Core Viewpoint - UBS maintains a "Buy" rating for Link REIT (00823) with a target price of HKD 42, highlighting ongoing challenges in the Hong Kong retail property market and the company's strategic adjustments [1] Group 1: Hong Kong Market Conditions - Hong Kong retail property rents continue to face pressure, with negative growth expected for renewal rents in the second half of the fiscal year ending March 2026 [1] - New tenant rents show signs of stabilization, while the supermarket business has negatively impacted performance, although the dining sector is stabilizing [1] - The rise in e-commerce penetration continues to exert pressure on tenant performance, but less than 10% of Link REIT's Hong Kong properties overlap with online retail models, limiting the impact [1] Group 2: Mainland China Market Conditions - Retail assets in Beijing and Shanghai are undergoing rent adjustments due to historically high rental rates, but there has been a rebound in tenant sales and foot traffic since the end of last year [1] - The company plans to leverage Pop Mart stores to attract foot traffic and is looking for investment opportunities and plans to dispose of non-core assets in 2026 [1] - There is no new information regarding the timeline for inclusion in the Hong Kong Stock Connect, as indicated by the company [1]
瑞银：领展房产基金(00823)香港零售租金续承压 目标价42港元
Zhi Tong Cai Jing·2026-01-13 07:41