高盛：降领展房产基金目标价至48.4港元 租金趋势有望在一年内改善

Core Viewpoint - Goldman Sachs has downgraded Link REIT's (00823) basic earnings per unit for the fiscal years 2026 to 2028 by 0% to 3%, and reduced the target price from HKD 51.1 to HKD 48.4, while maintaining a "Buy" rating, anticipating an improvement in rental trends within 12 months [1] Financial Performance - Link REIT reported a net loss of HKD 1.6 billion for the first half of fiscal year 2026, which includes a property revaluation loss of HKD 5 billion [1] - Excluding this factor, the basic profit decreased by 7.1% year-on-year to HKD 3.3 billion, accounting for 48% of the bank's full-year forecast [1] - The decline in income from the Hong Kong and mainland leasing portfolio and significant reductions in renewal rents contributed to this performance, alongside one-time severance costs and other related expenses from a cost structure optimization plan [1] Future Outlook - Management remains cautiously optimistic about the retail leasing outlook in Hong Kong, noting signs of improvement in tenant sales and foot traffic [1] - However, management anticipates further deterioration in renewal rents in the second half of fiscal year 2026, as rental trends typically lag behind sales performance [1] - Link REIT is considering the acquisition of three shopping malls in Australia, with management highlighting the value of investing in the Australian retail market, given their existing properties in Sydney [1] - The company emphasizes strict financial control and aims for returns above established benchmarks, with sufficient liquidity to complete the acquisition [1]