment Trust

Spring Real Estate Investment Trust

HHKEX:1426
1.38
HKD
-0.04
(-2.82%)
2.37BMarket Cap
Spring Real Estate Investment Trust
HKEX:1426
(Hong Kong Exchange)

Recent

price

1.38

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
1.87
0.37
0.46
3.04
0.47
0.42
0.44
0.43
0.37
0.36
0.39
0.5
0.48
0.42
- -
Revenue per Share
6.89
0.39
0.41
1.53
0.56
0.3
0.02
0.17
-0.13
0.35
0.02
-0.05
-0.03
-0.12
- -
Basic EPS, GAAP
1.4
0.3
0.35
2.14
0.32
0.28
0.28
0.29
0.24
0.24
0.26
0.33
0.28
0.27
- -
Free Cash Flow per Basic Share
- -
0.08
0.18
1.44
0.23
0.16
0.2
0.15
0.17
0.18
0.2
0.18
0.19
0.15
- -
Dividend per Share
21.5
4.76
5
32.5
5.32
5.19
5
5.01
4.4
4.53
4.42
4.26
4.04
3.74
3.54
Book Value per Share
21.5
4.76
5
32.5
5.32
5.19
5
5.01
4.4
4.53
4.42
4.26
4.04
3.74
3.54
Tangible Book Value per Share
1,098
1,098
1,103
1,115
1,125
1,206
1,265
1,279
1,436
1,467
1,479
1,464
1,450
1,469
1,474
Basic Weighted Avg Shares
2,058
402
505
3,392
524
501
559
547
533
528
578
732
702
621
- -
Sales/Revenue/Turnover
73.81
67.19
63.67
64.53
62.85
59.09
54.01
62.11
61.03
62.66
63.3
62.02
60.72
57.5
- -
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
7,561
423
455
1,701
634
360
30
223
-190
510
28
-78
-47
-180
- -
Net Income, GAAP
- -
- -
- -
- -
- -
0.32
1.11
0.95
- -
1.25
46.64
- -
172.29
- -
- -
Effective Tax Rate (%)
367.42
105.23
90.09
50.14
121.03
71.92
5.37
40.81
-35.62
96.5
4.91
-10.59
-6.64
-29.02
- -
Profit Margin (%)
-16,368
567
299
2,442
351
75
-27
53
415
13
354
273
-3,584
267
-190
Working Capital
- -
3,059
2,858
20,108
3,336
3,562
3,655
3,717
3,036
2,544
4,804
4,998
592
4,480
4,323
LT Debt
29,797
5,225
5,547
36,409
6,018
6,531
6,364
6,448
6,433
6,672
7,506
7,102
6,853
6,525
6,239
Total Equity
- -
1.85
7.92
11.24
3.01
2.96
3.44
4.06
- -
5.49
2.98
- -
-1.88
- -
- -
Return on Invested Capital (%)
- -
2.11
7.2
8.23
2.34
4.92
1.71
3.71
- -
6.22
0.25
- -
-2.57
- -
- -
Return on Capital (%)
- -
2.94
8.45
8.11
2.99
5.74
0.47
3.48
-2.95
7.78
0.43
-1.22
-0.78
-3.16
- -
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Jun'25
Dec'25
Jun'26
ST Debt
4,166
156
164
LT Borrowings
586
4,480
4,323
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,469
1,478
1,481
Market Capitalization
2,319
2,244
2,050

Working Capital

CNY

•

in mil. unless spec.
Jun'25
Dec'25
Jun'26
Total Current Assets
810
728
309
Cash, Cash Equivalents & STI
446
292
252
Accounts Receivable, Net
41
39
37
Inventories
- -
- -
- -
Total Current Liabilities
4,408
462
499
Payables & Accruals
- -
- -
- -
ST Debt
4,166
156
164
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-7.39%
0.51%
-4.78%
Free Cash Flow
-6.73%
4.03%
0.15%
Net Income, GAAP
-32.87%
-117.95%
286.56%
Sales/Revenue/Turnover
-6.25%
3.91%
-11.59%
Total Cash Common Dividend
-8.57%
-1.26%
-20.82%

Semi-annual Revenue

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
702
2025
- -
- -
621
2026
- -
- -
- -

Semi-annual Earnings Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
-0.03
2025
- -
- -
-0.12
2026
- -
- -
- -

Semi-annual Dividends Per Share

CNY

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.19
2025
- -
- -
0.15
2026
- -
- -
- -
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Business
Spring Real Estate Investment Trust (1426.HK) operates as a real estate investment trust focused on owning and managing income-producing retail properties in Hong Kong. The company owns a portfolio of shopping malls and retail complexes, including Spring Prosperity (formerly Citimall), located in Yuen Long; Metro City Phase II, in Tseung Kwan O; and MPI Plaza (formerly Macpherson Playground Shopping Centre), in Mong Kok; along with car parking spaces associated with these properties. Spring REIT provides leasing services for retail spaces to tenants ranging from international brands to local retailers, generating rental income, service charges, and car park fees as its primary revenue streams. Founded in 2013 and listed on The Stock Exchange of Hong Kong Limited, the company is externally managed by Spring Asset Management Limited, with its headquarters in Central, Hong Kong. Spring REIT targets the Hong Kong retail real estate market, serving shopping mall operators and tenants in densely populated urban and suburban areas. Its operations are concentrated exclusively in Hong Kong, with properties strategically located in high-traffic residential districts to maximize occupancy and footfall. In recent developments, Spring REIT completed the disposal of Citimall to Prosperity Real Estate Investment Trust in early 2024, renaming the asset Spring Prosperity under its portfolio following the HK$4.05 billion transaction, which represented a strategic asset optimization amid challenging market conditions. The company also navigated impacts from the COVID-19 pandemic through rental relief measures and government subsidies, stabilizing occupancy rates above 95% by mid-2025. Additionally, Spring REIT announced enhancements to its asset management strategies in 2025, including digital tenant platforms and sustainability initiatives to support long-term value creation.