大摩：领展房产基金传收购澳洲三个购物中心股权 予“增持”评级

Core Viewpoint - Morgan Stanley has issued a report rating Link REIT (00823) as "Overweight," anticipating benefits from potential interest rate cuts in the U.S. and projecting an attractive dividend yield of 6.2%, with expectations of improved sales performance from Hong Kong tenants supporting the fiscal performance for the first half of FY2026, to be announced on November 20 [1] Group 1 - The report indicates that Link REIT plans to invest AUD 1.5 billion to acquire half stakes in three shopping centers from the Australian Prime Property Fund Retail, involving Sunshine Plaza in Queensland, Macarthur Square in New South Wales, and Lakeside Joondalup in Western Australia [1] - Morgan Stanley estimates that the total investment return from the transaction could reach approximately 5.4%, which is higher than the effective borrowing rate of 3.6% for FY2025 and the cash rate of 3.6% set by the Reserve Bank of Australia [1] - The acquisition is expected to increase the company's debt ratio by about 4.6 percentage points [1]