Group 1 - Morgan Stanley's research report indicates that Link REIT's operating data for the first quarter of the 2026 fiscal year, ending June 30, fell slightly short of expectations [1] - Hong Kong tenant sales decreased by 0.8% year-on-year, an improvement from a 2.1% decline in the previous quarter, suggesting a trend towards stability in business [1] - The rental adjustment rate for lease renewals remains in the mid-single-digit negative range, similar to the 5% decline projected for the second half of the 2025 fiscal year, slightly below the management's guidance provided in May [1] Group 2 - Morgan Stanley notes that Link REIT's stock price has risen by 36% year-to-date, compared to a 28% increase in the Hang Seng Index, indicating potential profit-taking in the short term [1] - The "overweight" rating is maintained, with the target price adjusted down from HKD 49 to HKD 48 [1] - The forecast for the distribution per unit (DPU) for the 2026 fiscal year has been reduced by 2%, now projecting a year-on-year decline of 4% [1]
大行评级｜摩根大通：领展房产基金短期内或出现获利回吐 微降目标价至48港元
Ge Long Hui·2025-08-15 06:36