Group 1 - Citigroup reports that Link REIT (00823) will create a dual-engine through fund management and listed REITs under its 3.0 strategy [1] - The bank believes that Link REIT may cultivate a developed market trust fund in asset management in the short term, but pure asset separation is unlikely to occur soon [1] - Citigroup maintains a "Buy" rating on Link REIT with a target price of HKD 47.25, citing a yield of 6.5% which is 200 basis points higher than the 10-year US Treasury yield [1] Group 2 - Link REIT's stock price has increased by 25% since April, with a yield of 6.4% that is in line with the 10-year average, but lower than the 3-year and 5-year averages of 250 basis points [2] - Citigroup expects a decline in Distribution Per Unit (DPU) by approximately 2.5% due to a 3% to 5% negative rental adjustment, making total returns appear reasonable [2] - The company is expected to outperform the overall market through leasing and cost optimization in response to macroeconomic headwinds [2]
花旗：维持领展房产基金“买入”评级 目标价47.25港元
Zhi Tong Cai Jing·2025-06-10 06:56