Core Viewpoint - Morningstar maintains a fair value estimate of HKD 45 per unit for Link REIT (00823), indicating that the current unit value is undervalued, with a projected distribution per unit of HKD 2.57 for the fiscal year 2026, reflecting an attractive yield of 6.6% [1] Financial Performance - For the half-year period ending September, Link REIT's net property income decreased by 3.4% year-on-year, primarily due to negative rental growth in its retail property portfolio in Hong Kong and mainland China [1] - The interim distribution per unit fell by 5.9% to HKD 1.27, which aligns with expectations [1] Market Outlook - Morningstar anticipates that the headwinds in the retail sector will continue to compress rental income through negative rental renewals, predicting that rental income from Hong Kong's retail property portfolio will stabilize starting in the fiscal year 2027 [1] - The rental performance of the mainland China retail property portfolio recorded a negative 16.4%, as Link REIT prioritized maintaining occupancy rates by reducing rents [1] Strategic Initiatives - Link REIT is restructuring its assets in Beijing, while retail sales in Shanghai have shown signs of stabilization [1] - The diversification strategy has proven effective, with strong performance in retail assets in Australia and Singapore, both showing double-digit positive rental returns, which effectively offsets the weak performance in Greater China [1]
晨星: 领展房产基金中港零售租合表现弱 合理估值每单位45港元 全年股息率料6.6%
Zhi Tong Cai Jing·2025-11-21 06:17