Core Viewpoint - The retirement of Wang Guolong, the CEO of Link REIT, marks a significant transition for the company as it approaches its 20th anniversary of listing in November 2025, reflecting on its evolution from a single-market operator to a leading real estate investor in Asia [1][3][4]. Group 1: Leadership Transition - Wang Guolong has decided to retire after over 16 years of service, during which he has significantly contributed to the growth and transformation of Link REIT [4][5]. - The board of directors will initiate a comprehensive selection process to find a suitable successor to lead the next phase of the company's development [4][5]. - The chairman of the board, Ou Dunqin, praised Wang's contributions and expressed confidence in the existing leadership team to continue executing the company's strategies [4][5]. Group 2: Financial Performance - For the fiscal year 2024/2025, Link REIT reported a revenue increase of 4.8% to HKD 14.223 billion, with net property income rising by 5.5% to HKD 10.619 billion [5]. - The distributable income also saw a year-on-year increase of 4.6% to HKD 7.025 billion, surpassing market expectations [5]. - Despite a 9.6% decline in net asset value per unit to HKD 63.30, the company maintained a robust dividend performance, with a full-year distribution per unit of HKD 2.7234, exceeding market expectations by approximately 1% [6]. Group 3: Market Outlook - Analysts from CMB International maintain a "Buy" rating for Link REIT, setting a target price of HKD 47.70, citing that rental growth in non-Hong Kong markets could offset slight rental pressures in Hong Kong [6]. - The overall rental levels are expected to remain stable through the fiscal year 2026, with potential catalysts for stock price in the medium to long term, including interest rate cuts and the inclusion of real estate trusts in the Hong Kong Stock Connect [6].