Core Viewpoint - Bank of America Securities reports that Link REIT's mid-term performance for the fiscal year ending September 2026 is below expectations, leading to a downward revision of the Distribution Per Unit (DPU) forecast by 2% to 3% for the fiscal years 2026 to 2028, with the target price reduced from HKD 45 to HKD 43 [1] Group 1 - The main negative factor for Link REIT is the sharp decline in retail rental income from mainland China [1] - The 6% decrease in renewal rental rates in Hong Kong was anticipated, but the year-on-year decline in tenant sales for the second fiscal quarter was disappointing for the market [1] - The company is expected to stabilize its DPU through workforce cost reductions [1] Group 2 - By the mid-fiscal year 2027, Link REIT should be able to adjust its business portfolio to better cope with e-commerce competition [1] - The current valuation of the company is still considered attractive, and the "Buy" rating is reiterated [1]

花旗发表报告指，领展房产基金9月底止上半财年每基金单位分派按年下降5.9%至1.2688港元，占全年 预测的48.7%，此结果较市场预期的按年跌幅4至5%略为逊色，原因包括香港及内地零售业租金续租租 金降幅大过预期、营运开支上升、行政管理费增加。收入按年下跌2%，完成该行全年预测的50.2%(上 年同期50.3%)，主要因香港租金续租录负增长。该行指领展旗下香港零售业务租金续租负增长扩大，续 租租金调整率为负6.4%(对比2025财年负2.2%)，受湿货市场及熟食档与一般零售店拖累。该行维持领 展"买入"评级及目标价50港元。 ...