Core Viewpoint - UBS reaffirms "Buy" rating for Link REIT (00823) with a target price of HKD 42 [1] Group 1: Hong Kong Retail Market - Hong Kong retail property rents continue to face pressure, with negative growth expected for renewal rents in the second half of the 2026 fiscal year ending March [1] - New tenant rents show signs of stability, while supermarket operations have negatively impacted performance, although the dining sector has stabilized [1] - The impact of rising e-commerce penetration on tenant performance remains a concern, but less than 10% of Link REIT's Hong Kong properties overlap with online retail tenants, limiting the overall effect [1] Group 2: Mainland China Market - Retail assets in Beijing and Shanghai are undergoing rent adjustments due to historically high rental rates, but tenant sales and foot traffic have shown recovery 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 disposal 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：领展房产基金香港零售租金续承压 目标价42港元
Zhi Tong Cai Jing·2026-01-13 07:39