智通财经APP获悉，晨星发布研报称，经调整假设后，现维持对领展房产基金(00823)每单位45港元公允 价值合值。单位现值被低估，预测2026财年每单位分派额为2.57港元，反映相等于6.6%的吸引收益率。 截至今年9月底止半年度，领展净物业收入同比跌3.4%，主因香港及中国内地零售物业组合持续面临租 金负增长。中期每单位分派跌5.9%至1.27港元。该行认为，上述弱势表现符合预期。晨星预估零售业逆 风将持续透过负面租金续租压缩2026财年度租金收入，预期香港零售物业组合租金收入将于2027财年开 始趋稳。 另外，中国内地零售物业组合租金续绩为负16.4%，因领展透过调降租金优先确保出租率。领展正重整 北京资产，上海零售销售已趋稳定。领展多元化策略成效显著，其澳洲及新加坡零售资产表现强劲(均 呈现双位数正租金回归)，有效抵销大中华区的疲弱表现。 ...

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]

Core Viewpoint - Bank of America Securities reports that Link REIT's (00823) 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. However, the current valuation remains attractive, and a "Buy" rating is reiterated [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 rents in Hong Kong was anticipated, but the widening year-on-year decline in tenant sales for the second fiscal quarter disappointed the market [1]. - It is expected that cost-cutting measures in human resources will help stabilize the DPU until the mid-point of the fiscal year 2027 [1]. Group 2 - The company is expected to adjust its business portfolio to better cope with competition from e-commerce [1].

里昂发布研报称，领展房产基金(00823)2026财年上半年业绩逊预期。公司已采取应对措施，该行相信 增量负面影响将从2027财年起逐步消退。该行因香港及内地商场表现差于预期，下调领展2026财年、 2027财年及2028财年盈利预测分别4.5%、1.6%及0.3%。因美国国债收益率下降，将目标价由50.5港元上 调至51港元，维持跑赢大市评级。 里昂指，由于领展在其覆盖的香港地产股中拥有最高收益率，认为负面因素已基本反映在股价中，目前 已具备吸引力的组合，包括具备防御性的高收益率，以及潜在纳入互联互通。 ...

智通财经APP获悉，里昂发布研报称，领展房产基金(00823)2026财年上半年业绩逊预期。公司已采取应 对措施，该行相信增量负面影响将从2027财年起逐步消退。该行因香港及内地商场表现差于预期，下调 领展2026财年、2027财年及2028财年盈利预测分别4.5%、1.6%及0.3%。因美国国债收益率下降，将目 标价由50.5港元上调至51港元，维持跑赢大市评级。 里昂指，由于领展在其覆盖的香港地产股中拥有最高收益率，认为负面因素已基本反映在股价中，目前 已具备吸引力的组合，包括具备防御性的高收益率，以及潜在纳入互联互通。 ...

花旗发表研究报告，预计领展房产基金下半财年每基金单位分派按年跌9%，而香港零售业务续租租金 料再跌7至8%(上半年负6.4%)，以反映零售业衰退的滞后效应、遣散费支出及商场维修成本等因素。 该行预期，领展的业绩在2027至28财年将有所改善，因为零售销售动力将会复苏，加上租户重组及空间 生产力提升，且利息成本下降，并预计员工及行政成本可为公司节省逾2亿元。该行维持领展"买入"评 级，目标价为45港元。 ...

因香港及内地商场表现差于预期，该行下调领展2026财年、2027财年及2028财年盈利预测分别4.5%、 1.6%及0.3%，将其目标价由50.5港元上调至51港元，维持"跑赢大市"评级。 里昂发表报告指，领展房产基金2026财年上半年业绩逊预期，公司已采取应对措施，该行相信增量负面 影响将从2027财年起逐步消退。里昂指，由于领展在其覆盖的香港地产股中拥有最高收益率，认为负面 因素已基本反映在股价中，目前已具备吸引力的组合，包括具备防御性的高收益率，以及潜在纳入互联 互通。 ...

智通财经APP获悉，摩根大通发布研报称，对领展房产基金(00823)评级由"增持"降至"中性"，但认为股 价下行空间或受到6.3%的预测2027财年股息率支持。目标价由48港元降至38港元。 领展管理层在9月底止中期业绩发布会上的语调比预期更为审慎，称下半年经营环境将略为恶化后才见 底。虽然该行原本预计全财年续租租金为中单位数百分比负增长，但如今预计2026财年下半年续租租金 跌幅将恶化至高个位数百分比，主要因为领展香港租户销售额在2025年7至9月意外转弱，估计同比跌幅 3%，表现逊于香港必需消费品零售销售同比升3%。 报告指，领展在2026财年上半年每单位分派(DPU)已同比下降6%后，预计2026财年全年DPU将同比下跌 8%，意味2026财年下半年DPU同比跌10%，部分原因来自较高的比较基数。由于续租租金下滑很可能 持续拖累2027财年租金收入，该行亦下调2027财年DPU预测至同比跌3%，部分被员工成本节省所抵 销。 ...

报告指，领展在2026财年上半年每单位分派(DPU)已同比下降6%后，预计2026财年全年DPU将同比下跌 8%，意味2026财年下半年DPU同比跌10%，部分原因来自较高的比较基数。由于续租租金下滑很可能 持续拖累2027财年租金收入，该行亦下调2027财年DPU预测至同比跌3%，部分被员工成本节省所抵 销。 摩根大通发布研报称，对领展房产基金(00823)评级由"增持"降至"中性"，但认为股价下行空间或受到 6.3%的预测2027财年股息率支持。目标价由48港元降至38港元。 领展管理层在9月底止中期业绩发布会上的语调比预期更为审慎，称下半年经营环境将略为恶化后才见 底。虽然该行原本预计全财年续租租金为中单位数百分比负增长，但如今预计2026财年下半年续租租金 跌幅将恶化至高个位数百分比，主要因为领展香港租户销售额在2025年7至9月意外转弱，估计同比跌幅 3%，表现逊于香港必需消费品零售销售同比升3%。 ...

Core Viewpoint - Citigroup's report indicates that Link REIT's interim distribution per unit for the half-year ending September decreased by 5.9% year-on-year to HKD 1.2688, which is slightly below market expectations of a 4-5% decline [1] Financial Performance - The revenue declined by 2% year-on-year, achieving 50.2% of the bank's full-year forecast, compared to 50.3% in the same period last year [1] - The negative growth in rental renewals for Hong Kong retail operations expanded, with a renewal rental adjustment rate of -6.4%, compared to -2.2% for the fiscal year 2025 [1] Operational Challenges - The decline in rental income was attributed to a larger-than-expected drop in rental renewals in both Hong Kong and mainland China, alongside rising operating expenses and increased administrative fees [1] Investment Rating - Citigroup maintains a "Buy" rating for Link REIT with a target price of HKD 50 [1]