Core Viewpoint - The report from CMB International raises the target price for Link REIT to HKD 49.8, indicating that the impact of interest rate cuts is expected to outweigh rental adjustments [1] Group 1: Financial Performance - In Q1 of FY2026, Link REIT's retail property portfolio sales decreased by 0.8% year-on-year, slightly underperforming compared to the overall market growth of 0.4% in Hong Kong, primarily due to the influence of e-commerce free services on non-essential goods transactions [1] - Despite the sales decline, Link REIT maintained high occupancy rates for both retail and office properties in Q1 of FY2026 [1] Group 2: Rental and Dividend Forecasts - The latest forecast for rental adjustments indicates a negative low single-digit percentage, which may lead to a slight decrease in revenue for FY2026 [1] - CMB International has slightly reduced the per unit dividend forecasts for FY2026 and FY2027 by approximately 1.5% and 2.9% respectively, while also introducing forecasts for FY2028 [1]
交银国际上调领展房产基金目标价至49.8港元