大行评级丨花旗：领展中期每基金单位分派受香港零售续租租金下滑拖累 维持“买入”评级

Core Viewpoint - Citigroup's report indicates that Link REIT's interim distribution per unit for the half-year ending September decreased by 5.9% year-on-year to HKD 1.2688, which is slightly below market expectations of a 4-5% decline [1] Financial Performance - The revenue declined by 2% year-on-year, achieving 50.2% of the bank's full-year forecast, compared to 50.3% in the same period last year [1] - The negative growth in rental renewals for Hong Kong retail operations expanded, with a renewal rental adjustment rate of -6.4%, compared to -2.2% for the fiscal year 2025 [1] Operational Challenges - The decline in rental income was attributed to a larger-than-expected drop in rental renewals in both Hong Kong and mainland China, alongside rising operating expenses and increased administrative fees [1] Investment Rating - Citigroup maintains a "Buy" rating for Link REIT with a target price of HKD 50 [1]